AIB (Allied Irish Banks) is one of the Big Four corporate and private banking service providers in Ireland. It offers a range of services, including mortgages, insurance, credit cards, and pensions, in addition to regular banking services and international money transfers. This review will take you through everything you need to know about using AIB to transfer your money abroad - including the fees and exchange rate margins charged by the bank.
About AIB Bank
Incorporated in 1966 and Headquartered in Dublin, Allied Irish Bank (AIB) is now almost entirely owned by the government of Ireland. Currently, the bank has over 200 branches across Ireland and more than 20 in the UK, while also serving over 1.4 million customers through its digital platform.
AIB Exchange Rates and Fees
When making an international transfer using AIB, be prepared to pay both an exchange rate margin and international wire transfer fees. The precise level of these charges will depend on where you’re sending money to, so here is an indication of what to expect.
Exchange Rates
Based on AIB’s online exchange rate calculator, the bank charges an exchange rate margin of between 1.5%-4% above the mid-market rate for transfers between different currencies.
Fees
International transfer fees range from €12.70 to €32 depending on whether you are transferring to an EEA or non-EEA country. Also, you can choose between Standard and Urgent transfers when transacting, which allows you to pay higher fees to ensure faster transfer speeds.
Additional Costs
Customers are charged up to €6.35 to receive incoming payments. When sending money out, intermediary banks may also add another layer of costs, making your transfer more expensive. AIB doesn't control these fees, however, so be sure to check with your recipient’s bank to avoid being hit by unexpected fees.
AIB SWIFT Codes
Banks all around the world partake in the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which identifies different financial institutions through a system of unique bank codes. Here we provide a list of SWIFT codes for X Bank, organised by geographical locations.
Bank | Country |
---|---|
Aib Bank NV | Aruba |
Aib Bank Cayman Islands | Cayman Islands |
Aib Bank Ireland | Ireland |
Aib Capital Markets Plc | Ireland |
Aib Capital Markets Public Limited Company | Ireland |
Aib Finance Limited | Ireland |
Aib Investment Managers | Ireland |
Aib Mortgage Bank | Ireland |
Aib Bank Ci Ltd Isle Of Man Branch | Isle Of Man |
Aib Bank Ci Limited | Jersey |
Aib Collective Investment Schemes Limited | United Kingdom |
Aib Investment Management Limited | United Kingdom |
Aib Bank USA | USA |
AIB Pros and Cons
AIB is a well-established and trustworthy bank. Having said that, it is always important to weigh out its pros and cons before deciding if it is a good fit for you.
- Government-owned: The Irish government owns 99.8% of the bank which is a key indicator of stability and compliance.
- Urgent and standard transfer options: Customers can choose between faster deliveries of up to 1 business day or standard deliveries which take up to 4 working days.
- Zero fees on contactless payments: Using your AIB debit card for contactless payments attracts zero transaction fees.
- Limited number of UK branches: AIB branches in the UK are in major cities hence inaccessible to customers living far off.
- High exchange rate margins: The 1.5%-4% exchange rate margins applied by AIB can quickly add up especially when making large international payments to countries outside the EEA.
- High fixed transfer fees: With fees of up to €32 per transaction, AIB can be a very expensive option when sending smaller amounts of money abroad.
- Low transaction limits: Online transfers are capped at €10,000 per day.
How to Open an Account and Transfer Money With AIB
Opening an account and transferring money with AIB can be done easily online, whether on your mobile or your desktop/laptop. Here are the processes involved.
Opening an Account
Step 1: Download the AIB mobile app and tap on ‘Become an AIB customer’ (or go to the website and do the same)
Step 2: Enter your email address and AIB will send you a 6-digit activation code
Step 3: Enter your details including your name, your nationality, and address
Step 4: Verify your identity by video call to complete the process
Step 5: Choose your AIB branch
Take note of your online Personal Registration Number and create your Personal Access Code for internet banking
Sending Money
Step 1: On your AIB internet banking screen, click on 'Transfers and Payments'
Step 2: Then click on 'I want to transfer money internationally'
Step 3: Select your destination, currency, and the type of payment
Step 4: Select the account to be debited
Step 5: Enter the beneficiary details
Step 6: Confirm all the details entered and complete the transaction
Summary
AIB is an alliance of banks that came together in 1966 to form one of the largest banks in Ireland. The bank is almost completely owned by the Irish government and offers standard and urgent transfers both locally and internationally.
However, a couple of things you need to know about AIB is that they charge steep fees for their transfers and their exchange rate margins are comparably high (especially if compared to specialist money transfer services). If you want to save money on your international transfers, you’ll likely find a better deal than AIB if you shop around.
To help you quickly analyse and to get the best international transfer deal in seconds, you can simply enter the details of your transfer into our helpful comparison tool, to view the best deals available.
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Answers to key questions about AIB
AIB has a good reputation for customer service, but it’s important to consider the whole picture before deciding whether to use AIB to send money abroad. Here are the answers to commonly asked questions.