Alpha Bank International Transfers & Exchange Rates
Alpha Bank was founded in 1879 by J.F. Costopoulos and, 150 years later, it is the second largest bank in Greece by total assets. With headquarters in Athens, Alpha Bank also operates an office in London's financial district. In this review we will be assessing the reliability, speed, and cost-effectiveness of Alpha Bank's international money transfer services.
About Alpha Bank
The bank was founded in 1879 and is currently one of the largest banks in Greece. It also boasts of having one of the highest capital adequacy ratios in Europe.
The Alpha Bank Group is owned by Alpha Services and Holdings SA. The holding company is listed on the Athens stock exchange and owns 100% shares of Alpha Bank.
The Bank has a tangible book value of €7.7 billion with a total capital ratio of 18.4%. The bank also has a presence in Cyprus, Luxembourg, and Romania.
Can I Use Alpha Bank for International Bank Transfers?
Yes. The payment mechanism for charges for fund transfers to accounts kept with banks outside of the countryis SHA, which means that the sender pays Alpha Bank's costs and the beneficiary pays the receiving bank's charges. The amount credited to the beneficiary's account may be reduced by the charges incurred by the correspondent banks that act as intermediaries for the transfer of the amount to the recipient bank if the recipient bank is not in the EU or if it is in the EU but the currency of the transfer is not Euro.
Alpha Bank Exchange Rates and Fees
The bank updates its exchange rate daily. There’s also a schedule of fees depending on the type of transaction.
Fees and exchange rates greatly influence the cost of international transfers. Let’s examine how much you’d incur sending and receiving transactions using Alpha Bank international transfers.
Exchange Rate
Alpha Bank exchange rates apply to transactions up to $15,000. The margin for the buy and sell rate is slightly above 6%, which is considerably higher. In comparison, currency brokers typically offer margin rates below 2%.
Exchange rates for Alpha bank are higher than leading money transfer service providers. XE and Worldremit, for instance, offer their customers mid-market rates or just slightly above the mid-market rate.
Transfer Fees
The bank periodically updates its charges catalog, and we recommend checking the costs before carrying out an international transfer. Alpha Bank money transfer fees will vary depending on who bears the transaction cost.
The transfer fees apply as follows:
| Amount | International Transfer Fees |
|---|---|
| Up to $1,020 | $8.16 |
| $1,020 -$5,102 | $13.27 |
| $5,103-$10,204 | $16.33 |
| $10,205-$30,613 | $20.40 |
| $30,613-$51,022 | $26.50 |
| $51,022+ | 0.1% of the amount up to $510 |
International wire transfer fee towards the EU and European Economic Area (EEA), including Cyprus:
Additional Costs
A handling fee is charged for transactions above $1,020. Urgent transactions will also have an additional fee.
The bank also charges incoming money transfers. The fee ranges from $10 for transactions below $50,000 and $22 for transactions above this threshold.
Incoming transfers in Euro through other correspondent banks also experience charges. Additional charges also apply for funds in USD and GBP.
How Do Alpha Bank Transfer Fees Compare to Using a Money Transfer Provider?
Alpha Bank's international money transfer fees are significantly higher than Greece's leading money transfer providers.
Here is a snapshot of the fees for a transfer to select countries. The send amount is $100, and the delivery method is bank transfer.
| Send Money To | Alpha Bank Cost | Money Transfer Provider Cost |
|---|---|---|
| Cyprus | Free | $4 |
| Canada | $35.7 | $4 |
| Europe | $8.16 | $4 |
International money transfers from Alpha Bank may take longer than transfers from a private currency exchange provider, and you must have an Alpha Bank account to use their services. When moving money abroad into another currency, Alpha Bank may impose a fixed rate commission fee, and bank transfer commission rates vary based on the amount you need to transfer. Over a value of £5000, private brokers provide commission-free currency transfers (or 5,000 EUR).
Alpha Bank Pros and Cons
With Alpha Bank's growing virtual presence, itcontinuesto provide consumers with clear benefits. However, drawbacks are likewise inevitable.
Pros
Cons
Alpha Bank 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.
How to Open an Account and Transfer Money With Alpha Bank
You can open an account by visiting a branch or using digital channels (mobile app and the e-banking system). Let’s explore how you can open an account using the mobile app.
Opening an Account
Follow these steps:
Step 1: Sign up for the myAlpha mobile app.
Step 2: Take a photo of your ID or passport and a photo of your face. Start a video call with the bank’s agent.
Step 3: Upload your income tax slip.
Step 4: Accept the terms.
Transferring money internationally with Alpha Bank
Wondering how to transfer internationally with Alpha Bank? Here are the steps to follow using the e-banking app(myAlpha web).
Step 1: Log in to the app and select ‘Transfers and Payments’
Step 2: In the Quick transaction section, enter the mandatory transaction details such as IBAN, BIC, beneficiary details, currency details, etc.
Step 3: Select the transaction execution speed
Step 4: Confirm and approve the transaction.
What Customer Support Options Are Available?
Alpha Bank provides several customer channels to reach them. Here are some you can use.
| Support Type | Y/N | Details |
|---|---|---|
| Email Support | Y | Contact form |
| Telephone Support | Y | +30 201 326 0000 |
| Chat Support | N | No chat feature |
| In-Branch Support | Y | Find the nearest branch here. |
Customer Service Details for Users of Alpha Bank
You can reach Alpha Bank's Customer Service at +30 210 326 0000 (depending on the service) or Merchants Customer Service at +30 210 630 3000.
You can also contact its allied services such as: Alpha Astika Akinita at +30 210 326 3929; AXA Insurance A.E. Company at +30 210 726 8000; Alpha Leasing at +30 210 336 7900; AlphaTrade at +30 210 336 7900; and Alpha Mutual Funds at +30 210 374 2800.
Summary
Alpha Bank is a financial services company whose mission is to help the Greek economy flourish and society thrive. Retail banking, SMEs and corporate banking, asset management and private banking, insurance distribution, investment banking, brokerage, and real estate management are just some of the high-quality financial goods and services available.
Alpha Bank is one of Greece's major banks, and it aspires to be known as one of the country's most sophisticated digital banks, offering 80% of the total of its products and services through online channels. In fact, the European Bank for Reconstruction and Development named Alpha Bank as Greece's "Most Active Issuing Bank in 2018." Alpha Bank’s drawbacks, however, shun away potential clients who prefer faster, easier and cheaper transactions where are offered by private international money transfer providers.
