Piraeus Bank International Transfers & Exchange Rates

Piraeus Bank is a multinational financial services company headquartered in Athens, Greece and founded in 1916. The bank has over 500 branches across Greece, Germany, Ukraine and the UK. After the Greek government bought the bank out in 1975 it has been a public entity. This review will provide in-depth details of the bank’s international transfer services, directly comparing their services to competitors in the money transfer industry.

About Piraeus Bank

Piraeus Bank is based in Greece, and offers various financial support for retail banking, commercial banking, private banking, investment banking and asset management. The bank started training in 1918 on the Athens Exchange and in 1991 it was privatised. Since then the scope and size of the bank has grown to offer more services.

In this review, we will be assessing the global payments offered by Piraeus Bank, to see how useful, cost-effective and convenient the bank is for sending and receiving international transfers.

Exchange Rates and Fees

In this section we will evaluate the transfer fees and currency exchange rates charged by Piraeus Bank.

Exchange Rate

The bank supports foreign exchange conversions of the majority of global currencies, applying an average profit margin of 0.7% to 1% to foreign currency transfers.

Transfer Fees

Fees can be settled by the sender, recipient or shared between both parties. These costs will depend on the amount sent and whether it is transferred to an EU country or elsewhere. This means customers will only find out the overall cost once they have input all the information prior to submitting the transfer. This is not as transparent as the approach taken by money transfer companies.

Additional Fees

You will need to pay extra for sending money internationally when at a local branch. The cost increase depends on the amount you wish to send. Therefore, to save money sending via web baking is the right choice.

How Do Piraeus Bank Transfer Fees Compare to Using a Money Transfer Provider?

All Piraeus Bank transfer fees are much higher than what you can expect to pay with a dedicated money transfer service. The fixed fee structure of this bank is determined by the total transfer amount. To save money on fees you can choose an alternative service like TorFX: this company applies a minute FX mark-up to foreign currency transfers, rather than charging hefty transfer fees.

Piraeus Bank Pros and Cons

In this section we will examine the key positives and negatives of the Piraeus Bank, to get an overall feel for the quality of their international transfers service. Here are the major pros and cons you should know about:

How to Open an Account and Transfer Money With Piraeus Bank

Next, we will show the step by step process of opening a Piraeus Bank account and transferring money.

Opening an Account

To open a Piraeus Bank account you will need to visit one of the hundreds of branches in Greece: there should not be any issues locating one in your local area. Prospective customers should bring proof of residence and a form of government issued photo ID. Foreigners can open an account if they have the right documentation. At the branch, you will receive online banking details and instructions on how to log in via the mobile app.

Transferring Money

The process of sending money internationally with Piraeus Bank can be carried out in just a few steps and will take no longer than 5 minutes. Here is an outline of the steps:

• Step 1: Log into your online account using the desktop or smartphone.

• Step 2: Enter recipient details and the amount you wish to transfer. You’ll need to have their name, bank name, address and SWIFT code.

• Step 3: Enter the amount you want to send and you’ll be presented with the fees.

• Step 4: You can select who pays the fee – you, the recipient or shared between both.

• Step 5: Confirm that transaction once you have checked the details.

Additional Information

• Mobile: the mobile app offers push notifications and SMS messages that keep customers informed of the status of each international money transfer

• Guidance: bank employees are able to provide assistance and guide customers through the money transfer service if needed

What Customer Support Options Are Available?

• Speak to an Agent: Customers can call the bank’s customer support team on +30 210 32 88 800, 24 hours a day 7 days a week.

• Visit Your Local Branch: Ask a question in person is available to any customer based in Greece. You may need to make an appointment first, depending on your query.

Summary

Piraeus Bank is owned by the Greek government and is built to serve everyday citizens based in the country. The mobile app is a great way to send money securely in a few quick and simple steps, with overseas payments to many destinations around the world supported by the bank.

Unfortunately, the transfer speed and costs are not competitive and customers will receive much better service when using companies such as Xe, TorFX and Wise. These specialist services charge fees that equate to a small percentage of the transfer amount as well as offering significantly better currency conversion rates. Find out how to save money with alternative operators, outside of traditional banking methods, by reading our Cheapest Ways to Send Money guide.

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