Ulster Bank International Transfers & Exchange Rates
Ulster Bank is a large Irish commercial bank serving both personal and business customers and is one of what is known as the ‘Big Four’ banks in Ireland. It has been providing services within the UK and Ireland since the 19th century, and today employs over 3,000 people. This review will take you through everything you need to know about making international transfers with Ulster Bank - including the exchange rate margins you can expect to be charged.
About Ulster Bank
Founded in 1836, Ulster Bank is part of the NatWest Group. It offers a wide range of financial products including mainstream banking services, insurance, and mortgages, and also allows customers to transfer money internationally. It is divided into two separate legal entities, with one being registered in the Republic of Ireland, and the other registered in Northern Ireland.
Ulster Bank Exchange Rates and Fees
Similar to other banks, Ulster Bank charges an exchange rate markup above the mid-market or wholesale exchange rates for transfers that involve a currency conversion. There are also other costs that you need to know about as summarised below.
Exchange Rates
The margins applied to international payments vary depending on the currencies and destinations involved, but typically Ulster Bank charges roughly a 3% exchange rate margin above the rates you see on Google, Reuters, or other financial sites and search engines.
Fees
The fees charged by Ulster Bank depend on whether you are making a standard transfer or an urgent international transfer. Standard transfers in Euros to the rest of the world are charged at €0.51 while non-Euro transfers are free. Urgent transfers under €5,000 cost €19.05 while higher amounts cost €24.50.
Additional Costs
Inward Euro international payments are charged at €2. Charges for other currencies differ from one currency to another, so be sure to check before receiving an international transfer.
Ulster Bank Pros and Cons
As with any bank, there are pros and cons to using Ulster Bank. To help you make the best choices with your money, here are the major things to note about the bank.
Pros
Cons
Ulster Bank Swift Codes
| Bank | Country | City |
|---|---|---|
| Ulster Bank Ireland Limited | Ireland | Dublin |
| Ulster Bank Ireland Ltd Dublin | Ireland | Dublin |
| Ulster Bank Iom Limited | Isle Of Man | Douglas |
How to Open an Account and Transfer Money With Ulster Bank
For you to begin sending money with Ulster Bank, first you need to open an account. Here are the account opening and money transfer processes.
Opening an Account
Visit the Ulster Bank account opening page and follow the following prompts for information:
About you: Enter your details including your name, address, date, country of birth, your tax residency, and your contacts.
About your money: Provide your employment status, and level of income.
Your account: Give the reason for opening your account, your transfer preferences, and confirm the details.
Sending Money
To Send Money, Follow These Steps:
Step 1: Log into the online banking app or online platform
Step 2: Select payments and transfers
Step 3: Enter the payee details which are their account name, IBAN, and account number
Step 4: Enter payment reference which is the reason for the transfer
Step 5: Enter the account you are paying from and amount.
Step 6: Check that all the details are correct and click ’Confirm.’
Summary
Ulster Bank is one of the Big Four banks in Ireland and a subsidiary of the NatWest Group. It has been in operation for close to two centuries helping customers to send, receive and save money. The bank charges zero transaction fees for customers over 66 years of age, and for standard non-Euro transfers. However, other transfers to attract fees, and also watch out for exchange rate margins which average 3%. Speeds for standard international transfers can be quite slow-up to 4 working days
Ulster Bank transfer costs can quickly add up making your transfer expensive. For a cheaper and faster transfer alternative, it’s best to look out for specialist money transfer services. Our comparison tool takes only a minute to fill out and will show you the best options for your transfer in seconds.
Other Banks
Answers to key questions about Ulster Bank
Before you decide whether to use Ulster Bank to transfer money, it is important to consider whether the bank’s services are right for you. Here are the answers to the key questions you should consider.