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Ulster Bank International Transfers

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.

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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
Part of a larger group: Ulster Bank benefits from strong relationships with other subsidiaries within the NatWest Group.
Fee-Free banking: Customers aged 66 and above do not pay transaction and bank maintenance fees.
Zero fees standard transfer: Customers making standard non-Euro international transfers to other countries pay zero fees.
Cons
High exchange rate margins: Compared to money transfer companies that charge average margins of between 0.5%-2%, Ulster Bank’s margins being in the region of 3% make them an expensive option.
Transfer speed: Funds can take up to 4 days to get to the beneficiary.
Low internet banking limits: Personal banking customers can transfer to a maximum of £25,000 per day while businesses have a £50,000 daily limit.
Maintenance fee: There is a €2 account maintenance fee charged per month.

Ulster Bank Swift Codes

BankCountryCity
Ulster Bank Ireland LimitedIrelandDublin
Ulster Bank Ireland Ltd DublinIrelandDublin
Ulster Bank Iom LimitedIsle Of ManDouglas

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.

Can I open an Ulster Bank account in any country?

No, you can only open an Ulster Bank account If you reside within the UK. There are also a range of different accounts available for EU citizens.

Does Ulster Bank have an app? 

Yes. You can bank on the go with the Ulster Bank mobile app, which has the following features:

  • Cash withdrawal up to €130 without any need for a card
  • Make payments locally and across borders
  • Manage beneficiaries
  • Amend or cancel a transaction

Are there transfer limits?

Yes. Transfers are limited depending on the mode you chose. Here are the limits currently in place.

  • Telephone banking: You can send up to a maximum of £10,000 per day
  • Internet banking: Personal account holders can send up to £25,000 per day while Premier and Business account holders have a maximum of £50,000 per day.

How long do transfers take with Ulster Bank?

Standard international payments are delivered within 2-4 days while Urgent transfers take 1-2 working days.

What customer support options are available?

There are various ways you can contact Ulster Bank customer support. Here are the options available:

  • Telephone: Customers can call 1850 211 461 from the Republic of Ireland or 0044 2381 244180 from abroad to get assistance 24/7. 
  • WebChat: You can chat online with an Ulster Bank advisor by visiting their website.
  • Social media: Customers can have their issues addressed via Twitter. 

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:

1. About you: Enter your details including your name, address, date, country of birth, your tax residency, and your contacts.

2. About your money: Provide your employment status, and level of income.

3. Your account: Give the reason for opening your account, your transfer preferences, and confirm the details.

Sending money

To send money, follow these steps:

1. Log into the online banking app or online platform

2. Select payments and transfers

3. Enter the payee details which are their account name, IBAN, and account number

4. Enter payment reference which is the reason for the transfer

5. Enter the account you are paying from and amount.

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.