Megan Brooks
AIB Bank, also known as Allied Irish Banks PLC, is one of the largest banking service providers in Ireland. It offers a full range of personal and corporate banking services to Irish and international customers, including currency exchange services. The bank has over 170 branches across Ireland and provides a convenient way to receive money from outside of the country electronically via International Payment. It also offers a foreign currency order service, allowing customers to order their desired currency by completing a Foreign Currency Order Form and sending it to their local AIB branch for processing.
| Characteristics | Values |
|---|---|
| Bank Name | AIB Bank (Allied Irish Bank) |
| Location | Ireland |
| Exchange Rate | Variable |
| Transfer Options | Euro Transfers, International Payment |
| Transfer Fee | Commission fee (varies) |
| Transfer Time | 3-7 days (5-7 days without premium) |
| Other Services | Foreign currency cheques, currency converter |
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What You'll Learn
International money transfers
Private foreign exchange companies typically complete the transaction either on the same day or the next day. Unless you pay a premium, AIB Bank's service will take between 3 and 7 days for your funds to arrive at the destination bank.
To transfer funds abroad from your AIB account, you must provide the beneficiary's IBAN and BIC to the bank.
The most effective way to receive money from outside of Ireland is electronically by International Payment. You will need to provide your IBAN and BIC information to the sender of the payment. This information is available on your account statement.
You can also receive payment by certain foreign cheques. AIB accepts foreign currency cheques from the following countries and processes them on either a negotiation or collection basis:
- United Kingdom (GBP)
- United States of America (USD)
- Australia (AUD)
- Canada (CAD)
However, some banks from these countries will no longer accept foreign cheques drawn on them.
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Exchange rates
Allied Irish Banks PLC (AIB) offers currency exchange services to its customers. The bank provides exchange rates for international money transfers or overseas payments in currencies such as the euro, UK pound, and US dollar.
AIB's exchange rates can be beaten by using a specialist currency broker or a private currency exchange provider, which often offer faster and more cost-effective transactions. High street banks, including AIB, typically charge a commission fee for sending money abroad, whereas private brokers usually offer commission-free transfers above a certain value (usually £5000 or €5780.09). Additionally, AIB's international transfers may take between 3 to 7 days, whereas private exchange companies can often complete transactions within 1 to 3 days.
To exchange currency with AIB, customers must be existing bank account holders. They can refer to any AIB branch for retail foreign exchange rates. Additionally, customers can order foreign currency by completing a Foreign Currency Order Form and sending it to their AIB branch for processing.
It is important to note that any transactions involving currency conversion are subject to variable exchange rates, and exchange rate losses may occur in certain scenarios, such as the cancellation or amendment of a transaction.
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Overseas payments
Allied Irish Banks PLC (AIB) offers overseas payment services to its customers. To transfer funds abroad from your AIB account, you will need to provide the beneficiary's IBAN and BIC details to the bank.
AIB offers Euro Transfers for amounts less than or equal to EUR 50,000 within the European Union. International currency transfers to or from your AIB Bank account in euros, UK pounds, US dollars, and other currencies will incur a margin or exchange rate of around 5.1%, and additional bank transaction or commission fees may apply.
It is important to note that AIB's international money transfers may take longer to arrive than those of private currency exchange providers. Private brokers typically offer commission-free currency transfers for amounts over £5000 or €5780.09, whereas AIB may charge a flat-rate commission fee for sending money abroad, with transfer fees ranging from £15 to £30.
AIB's transfer service typically takes 3 to 7 days for funds to arrive at the destination bank, whereas private foreign exchange companies can complete the transaction within 1 to 3 days, with some offering same-day or next-day transfers.
To avoid potential losses due to the FX margin rate offered by banks, it is recommended to consider using a private currency broker, who can provide more competitive exchange rates.
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Foreign cheques
AIB accepts foreign currency cheques from certain countries and processes them on either a negotiation or collection basis. However, some banks from these countries will no longer accept foreign cheques drawn on them. The list of banks that accept foreign cheques is subject to change, so it is recommended to check with your branch for the most up-to-date information.
To receive a payment by foreign cheque, you may need to lodge the cheque at the counter with your AIB (NI) Visa debit card and PIN or your account number. Cheques drawn in sterling on UK banks follow a specific clearing system, allowing funds to be withdrawn by 23:59 the next banking day. However, different timelines apply for cheques drawn on foreign banks or in foreign currencies on UK banks.
International Payments are generally the most effective way to send or receive money cross-border. These transactions can be instructed in-branch or by letter, and there are associated costs for both sending and receiving international payments.
For regular payments from Europe, setting up a SEPA Direct Debit or SEPA Standing Order is recommended. Additionally, foreign exchange rates apply to transactions involving currency conversion, and these rates are subject to variation. Exchange rate losses may occur in certain scenarios, such as incorrect payment information, cancellation, amendment, or unpaid items.
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Currency conversion
Allied Irish Banks PLC (AIB) offers currency conversion services to its customers. The bank facilitates international money transfers and overseas payments in various currencies, including euros, UK pounds, and US dollars.
To utilise AIB's currency conversion services, individuals typically need to be existing bank account holders. When sending money abroad, AIB may charge a flat-rate commission fee, and the specific exchange rate applied may result in losses for the customer. The bank's transfer process can take between 3 to 7 days, depending on the circumstances.
For those seeking faster and more cost-effective currency conversions, private currency brokers and specialist foreign exchange companies are recommended. These entities often provide commission-free transfers for amounts exceeding a certain threshold and can complete transactions within 1 to 3 days, or even the same day.
AIB provides a foreign currency order service, where individuals can order their desired foreign currency by completing an order form and submitting it to their local AIB branch for processing. Additionally, AIB offers practical travel tips for customers using their debit or credit cards abroad, emphasising the importance of memorising PINs, carrying local currency, and ensuring valid expiry dates on cards and passports.
With over 170 branches across Ireland, AIB is one of the country's largest banking service providers, catering to the currency exchange needs of both Irish and international customers.
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Frequently asked questions
Yes, AIB Bank in Ireland does exchange currency.
To exchange currency with AIB Bank, you need to be an existing bank account holder. You can then exchange currency electronically by International Payment, by foreign cheque, or by visiting the Cashier Counter in any branch.
Yes, there are fees for exchanging currency with AIB Bank. AIB Bank international currency transfer rates are much higher than most money transfer providers. AIB Bank may also charge a flat-rate commission fee when sending money abroad into another currency.
Yes, private currency exchange providers offer a more competitive rate of exchange and faster transaction times.
