A credit transfer is an order from you to your bank to transfer an amount of money to another account. A credit transfer can be made by phone, on paper, or over the internet if your financial institution has an online banking service. Once money is transferred electronically you cannot get it back.
What charges are involved?
Most banks charge for credit transfers, so if you use this facility frequently check any charges with your bank or building society. You may pay extra if you want your money transferred quickly. Fees also depend on where you want to send your money.
How to transfer to accounts in Europe including Ireland – SEPA countries.
The Single European Payments Area (SEPA) came into effect across Europe in 2014. This means that transferring money to any account in Europe is standardised for most countries – you can get more information on this from the Banking and Payments Federation of Ireland.
If you are transferring money to a bank account within Europe, including Ireland, you will need the International Bank Account Number (IBAN) and the Bank Identifier Code (BIC) of the account you are sending money to. You will also need your IBAN and BIC to transfer money from your account to another account in Europe. You can find your IBAN and BIC on your account statement, or you can calculate it from your account number and sort code using your financial institution’s online banking facility.
If you are using an online transfer service to another account in Ireland, the payment will be made within one day. If both you and the receiver of the payment have an account with the same bank, the payment may be processed immediately.
SEPA credit transfers can be used for euro-denominated transfers within Europe.
How to transfer to accounts outside the EU
If you are sending money to a destination outside the Eurozone, you will usually have to pay higher charges, including a transfer fee as well as a foreign exchange fee. Check with your bank or building society for details of the charges for this service.