AIB introduces online international payments service

Source: AIB

AIB personal customers who use AIB Internet Banking can now make international payments in almost any currency, to virtually any destination (up to EUR5,000 per day), at a price cheaper than the current standard branch paper system.

This self-service enhancement complements existing online services such as the facility for AIB Internet Banking customers to make payments to third party accounts in Ireland.

Changes to the Irish economy over recent years have prompted rapid growth in the demand for international payments. Overseas payments by AIB customers have doubled in the last three years – in 2003, AIB customers made almost half a million international payments, by 2005 this had risen to almost one million. Approximately one in three international payments made by AIB customers are made by personal customers. 70% of international payments, made by AIB Business customers, are already being made over the Internet thorough AIB’s iBusiness Banking (iBB) service.

This increase in volumes has been driven by our strong economic growth, including many Irish people buying and servicing properties abroad. Changes in our migrant population and their payment requirements have also driven this growth. For example, in 2003 AIB customers made almost 6,000 payments to Poland, by 2005 this had risen to almost 60,000 payments.

About 65% of all international payments are now made in euro, most of which are processed free of charge on AIB Internet Banking.

Commenting on today's announcement, Donal Forde, Managing Director, AIB Bank ROI, said: "Today's announcement reinforces our market-leading online banking proposition. This is an automated, cost-effective, self-service customer solution that eliminates the need to complete paper application forms or queue in the branch."

All customers can access AIB Internet Banking quickly and easily by registering at any AIB branch, by phone or online.

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