Ulster Bank, as you can guess from the name, is a bank. If you are into the international money transfer scene then you will most likely know that the exchange rates offered by all banks are not the greatest in the world. In fact, they are absolutely awful. I, therefore, suggest that you only deal with banks, including Ulster Bank, if you have absolutely no other option.
One of the main reasons as to why people opt for Ulster Bank is the fact that they already have a bank account with them. This is certainly going to make the whole transfer process a great deal easier. However, it is worth noting that you do not actually need a bank account with Ulster Bank. All you need to do is start up a money transfer account, which takes seconds to do. However, I see absolutely no reason as to why you would want to register with Ulster Bank simply for sending money.
The rates at Ulster Bank are not the greatest. I must admit, they are far better than a few banks in the United Kingdom, but they are still awful. This is most likely down to the fact that most banks need to make vast amounts of profit to stay afloat, and they feel as though profiteering on international currency transfers is the best way to do this. Dedicated money transfer companies work hard to keep their margins slim, but banks such as Ulster Bank have absolutely no need to do this.
That being said, I must congratulate Ulster Bank on making their whole system easy. This is one of only a few banks out there where I did not actually have to make a phone call to actually understand their system. Everything is simple to understand online and it really is a case of a couple of clicks and that money will be on its way to the account.
One of the best features of Ulster Bank international money transfer services is the fact that you are able to see the payment process in ‘real time’. There are actually very few dedicated money transfer companies out there that do this, let alone banks that do this. Now, I must admit, the transfer process at Ulster Bank is a little bit on the slow side. It can take up to three days to transfer, even if you are quoted 2 days. However, the ability to see the transfer in real time will let you know when that bill has been paid.
If you have a bank account, you can also make the money transfer in branch. Although, if you are going to do that, you may wish to check whether there is a Moneycorp or Travelex in the local area. Both of those companies will also offer money transfer in branch, if you wish, and the fees are going to be so much better. I only suggest that you use Ulster Bank for international money transfer as a ‘last resort’.
Ulster Bank Money Transfer
11-16 Donegall Square East, Belfast,
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