British Pound (GBP)
Euro (EUR)
US Dollar (USD)
Australian Dollar (AUD)
Canadian Dollar (CAD)
Swiss Franc (CHF)
Euro (EUR)
British Pound (GBP)
US Dollar (USD)
Australian Dollar (AUD)
Canadian Dollar (CAD)
Swiss Franc (CHF)
Standard International Transfer (2-4 Days)
Urgent / Swift Payment (1-2 Days)
Interbank Market Rate:—
Bank Spread/Margin (~2.5%):—
Estimated Transfer Fee:—
Customer Rate:—
Recipient Gets:
—
*Disclaimer: This calculator uses indicative rates based on recent market averages. Actual rates provided by Ulster Bank at the time of transaction may vary. Fees depend on account type and destination.
Understanding Ulster Bank Exchange Rates
Whether you are a personal banking customer in Northern Ireland sending money to the Republic of Ireland, or a business client managing international payments, understanding the exchange rate mechanism is crucial. Ulster Bank provides competitive rates that link to the live foreign exchange markets, adjusted by a margin.
The Customer Rate you see on your statement is typically composed of the "Interbank Rate" (the wholesale price at which banks trade currencies) minus a spread (the bank's margin). This calculator estimates the final amount your recipient will receive by factoring in these typical margins and standard transfer fees.
Fees and Charges for International Transfers
When sending money abroad via Ulster Bank, there are generally two costs to consider:
Transfer Fee: A fixed cost for processing the payment. Electronic transfers via Anytime Banking usually incur lower fees compared to in-branch requests. Urgent transfers (often via SWIFT) cost more than standard SEPA payments within Europe.
Exchange Rate Margin: The difference between the mid-market rate and the rate offered to the customer. This is how the bank covers currency fluctuation risks and operational costs.
Sending Money: GBP vs EUR
Ulster Bank operates in both Sterling (Northern Ireland) and Euro (Republic of Ireland) zones.
If you are converting GBP to EUR, you are effectively selling Pounds to buy Euros. Conversely, for EUR to GBP, you are selling Euros. It is important to check if the transaction is a SEPA (Single Euro Payments Area) transfer, as these are often treated with the same fee structure as domestic payments, though currency conversion charges still apply.
Frequently Asked Questions
What is the cut-off time for international payments?
Generally, payments made before 3:30 PM on a working day are processed that day. Payments made after this time or on weekends are processed on the next working day.
Can I lock in an exchange rate?
For standard personal transfers, the rate is fixed at the moment you authorize the transaction. Business customers may have access to forward contracts to hedge against currency volatility.
function calculateUlsterExchange() {
// 1. Get Inputs
var amountStr = document.getElementById("transferAmount").value;
var fromCurr = document.getElementById("fromCurrency").value;
var toCurr = document.getElementById("toCurrency").value;
var type = document.getElementById("paymentType").value;
// 2. Validation
var amount = parseFloat(amountStr);
if (isNaN(amount) || amount <= 0) {
alert("Please enter a valid amount to transfer.");
return;
}
if (fromCurr === toCurr) {
alert("Please select different currencies for the 'From' and 'To' fields.");
return;
}
// 3. Define Indicative Interbank Matrix (Base 1 Unit)
// Note: In a real app, this would come from an API. These are hardcoded ESTIMATES for demonstration.
var rates = {
"GBP": { "EUR": 1.16, "USD": 1.27, "AUD": 1.92, "CAD": 1.71, "CHF": 1.10 },
"EUR": { "GBP": 0.86, "USD": 1.09, "AUD": 1.65, "CAD": 1.47, "CHF": 0.95 },
"USD": { "GBP": 0.79, "EUR": 0.92, "AUD": 1.51, "CAD": 1.35, "CHF": 0.87 },
"AUD": { "GBP": 0.52, "EUR": 0.60, "USD": 0.66, "CAD": 0.89, "CHF": 0.58 },
"CAD": { "GBP": 0.58, "EUR": 0.68, "USD": 0.74, "AUD": 1.12, "CHF": 0.65 },
"CHF": { "GBP": 0.91, "EUR": 1.05, "USD": 1.15, "AUD": 1.73, "CAD": 1.54 }
};
// Get Base Rate
var baseRate = rates[fromCurr][toCurr];
// 4. Calculate Bank Spread (Margin)
// Banks typically charge a spread of 2% – 4% depending on the currency pair and amount.
// We will estimate a 2.5% spread for this calculator.
var spreadPercentage = 0.025;
var customerRate = baseRate * (1 – spreadPercentage);
// 5. Calculate Fees
// Fee logic: Standard often cheaper, Urgent more expensive.
// If sending GBP, fee in GBP. If sending EUR, fee in EUR.
var fee = 0;
if (type === "standard") {
fee = 10.00; // Flat fee estimation
} else {
fee = 25.00; // Urgent fee estimation
}
// Adjust fee currency symbol for display logic (simplified)
// We will subtract the fee from the source amount before converting, or add it on top?
// Usually, banks offer "amount to send" or "amount to receive".
// We will assume "Amount to Send" includes the fee deduction from account, or acts as principal.
// Let's assume the user has 'amount' available. The fee is deducted from the source account separately usually.
// However, for a calculator "Amount to Send", we usually convert that full amount.
// Let's just display the fee separately and convert the full amount entered.
var convertedAmount = amount * customerRate;
// 6. Output Formatting
var currencySymbols = {
"GBP": "£", "EUR": "€", "USD": "$",
"AUD": "A$", "CAD": "C$", "CHF": "Fr."
};
var fromSymbol = currencySymbols[fromCurr];
var toSymbol = currencySymbols[toCurr];
// 7. Display Results
document.getElementById("ubResult").style.display = "block";
// Market Rate
document.getElementById("marketRateDisplay").innerHTML = "1 " + fromCurr + " = " + baseRate.toFixed(4) + " " + toCurr;
// Spread info
var spreadAmount = (amount * baseRate) – convertedAmount;
document.getElementById("spreadDisplay").innerHTML = "~" + toSymbol + spreadAmount.toFixed(2) + " (included in rate)";
// Fee info
document.getElementById("feeDisplay").innerHTML = fromSymbol + fee.toFixed(2);
// Customer Rate
document.getElementById("customerRateDisplay").innerHTML = "1 " + fromCurr + " = " + customerRate.toFixed(4) + " " + toCurr;
// Final Result
document.getElementById("finalAmountDisplay").innerHTML = toSymbol + convertedAmount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
}