For anyone that is moving to Ireland from the UK – either permanently or temporarily – transferring some or all of your money to Ireland is going to be a requirement.
So – What is the best way of sending money from the UK to Ireland ?
The currency used in Ireland is the Euro and in the UK it is Sterling or the British Pound.
You could just ask your UK bank to convert your Sterling to Euros and transfer it to a Euro bank account in Ireland – but that will almost definitely be the most costly way to do it.
You could even just send the Sterling and let the Irish bank convert in to Euro for you at the other end – but they will use their own exchange rate and make a substantial profit – as much as 3 to 4%.
Some banks will charge up to £25 for a GBP to Euro transfer plus – the banks also make a lot more more money on currency exchanges by adding a margin on the exchange rate, which could mean as much as £3000 to £5000 on a £100,000 transfer !
Many people just assume that a standard exchange rate is used by all the banks – but this is not the case . The banks all set their own exchange rates. (Whatever they think they can get away with!).
It might seem less hassle to just let your own UK bank take care of Sending Money from the UK to Ireland – but there are potentially big savings to be made by using other methods. For less than an hour of your time you could save hundreds of Pounds (or Euros) .
At first glance the actual exchange rate differences may look tiny – just fractions of a cent. But a difference of just €0.01 in the Euro Sterling exchange rate could cost you €2000 on a €200,000 exchange!
What are the alternatives to using your Bank ?
Here are a few foreign exchange specialist companies that you can use for Sending Money from the UK to Ireland – or back the other way. They will nearly always work out cheaper than using your own bank. They all deal with personal customers as well as businesses who are trying to cut their foreign exchange costs.
One such money transfer company is called Transfermate. They operate worldwide with their HQ in Ireland. They have strong UK connections as they are the currency exchange partner of West Ham Utd.
Transfermate are authorised by the Central Bank of Ireland to provide Payment Services within all the 28 member states of the European Union .
You can get a free Sterling to Euro transfer quote by calling Transfermate in Ireland on +353 1 6353776 or even easier – request one on their website here.
FairFx are aLondon based foreign exchange specialists and they also have an office in Dublin . They are fully regulated by both the UK Financial Conduct Authority and the UK HMRC . You can arrange international money transfers with FairFx online or over the telephone. You can call FairFx on their Irish number 01 5665546 or on their UK number (0044) 20 7858200 . Ask for Niall – and he will make sure you are looked after.
Another recommended currency exchange company , based in London is Currency Solutions . They are authorised by the UK Financial Conduct Authority . You can visit the Currency Solutions website for a free no obligation quote. You can also call them on their UK number (0044) (0)207 740 0000 . They also have an Irish number : 01 431 1344 . Ask for the Irish Links contact – Ernie Enver. He should be able to give you a quick response to any queries.
One other great advantage of using specialist companies like Transfermate , FairFx or Currency Solutions is that you can also protect yourself against fluctuating exchange rates. They offer a personalised service and will guide you through the best options for your situation.
For example – you may be selling a UK property and looking to buy a property in Ireland.
Instead of worrying about what will happen to exchange rates (especially with Brexit) – you can agree an exchange rate in advance . This is known as a forward exchange contract (FEC) or simply, a “forward’. It is usually only possible on larger amounts – and the exchange rate for the currency is agreed on the day and then remains valid for up to two years. A deposit is usually required to set up a FEC.
If you are happy doing everything online yourself – and don’t want realy need or want the personal touch – you could also use online “peer to peer” exchanges such as CurrencyFair or TransferWise .
Tip: If you are based in Ireland and do a lot of spending in the UK – you might also want to consider setting up an online bank account with N26. Their Mastercard debit card has NO fees on non Euro transactions. They will be launching in the UK soon.