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.
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 just send the Sterling and let the Irish bank convert into Euro for you at the other end – but they will use their own exchange rate and make a substantial profit on it – as much as 3 to 5%. This 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 some money transfer companies that you can use for sending money from the UK to an Irish Bank account – 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.
A recommended UK 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.
The Irish financial services company Fexco is based in Kerry, has operations in 29 countries and employs over 2,500 people. Fexco is authorised as a payment services provider by the Central Bank of Ireland.
In the UK, Fexco is regulated by the Financial Conduct Authority for the conduct of payment business.
Setting up an account at Fexco costs nothing and once you are registered you can exchange and transfer money over the phone or online at a time that suits you. Fexco normally deals in amounts larger than €5000 and you can get a quick online quote at the Fexco Website.
The Fexco team of currency experts will be happy to answer questions and explain the options available to you to make the most from your currency transfers.
Why Use a Currency Specialist?
One great advantage of using specialist companies like Fexco 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. – you can agree on 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. With a “Forward” – the exchange rate for the currency is agreed on the day and then remains valid for an agreed period of time (up to two years). A deposit is usually required to set up an FEC. You don’t need to arrange a forward contract on the full amount.
Other Ways of Sending Money to Ireland
If you are happy doing everything online yourself – and don’t want really need or want the personal touch or any support – then you could use an online “peer to peer” exchange such as CurrencyFair or TransferWise .
We have used both in the past , and they are very good for smaller payments. But if you have very large amounts you are probably better off with Fexco or Currency Solutions.
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.