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. But – 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 ask your UK bank to convert your Sterling to Euros and transfer it to your Euro bank account in Ireland – but that will almost definitely be the most costly way to do it. Some banks will charge up to £25 for a GBP to Euro transfer plus – the banks also make more money on currency exchanges by adding a margin on the exchange rate, which could mean as much as £5,000 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 bank take care of sending your money to Ireland – but there are potentially big savings to be made by using other methods.
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 ?
There are a few foreign exchange specialist comapnies that you can use to send money to Ireland – and they will work out cheaper than using your own bank.
One such company is called Transfermate. They operate worldwide with a 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.
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 great advantage of using a specialist company like Transfermate or Currency Solutions is that you can protect yourself against fluctuating exchange rates. 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.