When you need to transfer money between banks in Ireland and the UK – it might seem like less hassle to just let your bank take care of it. But you could possibly lose out on hundreds of Euros or Pounds by doing that.
If you need to transfer large amounts of Sterling to an Irish bank or send Euros to a bank in the UK – you will save money by not using your own bank to do it for you. ( By large amounts – we mean figures over £5000 .) Larger transfers such as this would be common for property purchases , vehicle purchases or just transferring large amounts of savings from one country to the other.
So what is the Best Way to Transfer Money Between the UK and Ireland ?
The Interbank rate is essentially the rate at which banks swap currencies between one another . Your high street bank will typically use a rate that could be as much as 3% to 4% away from the interbank rate. That is one of the ways the banks make their big profits.
Specialist currency exchange companies will typically use an exchange rate that may be just 1% or 0.5% away from the Interbank rate. For example – a difference of just 2 percentage points in the exchange rate used would mean £1000 less for you on a £50,000 transfer.
What are the alternatives to using your Bank ?
Listed below are a few currency exchange companies that you can use to transfer money between UK and Ireland . They can help you send Euros from an Irish bank and convert it to Sterling to be sent to a UK bank. These firms will also help you send Sterling from a UK bank and convert it to Euros to be sent to an Irish bank.
Currency specialists 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. They usually only deal with larger transfers – over £3000 or €3000. They do not deal in cash or cheques transactions.
With most currency specialists you are able to lock in an exchange rate for up to 12 months in advance (for a small fee) – and so remove the worry of any future currency fluctuations. (Very important with Brexit still looming.)
UK Based Currency Exchange Specialists
FairFx is an established foreign exchange specialist firm with offices in London and Dublin . FairFx have been operating since 2007 and are fully authorised as a Payment Institution by the UK Financial Conduct Authority. You can arrange one off or regular transfers betweeen Ireland and the UK with FairFx online or over the telephone. You can call their Irish representative , Niall Walsh, on their Dublin number 01 5665546 . He will be able to advise you on exchange rates and the options available to you. Minimum amount €3000
Currency Solutions is a London based currency specialist firm that can carry out currency transfers betweek the UK and Ireland. They are authorised by the UK Financial Conduct Authority . You can visit the Currency Solutions website here for a free no obligation quote and they will get back to you . You ca also call them on their Irish number 01 431 1344 or on their UK number 0044 207 740 0000 . Ask for the Money Guide Ireland contact – Ernie Enver. He should be able to give you a quick response to any queries.
TransferWise . is a UK based online exchange company that also cuts out the banks and for a small fee allows you to get exchange rates that are pretty close to the interbank rates. Residents of the UK and Ireland are allowed to register with Transferwise.
TransferWise is useful if you are getting third party payments sent to you in another currency. Even if your “main” bank will accept inward payments in Sterling or Dollars – the banks will usually apply a poor exchange rate
With Transferwise you can set up a “Borderless account ” This gives you a Euro account with IBAN and a UK account and sort code . So third parties can simply pay GBP into your Transferwise UK account and you can then exchange it ,using Transferwise , into Euros and transfer it out to an Irish bank. Exchange rates are pretty close to the Interbank and fees are low.
Currency Exchange Specialists based in Ireland.
Transfermate is a Dublin based foreign exchange company, regulated by the Central Bank of Ireland and authorised by the Central Bank of Ireland to provide Payment Services within the 28 member states of the European Union. They are also authorised in the USA and Australia . You can set up an online account and arrange currency transfers via their website or you can phone them for a more personalised service in Dublin on 01 6353776 .
Fexco is one of Ireland’s biggest multinational financial and business solutions provider, with operations in 29 countries worldwide. Established in 1981 in County Kerry, it now employs over 2,300 . Fexco can exchange your Euros into Sterling and transfer the funds to your chosen UK bank account . Other currencies also available.
Fexco’s payments specialists can also give advice on services like forward contracts and rate alerts to reduce your exposure to fluctuating exchange rates.
Fexco are authorised as a payment services provider by the Central Bank of Ireland, and are also regulated by the Financial Conduct Authority for the conduct of payment business in the UK. You can get a quick quote online at the Fexco Website
Currency Fair : – If you prefer doing everything online yourself , you could use the online exchange marketplace CurrencyFair.
You won’t be able to get advice or arrange anything such as forward contracts with CurrencyFair.
Once registered with CurrencyFair , you can exchange money straight away at their best available rate, or request a better rate and , when (if) it is reached, your transfer will take place. (£2.50 fee per transfer) .
CurrencyFair are based in Ireland and regulated by the Central Bank of Ireland . They accept Irish debit cards as a payment method and have no minimum transaction amount.
Revolut is an online money transfer app that comes with a prepaid debit card and a GBP account plus a Euro account. It is a useful thing to have for smaller transfers between GBP and Euro Revolut have a fee free exchange limit of £5000 per month . Once you go over that you will be charged 0.5% . So on a transfer of £100,000 GBP into Euros you would be hit with a fee of £475 . (We wouldn’t recommend using Revolut for amounts larger than £5000/€5000)
If you are just looking for the best place to get travel money (cash) – have a look at our page on The Best place to buy Sterling in Ireland before you travel.