If you need to transfer large amounts of money between Ireland and the UK – you will usually save money by not using your own bank to do it for you. ( By large amounts – we mean figures over £5000 .) It might seem les hassle to just let your bank take care of it – but you could possibly lose out on hundreds of Euros/Pounds
Maybe you are transferring money because you are buying or selling property in Ireland or the UK . Maybe you are sending money to a relative , or you have savings or regular rental income or pension payments that you need to transfer from one country to another.
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 how they make profit.
Specialist currency exchange companies will typically use an exchange rate that may be just 1% or 0.5% away from the Interbank rate. A difference of just 2 percentage points in the exchange rate would mean £1000 less for you on a £50,000 transfer.
What are the alternatives to using your Bank ?
Here are a few foreign exchange 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.
So – if you have Euros in an Irish bank account and you want to convert it to GB Pounds (GBP/ Sterling) and transfer it to a bank account in the UK .
Alternatively – if you have Sterling in a UK bank and you need to transfer it to a Euro bank account in Ireland (or elsewhere in Europe).
Currency Solutions is a London based currency specialist firm that can carry out a wide range of currency transfers. 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 call you back. You can 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. Once you are registered you can also choose to use their online platform for transfers of up to a maximum of £20,000 at a time for personal customers (£50,000 business customers) .
Transfermate are 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. 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
FairFx is another established foreign exchange specialist firm – and they have offices in Dublin and London. FairFx have been operating since 2007 and are fully regulated by both the UK Financial Conduct Authority and the UK HMRC . You can arrange one off or regular transfers betweeen Ireland and the UK with FairFx online or over the telephone. They will call you back to save on your phone bills. 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.
If you are happy doing everything yourself online – you can use an online exchange service such as CurrencyFair . CurrencyFair , once you are registered, allows you to exchange straight away at the best available rate, or request a higher rate and when (if) it is reached, your transfer will take place. (£2.50 fee per transfer) . CurrencyFair are regulated by the Central Bank of Ireland .
If you are just looking for travel money (cash) – have a look at our page on The Best place to buy Sterling in Ireland before you travel.