Best Way to Transfer Money Between UK and Ireland

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.

transfer money uk to ireland