If you need to transfer large amounts of money between Ireland and the USA (America) – you will usually save money by not using your bank to do it for you. ( By large amounts – we mean figures over €5000 .)
Maybe you are buying property in Ireland or the USA . Maybe you are sending money to a relative or you have savings or a pension that you need to transfer from one country to another.
Specialist currency exchange companies will typically use an exchange rate that may be just 1% or 0.5% away from the Interbank rate. Your bank will typically charge you a rate that could be as much as 3% to 6% away from the same interbank rate. A difference of 4% in the exchange rate would mean $400 less for you on a $10,000 transfer.
Here are some options for you if you have Euros in an Irish bank account and you want to convert it to US Dollars and transfer it to a bank account in the USA . Or if you have US Dollars in a US bank and you need to transfer it to a Euro bank account in Ireland or elsewhere in Europe.
Transfermate are a Dublin based foreign exchange company regulated by the Central Bank of Ireland. TransferMate is also a registered as a Money Services Business with the United States Department of Treasury Financial Crimes Enforcement Network . You can set up an online account and arrange currency transfers via their website or you can phone them for a 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 from Ireland to the USA with FairFx online or over the telephone. They will call you back to save on your phone bills. You can call their Ireland 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. They charge a small fee of $4 for each transfer into US Dollars.
If you are just looking for travel money (cash) – have a look at our page on The Best place to buy US Dollars in Ireland before you travel.