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 .)
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 personal 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. 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 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 it is reached, your transfer will take place. They also charge a small fee $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.