Comparison of Bank Charges in Ireland

Most of the main banks in Ireland have some sort of transaction or admin fees on current accounts.  The big two banks , AIB and Bank of Ireland made over €1 Billion profit each last year – probably helped by these fees and the large amounts of cash some customers keep in their current accounts to try and avoid fees.

There are a  few banks where you can still avoid some or all of these bank charges.
We have carried out a comparison of bank charges so you can work out which is the cheapest bank for you if you want to Switch Your Bank . We have also included the online bank N26 – which has been available to Irish residents for more than a year now.

The figures below were checked  in April 2018..

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Cheapest way to Transfer Money between Ireland and USA

If you need to transfer large amounts of money between Ireland and the USA (America) – you will save money by not using your bank to do it for you. ( By large amounts – we mean figures over €5000 .)

Specialist exchange companies will usually use an exchange rate thatmay be just  1%  or 0.5% away from the Interbank rate.  Your bank will typically charge you a rate that is as far as 3% or 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 . (We are not talking about cash transfers)
You will obviously need the details of a bank account in the USA to send the money to

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 are another established foreign exchange specialist –  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 representatiive , Niall Walsh,  on their Dublin number 01  5665546 .


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.

 

Euro Sterling Exchange Rate Update

Euro to Sterling Exchange Rate  : April 18th  2018 11am

1 GBP = 1.148 EUR

1 EUR =  0.87068 GBP

See the Latest  Exchange Rates Here


As March ended  – it saw the Pound having it’s best quarter against the Euro since 2016.
More weak eurozone data and a more cautious sounding European Central Bank weighed on the euro last week and saw the pound- euro exchange rate rally, hitting a peak of €1.1567, its highest level in 10 months.
The start of this week has seen the Euro recover a bit against Sterling as poor economic figures in the UK were released.  UK inflation fell for the second  month and investors are nervous that the Bank of England (BoE) could put off a Spring interest rate rise. As a result, the pound fell.

A Reuters  poll of forecasts for the British Pound  shows expectations for Sterling are at their highest since the June 2016 vote to leave the European Union amidst broadening agreement that the UK currency can continue to climb higher.

Sterling did not perform too well  overall in 2017 – at its lowest point the Pound went to just €1.08 – down from €1.31 in the month before the Brexit referendum in 2016

The ongoing uncertainty over Brexit will continue to  affect Sterling and we expect more volatility for the pound throughout the next stages of Britain’s negotiations with the EU.  There is a possibility that Sterling might get back to last year’s April high of €1.20  if talks go well but any setbacks could see the Pound fall again.


With so much  uncertainty in the currency markets at the moment –  it could get quite stressful for people or businesses planning large Euro / Sterling exchanges in the next few months.   We are in a period of rate volatility which, depending on your timescales and budget, could cause problems if you are not properly prepared.

Using a Currency Exchange specialist  can remove some of the uncertainty by allowing you to fix an exchange rate as much as 12 months in advance of your transfer.  For good deals on currency exchange for large amounts –  for personal money or for businesses – see our page on how to get the Best Exchange Rates

You might also be interested in this information about Transferring  Money from Ireland to a UK Bank

If you are just looking to buy some Pounds , Dollars  or other foreign cash for a holiday  – take a look at our page about the best place to buy travel currency in Ireland

money transfer

 

 

Budget 2019 Forecasts

Budget 2019 will not be announced until October 2018  (Probably October 9th) – but already we are getting some hints of what will and won’t be included in the upcoming Budget. We were told in the Summer Statement in 2018 there would be an extra €3.2 Billion available for Budget 2019

This month we had the release of the  Stability Programme Update (SPU)  (draft) : – The Stability Programme sets out the Government’s economic forecasts for Ireland and is the first update of the Government’s projections since Budget 2018 .

The draft update forecast that the Irish economy would grow at a stronger rate in 2018 and 2019 than the Department of Finance had previously estimated. The Dept of Finance now forecasts GDP growth  this year to be 5.6% and  4.0% in 2019.
Unemployment is forecast to fall  to 5.8 % in 2018 and to 5.3 % by 2019 .
(A previous economic forecast by the Central Bank in Jan 2018 forecast a GDP growth of 4.4% in 2018 and to 3.9% in 2019)

Finance Minister Paschal Donohoe stressed that the chances of  spending increases and tax cuts in Budget 2019 would be limited because of  previously agreed Budget commitments.


In the draft SPU -the Government is allocating an additional €2.6 billion in spending for 2019 –    made up of carry-over costs from Budget 2018 , the public sector pay deal , capital spending increases for housing, health and education .

This will leave about  €0.6 Billion for Budget 2019 adjustments  – which may leave little scope for any major cuts to taxes / USC.

Mr Donohoe has mentioned plans to make changes to the Local Property Tax, which is still calculated on 2013 property values. But he said any changes will be modest and are not expected to affect homeowners until 2020.