Getting the Best Currency Exchange Rates – :
If you need to transfer large amounts of money from one country to another – you will usually get the best exchange rates from a specialist currency broker or an online currency exchange service. The worst exchange rates are usually given by the main banks.
On paper the actual exchange rate differences may look tiny – just fractions of a cent. But as an example – a difference of just €0.004 in the Euro to Sterling exchange rate could cost you €800 on a €200,000 exchange! Why let the banks have it ?
Maybe you are in Ireland and buying property overseas or you might be elsewhere and thinking of moving to Ireland? Maybe you are importing a car or just transferring some of your savings into another currency ?
Maybe you run a business that does a lot of trade in different currencies ?.
Whatever the reason – if you need to transfer large amounts of money overseas – Euro to Sterling , Sterling to Euro, – US Dollars to Euro, – or if you want to transfer any other currency such as Australian Dollars , Brazilian Real etc. … you should first check out the savings you can make by using a currency exchange specialist instead of just asking your bank to take care of it.
Some Recommended Currency Exchange Companies.
FairFx are London based foreign exchange specialists and they also have an office in Dublin. FairFx have been operating since 2007 and are fully regulated by both the UK Financial Conduct Authority and the UK HMRC . You can arrange international money transfers with FairFx online or over the telephone. FairFx will let you set up regular transfers such as salary, pension or rental payments. Over the phone you can get free personalised support when making large or regular payments . You can call FairFx on their Irish number (01 5665546 ) or on their UK number (0044) 20 7858200 . Ask for Niall Walsh – and he will make sure you are looked after.
Transfermate is a Dublin based foreign exchange company that help businesses and individuals to send and receive international payments. Transfermate is regulated by the Central Bank of Ireland and is also registered with UK HM Customs & Excise as well as being regulated across the USA, Canada, Europe and Australasia. Customers can phone them in Dublin 01 6353776 or set up an online account and arrange currency transfers via their website
Currency Solutions is a UK based currency specialist firm that can carry out a wide range of currency transfers. They are authorised by the UK Financial Conduct Authority . Customers can arrange transfers over the phone . You can 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.
You can visit the Currency Solutions website here for a free no obligation quote and they will call you back
If you prefer – once registered , you can use their online platform for transfers of up to a maximum of £20,000 for personal customers (£50,000 for business customers) .
With the currency specialists listed above – you are able to lock in an exchange rate for up to 12 months in advance – and so remove the worry of any future currency fluctuations.
For example – you might be buying a property abroad. If the Euro was to suddenly weaken before you managed to sell your house – then the proceeds from the house sale would be worth thousands less in Pounds or USD or Australian Dollars etc. By reserving a guaranteed exchange, rate up to 12 months ahead, you can prevent exchange rate fluctuations from wrecking your plans. You will usually need to pay a deposit of around 10%.
Currency marketplace :
An online alternative is Currency Fair . An Irish company , regulated by the Central Bank of Ireland. Everything is done online – so if you want the personal touch or some guidance – these may not be ideal for you. They are great for one off , smaller amounts (under €5000) . There is no minimum transfer amount and you can use an Irish debit card or a bank transfer to send money to CurrencyFair . Then – for a small fee (€3 to €5) you can convert and transfer money to banks in any one of 17 different currencies. ( Sterling, US Dollars , AU Dollars , Polish Zloty and many more.).
Currency Exchange for Businesses
If you run a business in Ireland or the UK with regular large payments or invoices in different currencies – then a currency exchange firm can save your business quite a lot of money on exchange rates and charges. You will already be aware that your profit margins can be severely cut by exchange rate fluctuations – but by fixing your exchange rates in advance you can get some certainty . (It’s called Hedging – the big companies do it all the time).
Transfermate is based in Dublin and specialises in dealing with business clients. If your business receives international payments TransferMate can help you receive those payments faster and cheaper with their ” international receivables” solution.
They also cater for integration with accounting packages such as Sage, Quickbooks , SAP and more. It is easy to set up an online account via their website or you can phone them for the personal touch on Dublin 01 6353776. ( Transfermate is regulated by the Central Bank of Ireland)
FairFx are London based and already provide international currency services to over 5,000 businesses such as Leicester City FC and Comic Relief . They are a public company , listed on the London Stock Exchange and have a turnover in the region of £300 million. FairFx can help your business save money on international money transfers by giving you better exchange rates than your bank. You can call FairFx on their Irish number 01 5665546 or on their UK number (0044) 20 7858200. Or visit their website
Currency Solutions also specialise in currency transfers for businesses. They can advise businesses on various currency hedging products that can be tailored for your circumstances . Such products could save your business considerable amounts of money by reducing risk in the volatile FX market. Most transactions can be done over the phone with personal guidance from a broker. They also have an online platform available for those who prefer it. 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.
Holiday Money (Cash)
If you are just going on a business trip or holiday and want to get some foreign currency in cash before you travel – you should read our article on Travel Money . We have found in several surveys that No1 Currency were giving the best deal on buying Sterling (and they deliver it to your home for free on orders over €750)
If you use your debit or credit card whilst abroad for day to day spending there will be additional fees and charges when you spend outside the Eurozone – find out more in our article on Card Charges outside the Eurozone