What is the Best Way to Send Money Between Ireland and the UK ?
Thousands of Irish people have family, work or study links in England or other parts of the UK. This means that the need to transfer money between Irish and UK bank accounts is quite common.
If you want to send large amounts of money to a UK bank account from Ireland, it might seem easier to just let your own bank in Ireland take care of it.
However, bank fees and poor exchange rates mean that you could be potentially losing out on hundreds of Euros/Pounds by using your bank.
We will show you some cheaper ways to send money to England or other parts of the UK from Ireland. (Or send money to Ireland from the UK)
How Much Does it Cost To Transfer Money Between England and Ireland?
The real cost of currency transfers is usually hidden within the exchange rate used by banks.
A bank might say they don’t charge any transfer fees,but their poor exchange rates could be costing you money.
The Interbank rate is essentially the exchange rate at which banks swap currencies between one another.
When dealing with customer transfers – a high street bank will typically use an exchange rate that could be 3% to 4% away from the interbank rate. This is one of the many ways the banks make their big profits.
The specialist money transfer companies can undercut the rates used by banks because they concentrate just on money transfers and have fewer overheads.
A money transfer specialist can typically save you between 40% and 70% compared to using one of the banks.
For example – a difference of just 2 percentage points in the exchange rate used would work out £1000 cheaper on a £50,000 transfer. On a €100,000 transfer, the difference would be €2000.
See the latest Euro to Sterling exchange rate news and forecasts
Listed below are some recommended currency exchange companies that you can use to Transfer Money Between the UK and Ireland.
Fexco is one of Ireland’s biggest financial solutions provider, with offices in the UK and 8 other countries worldwide. Fexco can exchange your Euros into Sterling or your Sterling into Euros – 180 different currencies are also available.
Fexco’s payments specialists can advise you on services such as forward contracts to help reduce your exposure to fluctuating exchange rates.
Fexco is based in County Kerry and Fexco Corporate Payments is authorised as a payment services provider by the Central Bank of Ireland. (This authorisation also covers the Netherlands.)
They also have offices in Edinburgh and London and, since Brexit, they are in the UK’s temporary permissions regime for EEA-based firms that previously passported into the UK.
You can get a quick quote for currency transfers online at the Fexco Website
Garton Global Payments
Garton Global Payments is based in London and was set up by Irish native, Niall Walsh. They can assist you in arranging the transfer of money between Irish and UK bank accounts or indeed, transfers globally.
Garton Global Payment’s personal, proactive approach will help you to access competitive rates of exchange. (Especially on amounts over €10,000) .
Garton Global also offer the facility to fix an exchange rate for a date in the future (max 12 months). This can give peace of mind on an upcoming large transfer such as the proceeds of a house sale.
All the payment and foreign currency exchange services at Garton Global Payments are provided by Currency Cloud Ltd. which is authorised in the UK as an Electronic Money Institution.
In the EU , the Dutch Central Bank has given the Dutch entity, Currencycloud BV an e-money license allowing it to operate across the EU.
Through Currency Cloud, Garton Global Payments can service both Irish and UK clients and has capabilities in over 35 currencies.
You can request a quote online
Or you can call the Garton team direct on (UK) +44 20 8004 5841 or in Ireland on (00353) (0)1-6571484. Ask for the Moneyguide Ireland contact – Niall.
OFX offers money transfers and foreign exchange services for consumer and business clients across 55 different currencies.
Founded in 1998 in Australia, OFX now has eight offices across the world, including Dublin in Ireland and London, England. With over 200 staff globally, OFX can offer 24/7 phone support if required.
OFX is authorized by the Central Bank of Ireland to operate as an e-money institution in Ireland and the rest of the EU. They are also authorised in the UK as well as the USA, Canada, Singapore, New Zealand, Hong Kong and Australia.
A large company like OFX can offer better rates to their clients because of the number of transfers they do. They don’t charge transfer fees and the minimum transfer amount is £100 or equivalent.
Once you are registered with OFX , currency exchanges and transfers can be arranged online, over the phone or on the OFX smartphone app (Apple & Android).
You can use OFX to send money to Ireland from the UK or to send money from Ireland to England or any part of the UK .
Currency Solutions are London based currency specialists that can carry out money transfers worldwide, including the UK and Ireland. They are authorised by the UK Financial Conduct Authority. Currency Solutions will be able to assist with transfers of lump sums or regular payments between the UK and Ireland. You can arrange transfers over the phone with a dedicated currency expert or do it yourself online.
You can visit the Currency Solutions website for a free no-obligation quote and they will get back to you quickly.
You can also call Currency Solutions to discuss your requirements: – UK number 0044 207 740 0000 or on their Irish number 01 431 1344 .
FairFx is an established foreign exchange specialist firm based in London. FairFx has been operating since 2007 and is fully authorised as a Payment Institution by the UK Financial Conduct Authority.
They will be able to advise you on exchange rates and the options available to you. Minimum transfer amount €5000.
You can arrange one-off or regular money transfers from Ireland to the UK with FairFx. Find out more and get a quote on the FairFx website
You can also call the FairFx team on their UK number 0207 858 2001.
Customers in Ireland can call their Irish number 01 566 6546
With most currency exchange specialists, you can set up something called a “forward contract“. This allows you to fix the current exchange rate for up to a year. You just need to provide a small deposit which is typically 10% .
Forward contracts are ideal if you are planning on buying property or some other expensive item in another currency- and you want to protect yourself against currency volatility. You may be waiting for the sale of a house to go through and want to guarantee how much the proceeds will be worth when exchanged.