What is the Best Way to Send Money Between the UK and Ireland ?
Thousands of Irish people have family, work or study links in the UK. As a result, the need to transfer money between Irish and UK bank accounts is quite common.
If you want to send a large amount of money from Ireland to a UK bank account , 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 to send money to Ireland from the UK )
How Much Does it Cost To Transfer Money Between the UK 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. (£1000 Vs £2000) 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 you can use to Transfer Money Between Ireland and the UK.
Fexco is one of Ireland’s biggest financial solutions providers, 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 is based in County Kerry and Fexco Corporate Payments is authorised as a payment services provider by the Central Bank of Ireland.
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.
Fexco’s payments specialists can advise you on services such as forward contracts to help reduce your exposure to fluctuating exchange rates.
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 bank accounts in Ireland and UK bank accounts or transfers globally.
Garton Global Payment’s personal, proactive approach will help you to access competitive rates of exchange. (Especially on amounts over €10,000) .
All the payment and foreign currency exchange services at Garton Global Payments are provided by Currency Cloud Ltd. which is authorised by the FCA in the UK as an Electronic Money Institution.
In the EU , Currencycloud BV is licenced by the Dutch Central Bank as an e-money institution , 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 3288. or in Ireland on (00353) (0)1-6571484. Ask for the Money Guide Ireland contact – Niall.
Currencies Direct have a London HQ and offices worldwide including one in County Cork in Ireland. They have been operating since 1996 and transfer more than £7.5 billion annually.
Once you have registered with Currencies Direct you can arrange to send money from Ireland to England, or any other country, online or via their mobile app.
If you prefer, you can also arrange transfers over the phone with a currency expert. For larger amounts, you will have your own dedicated trader. They can fix the rate, watch the rate on your behalf and keep you up to date with market movements. Our direct contact is Mary O’Regan ,based in Cork ,who will be happy to answer any questions and can register you on the phone if you prefer. You can call Mary direct on + 00353 (0)151 361 91
Currencies Direct Ltd is authorised by the UK Financial Conduct Authority.
In the EU , they are authorised by the Bank of Spain to operate as an Electronic Money Institution.
Under EEA passport rules CURRENCIES DIRECT SPAIN, EDE, S.L., can conduct its activities in any of the 31 EEA member states including Ireland.
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 the Uk to Ireland 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 ring on 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.