What is the Best Way of Sending Money from Ireland to the UK ?
Thousands of Irish people have family, work or study links in the UK. As a result, the need to send money from a bank account in Ireland to a UK bank account is fairly common.
If you want to send a large amount of money from a Euro bank account in Ireland to a Sterling bank account in the UK it might seem easier to just let your own bank 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 of the best ways to transfer money from the UK and Ireland and also the best way to send money from Ireland to the UK .
How Much Does it Cost To Transfer Money Between Ireland and the UK ?
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.
For example – the “hidden cost” of a 3% mark up on the interbank exchange rate by a bank would cost you £3000 on a £100,00 transfer from the UK to Ireland
The Interbank rate is essentially the exchange rate at which banks swap currencies between one another.
When dealing with customer transfers abroad – a high street bank will typically use an exchange rate that could be 3% to 4% away from the interbank rate. Currency exchange rate markups are one of the many ways banks make their big profits.
There are some specialist money transfer companies that can undercut the exchange rates used by banks because they concentrate just on international money transfers and have fewer overheads.
An international money transfer specialist will usually be the cheapest way to send money between Ireland and the UK. They can typically save you between 40% and 70% compared to using one of the main banks.
For example – a difference of just 1 percentage point in the exchange rate used would work out £1000 cheaper on a £100,000 transfer from Sterling to Euros.
See the latest Euro to Sterling exchange rate
Listed below are some recommended money transfer companies you can use to Transfer Money between the UK and Ireland .
All the companies listed below are fully regulated.
Currencies Direct has its HQ in London and several offices worldwide, including one in Cork in Ireland. It has been operating since 1996 and transfers more than £7.5 billion annually.
Currencies Direct will help you transfer your money between Ireland and the UK and many other countries, online or via their mobile app. If you prefer the personal approach you can also arrange money transfers over the phone with one of their currency experts.
For larger transfers, you will be allocated 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 over the phone if you prefer. You can call Mary at Currencies Direct on + 00353 (0)151 361 91
Currencies Direct Ltd is authorised in the UK 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.
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 the UK and Ireland.
Garton Global Payment’s personal, proactive approach will help you access competitive rates of exchange when sending large amounts of money to and from Ireland . (Especially on amounts over €10,000) .
All the payment and 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.
Through Currency Cloud, Garton Global Payments can service both Irish and UK clients and has capabilities in over 35 different currencies.
Currencycloud BV is licenced by the Dutch Central Bank as an e-money institution, allowing it to operate in Ireland and across the rest of the EU.
Or you can call the Garton team direct on (UK) +44 20 8004 3288. or in Ireland on 01-5846855
You can request a quote from Garton here
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 and transfer it to your chosen bank account. Over 150 other currencies are also available for transfer by Fexco.
Fexco’s payment specialists can advise you on things 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.
They also have offices in Edinburgh and London and, since Brexit, they are in the UK’s FCA 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
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 dealer or do it yourself online.
You can visit the Currency Solutions website to request 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 dedicated number for Irish customers – (00353) 01 431 1344 .
OFX was founded in 1998 in Australia and now has eight offices across the world, including Dublin in Ireland and London, England.
OFX can provide money transfer and foreign exchange services for consumers and business clients across 55 different currencies.
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.
You can use OFX to send money to Ireland from the UK or to transfer money to the UK from Ireland .
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). With over 200 staff globally, OFX can offer 24/7 phone support if required.
Transfermate is a Dublin based global foreign exchange company that helps businesses and individuals send and receive international payments. In Ireland and the rest of the EU, Transfermate is authorised by the Central Bank of Ireland.
Transfermate is also regulated across the USA, Canada, Europe and Australasia. If you are a resident of the USA, Australia or Canada and you want to send money to Ireland – then Transfermate is authorised to do it. (Minimum transfer is €1000)
Customers can register for an account and once they are verified can arrange currency transfers via the Transfermate website or over the phone.
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 useful 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 or the payment a lump sum from a pension and want to guarantee how much the proceeds will be worth when exchanged.
All the companies listed below will allow you to book a forward rate.
Is there a Limit on Online Money Transfers from Ireland to the UK ?
Many of the main banks in Ireland have daily limits for online international transfers .
For example , with Bank of Ireland, you would be limited to a daily maximum online transfer to the UK of €20,000 .
If you want to send money online to the UK from an Allied Irish Bank account – you will be limited to €10,000 per day.
If you want to transfer a larger amount to the UK you will need to visit the branch and fill in a form or use telephone banking if your bank has it set up
Money transfer specialists usually have no maximum limits on sending money from Ireland to the UK. So you could transfer several smaller amounts in Euros from your bank to the money transfer company which will then convert the Euros to Sterling at the agreed rate . Finally, they will transfer the Sterling (GBP) in one lump sum to your destination UK bank account.