Transferring money between Ireland and the UK is fairly common now for many people. The money could be for University Fees , House Purchases, Inheritance , Pensions or other Income.
If you need to transfer money between banks in Ireland and the UK it might seem easier to just ask your own bank to take care of it. But you could possibly lose out on hundreds of Euros or Pounds by doing that.
So what is the Best Way to Transfer Money Between the UK and Ireland?
The Interbank rate is essentially the rate at which banks swap currencies between one another. A high street bank will typically use an exchange rate that could be 3% to 4% away from the interbank rate. The main banks are not the cheapest way to transfer money – that is one of the many ways the banks make their big profits.
Specialist currency exchange companies will typically use an exchange rate that is maybe just 1% or 0.5% away from the Interbank rate. This means they will work out cheaper than the banks. A difference of just 2 percentage points in the exchange rate used would work out at £1000 cheaper on a £50,000 transfer.
What are the alternatives to using your Bank?
Listed below are some recommended currency exchange companies that you can use to transfer money between the UK and Ireland.
With most currency specialists you can lock in an exchange rate for up to 12 months in advance (for a small fee). This will remove the worry of any future currency fluctuations. (Very important with the current volatility caused by the coronavirus crisis and Brexit looming again.)
Currency Exchange Specialists based in Ireland.
Fexco is one of Ireland’s biggest multinational financial and business solutions provider, with operations in 29 countries worldwide. Fexco can exchange your Euros into Sterling and transfer the funds to your chosen UK bank account. Other currencies are also available. Fexco’s payments specialists can advise you on services like forward contracts to reduce your exposure to fluctuating exchange rates.
Fexco is authorised as a payment services provider by the Central Bank of Ireland, and is also regulated in the UK by the Financial Conduct Authority. You can get a quick quote online at the Fexco Website
Currency Fair: – If you prefer doing everything online yourself, you can use the online exchange marketplace CurrencyFair.
Once registered with CurrencyFair, you can exchange money online straight away at their best available rate. You can also choose to request a better rate and, when/if it is reached, your transfer will be made.
CurrencyFair is based in Ireland and regulated by the Central Bank of Ireland. As well as bank transfers, they accept debit cards as a payment method (0.25% fee) and have no minimum transaction amount.
You won’t be able to get advice or arrange anything such as forward contracts with CurrencyFair – so they are probably better for amounts under €20,000.
Transfermate is a Dublin based foreign exchange company, regulated by the Central Bank of Ireland . They are authorised to provide Payment Services within the 28 member states of the European Union. Transfermate is also authorised in the USA and Australia. You can arrange currency transfers via their website or you can phone them for more personalised service on 01 6353776 (Dublin) .
UK Based Currency Exchange Specialists
Currency Solutions is a London based currency specialist that can carry out larger currency transfers between the UK and Ireland. They are authorised by the UK Financial Conduct Authority. They cater for people purchasing property in Ireland as well as smaller transfers. You can visit the Currency Solutions website for a free no-obligation quote and they will get back to you.
You can call them in the UK on 0044 207 740 0000 or on their Irish number 01 431 1344 . Ask for the Money Guide Ireland contact – Ernie Enver. He should be able to give you a quick response to any queries.
TransferWise . is a UK based online exchange company that allows you to get exchange rates that are pretty close to the interbank rates.
TransferWise is good if you need to accept third party payments sent to you in another currency (GBP/ USD/ AUD) . Most “mainstream” banks in Ireland will accept inward payments in Sterling or Dollars – but they usually apply a poorer exchange rate and may also charge fees on top.
With Transferwise you can set up a “Borderless account ”. This gives you a Euro account with an IBAN and also a separate UK account and sort code.
Third parties can then do a bank transfer of GBP into your Transferwise UK account. Once received , you can then exchange it into Euros and transfer it out to your Irish bank
The exchange rates used by Transferwise are pretty close to the Interbank and fees are low. (About 0.4%). When you set up a transfer, your rate is guaranteed for 24–48 hours.
FairFx is an established foreign exchange specialist firm with offices in London and Dublin. FairFx has been operating since 2007 and is fully authorised as a Payment Institution by the UK Financial Conduct Authority. You can arrange one-off or regular money transfers between the UK and Ireland with FairFx. You can call the FairFx team on their UK number 0207 858 2001 or on their Dublin number 01 5665546. They will be able to advise you on exchange rates and the options available to you. Minimum transfer amount €5000. You can get an online quote on the FairFx website
If you are just looking for the best place to get travel money (cash) – then look at our page on The Best place to buy Sterling in Ireland