What is the Best Way of Sending Money to the UK from Ireland ?
Thousands of Irish people have links with family, work or study in the UK. As a result, the need for transferring money to the UK from Ireland 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 potentially be losing out on hundreds of Euros/Pounds by using your bank.
We will show you some of the ways to get the best exchange rates for money transfers from Ireland to the UK . (and UK to Ireland transfers too of course).
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% markup on the interbank exchange rate by a bank would cost you £3000 on a £100,00 transfer to the UK from Ireland
The Interbank rate is essentially the exchange rate at which banks swap currencies with one another.
When dealing with customer transfers abroad – a high street bank will typically use an exchange rate that could be 2% to 4% away from the interbank rate. Currency exchange rate markups are one of the many ways banks make their big profits.
If you are looking for the cheapest way to transfer money from Ireland to the UK, you may want to consider using a money transfer service instead of a bank. These services specialize in international money transfers and can often offer better exchange rates and lower fees than traditional banks.
The money transfer companies can undercut the exchange rates used by banks because they concentrate just on international money transfers and have fewer overheads.
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 for Transferring Money To The UK From Ireland.
All the companies listed below are fully regulated.
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 from Irish to UK bank accounts or money transfers globally.
Garton Global Payment’s personal, proactive approach will help you 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 Financial Conduct Authority 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 on the Garton Global website
Or you can call the Garton team direct on (UK) +44 20 8004 3288 or in Ireland on (00353) (0)1-5846855. Ask for the Money Guide Ireland contact – Niall.
Fexco
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
OFX
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.
Currency Solutions
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 .
Currencies Direct
Currencies Direct have a London HQ and several 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 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 on 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.
Transfermate
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. They have plenty of experience in transferring money to The UK From 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.
Forward Contracts
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.
