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. 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.
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 5841 or in Ireland on (00353) (0)1-6571484. Ask for the Money Guide Ireland contact – Niall.
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
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 .
Currencies Direct have a London HQ and have been operating since 1996. They have over 500 employees worldwide and transfer around £7.5 billion for customers 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 broker. Advice and help is always available
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.
WISE (formerly Transferwise) is a UK based online exchange company that allows you to get exchange rates that are pretty close to the interbank rates. They have no minimum transfer and therefore are great for smaller payments. They accept debit cards as well as bank transfers.
WISE charges a flat rate fee – which gets lower on bigger transfers. For example, transfers under €100,000 to the UK will be charged 0.41%.
WISE is authorised by the UK Financial Conduct Authority under the Electronic Money Regulations. In the EU , WISE is licensed and regulated by the National Bank of Belgium.
WISE is useful if you are in the UK and need to accept third party payments sent to you in Euro. With Wise, you get an International Account with a UK account and sort code plus a Euro account with an IBAN. (Other account currencies are also available)
Third parties in Ireland (or other EU countries) can then do a free bank transfer of Euros into your Wise Euro account. Once received, you can then swap it into Sterling and transfer it out to your main UK bank account.
The Wise International Account also comes with an optional extra of a debit card for spending in different currencies with very low fees.
More about the Wise International Account
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.