What is the Best Way to Transfer Money Between Ireland and the UK ?
If you need to transfer money between the UK and Ireland , 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.
Transferring money between Ireland and the UK is standard practice now for many people. The money could be for University Fees, House Purchases, Inheritance or income from pensions or rentals. Bank fees and poor exchange rates mean that people could be potentially losing out on hundreds of Euros/Pounds.
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. The main banks are not the cheapest way to exchange currency – 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 £1000 cheaper on a £50,000 transfer.
Some Companies You Can Use for Currency Transfers.
Listed below are some recommended currency exchange companies that you can use for transferring large amounts of Euros to a UK bank account or for sending Sterling to an Irish bank account.
With most of these 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 overseas in the next few months 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.
Fexco is one of Ireland’s biggest financial solutions provider, with operations in 29 countries worldwide. Fexco can exchange your Euros into Sterling and transfer the money from Ireland to your chosen English or other UK bank account. Many other currencies are also available. Fexco’s payments specialists can advise you on services like forward contracts to help reduce your exposure to fluctuating exchange rates.
Fexco is based in County Kerry and 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 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. Garton Global Payments can assist you with arranging money transfers between the UK and Ireland or any other country. (usually £10,000 or more)
Garton Global Payments get exchange rates directly from the interbank market, but having a much lower cost base than the banks means they can offer better rates for you. (Especially on amounts over €10,000) .
They also offer the facility to fix an exchange rate for a date in the future (max 12 months) . This can give peace of mind on an upcoming large transfer such as the proceeds of a house sale.
All payments and transfers are carried out on the CurrencyCloud platform which is fully authorized and regulated in the UK, EU, US, and Canada.
You can request a quote online or call the Garton team direct on (UK) +44 20 8004 5841 or in Ireland on 01-6571484
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 for purchasing a property in Ireland or transfers of lump sums of money from Ireland to England.
You can visit the Currency Solutions website for a free no-obligation quote and they will get back to you.
You can also call Currency Solutions in the UK on 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 and transfer more than £7.5 billion annually. Currencies Direct Ltd is authorised by the UK Financial Conduct Authority. In Europe, they are also authorised by the Bank of Spain to operate as an Electronic Money Institution.
Once you have registered with Currencies Direct you can arrange transfers over the phone with a broker, or online or on a smartphone via their app. Advice and help are always available. You can get a quick quote for currency exchange on their 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