Moving Large Sums? Get Smart on Currency Transfer Rates.
Planning a property purchase in Ireland or sending a sizable sum abroad? Whether you’re relocating, managing overseas savings, or transferring a pension lump sum, large international money transfers require careful planning.
When dealing with substantial amounts, avoid traditional banks and their often inflated exchange rates. Instead, consider specialist currency exchange services. These providers typically offer:
- Competitive exchange rates: Negotiate better rates through dedicated currency brokers.
- Transparent fees: Understand your costs upfront, avoiding hidden charges and unexpected markups.
- Tailored solutions: Discuss your specific needs and receive personalized guidance for optimal transfers.
By partnering with a currency exchange specialist, you can ensure efficient, cost-effective transfers, maximizing the value of your hard-earned funds. Don’t leave significant savings to chance – explore your options and make an informed decision for your international financial needs.
Using a Money Transfer Specialist
Most currency specialists offer powerful tools like forward contracts and limit orders to help you control the exchange rate and navigate market fluctuations with confidence.
- With forward contracts, you can secure a guaranteed rate for up to 12 months ahead. This empowers you to capitalize on falling currency values, shielding yourself from potential future fluctuations and ensuring predictable costs for your upcoming transfer.
- By locking in an exchange rate you remove the worry of any future negative currency fluctuations.
- Have a specific exchange rate in mind? Limit orders allow you to instruct your broker to automatically execute the transfer once the desired rate is reached. So, whether you’re waiting for a specific currency fluctuation or targeting a favourable historical rate, you can passively seize the optimal moment while focusing on other priorities.
Banks don’t usually offer the best exchange rates.
On paper, the actual exchange rate differences may look tiny – just fractions of a cent. However, a difference of just 0.5% in the Euro to Sterling exchange rate will cost you €1000 on a €200,000 exchange!
Why let the banks have it?
Recommended International Money Transfer Companies.
Currencies Direct has a London HQ and an office in County Cork in Ireland. They have operated since 1996 and transfer more than £7.5 billion annually.
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.
The Currencies Direct team of currency experts is always on hand to talk through your options.
Once you have registered with Currencies Direct you can transfer up to £/€25,000 online via desktop, smartphone, or on their App. For larger amounts, you will have 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 direct on + 00353 (0)151 361 91
Garton Global Payments
Garton Global Payments, based in London, has plenty of experience in dealing with large money transfers for Irish and UK customers. They are members of The British Irish Trading Alliance and can deal with 38 different currencies in over 180 countries across the world.
Garton Global Payments get exchange rates directly from the interbank market, but having a much lower cost base than the high street banks means they can offer better rates for you. (Especially on amounts over €10,000) .
They can also offer the facility to fix an exchange rate for a date in the future. (max 12 months) .
All payments and transfers are carried out on the Currency Cloud 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 at (UK) +44 20 8004 3288 or on their Irish number 01-5846855
Currency Solutions is headquartered in London with offices in four countries. They have over 135,000 registered clients and have transferred over £6Bn around the world since 2003. The UK Financial Conduct Authority authorises Currency Solutions for the provision of payment services.
In Ireland and the rest of the EU , payment services for Currency Solutions are provided by CurrencyCloud B.V . CurrencyCloud B.V. is authorised by the De Nederlandsche Bank (DNB) to carry out the business of an electronic money institution.
There is no upper limit for phone transfers. Online transfers are capped at £20,000 for private clients and £50,000 for business clients. They prefer to deal with transfers over £3000.
Enquiries about money transfers can be made over the phone on their Irish number 01 431 1344 or on their UK number 0044 (0)20 7740 0000.
Head broker Ernie Enver and his team will give you a quick response to any queries.
Alternatively, you can enter your requirements on the Currency Solutions website and they will call you back.
Irish company Fexco is based in County Kerry , Ireland and has operations in 29 countries. Fexco is authorised as a payment services provider by the Central Bank of Ireland.
In the UK, Fexco is regulated by the Financial Conduct Authority for the conduct of payment business. Fexco also has ISO 27001 certification for Information Security Management .
Setting up an account at Fexco costs nothing and once you are registered you can arrange international money transfers over the phone or online at a time that suits you. Fexco normally deals in amounts larger than €5000.
The Fexco team of currency experts will be happy to answer questions and explain the options available to manage your currency risk and make the most from your currency transfers.
Read our article about transferring money between Ireland and the USA
Hedging Your Bets
With most of the currency specialists listed above, you can take advantage of various “hedging tools” (Not with Currency Fair). These tools can protect you against unfavourable rate changes if you are planning a large transfer in the future. (For example on a property purchase or sale)
For example, if you were selling a house in Ireland and planning to buy a property abroad. If the Euro suddenly weakened, this would then result in the proceeds from your house sale being worth thousands less in Pounds or USD or Australian Dollars etc.
By reserving a guaranteed exchange rate, up to 12 months ahead, you can prevent exchange rate fluctuations from wrecking your plans. You will usually need to pay a deposit of around 10% to do this.
Currency Exchange for Business
If you run a business in Ireland or the UK with regular large payments or invoices in different currencies – then a currency exchange firm can save your business money on exchange rates and charges. You are probably already aware that exchange rate movements can affect your profit margins. However – by fixing your exchange rates in advance you can get some certainty. (It’s called Hedging – the big companies do it all the time). More here about Currency Exchange for Business
If you use your Irish debit or credit card whilst abroad for day-to-day spending there will usually be additional fees when you spend outside the Eurozone.
Find out more in our article on Card Charges outside the Eurozone