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So, you need to transfer money from Ireland to a UK bank account. In this section we look at your options and the most cost-effective options to send money to Ireland to a UK bank account.
Generally, there are two options:
Often banks are a more expensive option when you transfer money from Ireland to a UK bank account. There are transfer fees as well as exchanges rates to consider which will impact you when you send money to Ireland from the UK and vice versa.
You need to be aware of these to make the best decision for you.
2. Money Transfer Specialist
This is a comparatively more cost-effective option but you need to know the pros and cons and take these into consideration.
Find out why not all the rates you see online can be taken at face value!
We give you the information you need to make sure that when you send money to Ireland from the UK you are making an informed decision based on your needs.
Option 1 means you ask your bank to make the transfer on your behalf. The process is reasonably simple. It is often possible to make the transaction from online banking making it even easier.
However, by going through your bank there are a few things to look out for. The first is the transfer fees.
When it comes to international transfers the exchange rate cost is less visible than the transfer fee.
Within Ireland, the big banks have got rid of their transfer fees with international transfers however, they are continuing to make money on the exchange rate.
Non urgent payments (1-3 business days) have no charge with the bank of Ireland.
The second thing to look out for is exchange rates. It is common for people to forget about the exchange rate which Is the biggest cost.
One key bit of information to know is that there are no standard exchange rates.
The exchange rates vary depending on which bank or transfer company you are looking into.
Generally, the bigger amount of money you are wanting to exchange the exchange rate margin will get tighter.
The bank of Ireland’s exchange rate can vary from 3% to 4.9%, for example with a €100,000 transfer to the UK, you would be paying €3,000 in exchange rate costs. If someone put €3,000 in front of you would you rather have it or not have it?
Transfers up to €70,000 will be in line with the basic exchange rate with the Allied Irish.
Allied Irish Bank charged an exchange rate margin of 3.1%, for example with €100,000 you would be paying €3,100 in exchange rate costs.
From the facts and information, I have shared with you above its safe to say that the big Irish banks are charging higher margins when you directly compare it to money transfer specialists.
The reason for this is when it comes to money transfer specialists, they have a lot less overheads than the big banks do which allows them to have tighter margins.
Usually, the big banks will have annual overheads that can easily run into the billions.
When you are doing a cost comparison in relation to transferring money from Ireland to UK you will need to ensure that you do it at near enough the same time as the exchange rates change every few seconds, so you want to ensure that you are getting the most accurate comparison possible.
The big banks of Ireland have daily limits on how much you can transfer a day for certain transfers; The Bank of Ireland have a limit of €20,000 and the Allied Irish Bank has a €10,000 daily limit.
This can be very frustrating if you are trying to transfer larger amounts of money in one day.
The good news is that money transfer specialists do not usually have daily limits on how much money you can send meaning that there is no maximum amount!
If you are looking for the faster and most cost-efficient way to transfer money, a way in which you do not have to wait days and days for your money to go over then the best option would be money transfer specialists.
Before you can transfer money from Ireland to a UK bank account, you will need a quick ID check.
It is a regulatory requirement to check a new customer’s identity.
Fortunately, most people can be verified using basic information. You may need to provide your passport number and address.
The Euro to Pound exchange rate changes every few seconds.
When you are ready to move your money, you will be asked what currency you wish to buy (GBP) and the amount of Euros (EUR) you wish to sell.
You will then receive a live quote for the EUR/GBP exchange rate from your bank or money transfer specialist.
No transaction will occur without your authority.
If you are happy to go ahead, the rate is locked in, and you will be emailed a confirmation with all the details.
Before any money is converted and sent to the UK, you need to send in your Euros.
Your email confirmation will show the bank details of where to send your money.
Once your bank or money transfer company has received your Euros, they will exchange them into Pounds Sterling and send them to the UK bank account you have requested.
That’s it in a nutshell.
Most money transfer specialists have a high level of safeguards for the customers however, not all of them have the same high level of this furthermore, some companies are not regulated at all.
A company in the UK will normally be regulated by the FCA (Financial Conduct Authority) and if they are in Ireland, it will be the Central Bank of Ireland (CBOI).
You can check to see if a company is regulated by going onto the FCA register or the CBOI register, it is always good to ensure that you check that they are regulated before dealing with them as a business.
You cannot trust all the rates that you see online and here is why.
Nowadays there are various websites that quote exchange rates however, the rates that you see on here are not available to customers as they are interbank exchange rates; this is a kind of wholesale rate between major financial institutions commonly the big global banks.
Even large corporations are not applicable for this it is not just the customers that are not. You normally see something like “informational purposes only” this is the way that they are hiding the fact it is not available to customers with disclaimers.
To sum up, you need to be careful when looking at these exchange rates, making sure you use a genuine bank or a money transfer specialist.
Every few seconds the Euro to Pound exchange rate varies, even the slightest change in the rate can have a huge impact on the amount of money you receive after the transfer.
For example, a 1% improvement in the rate on a £10,000 transfer is a £100 difference, 1% moves happen a lot and are the most common, you do not need to worry about this as a money transfer specialist will be able to help you when you want to exchange your money.
When you use a money transfer specialist, they will look at the rates for you, ensuring that you end up with the best rate at that time however, not every money transfer specialist will offer this personalised service so if that is something that you want you will need to ensure that they offer this service.
The banks do not offer this service, the staff in the banks are trained more in mortgages and savings.
Along with this, the online interfaces such as PayPal, TransferWise and Revolut encourage you to do it yourself, you must gather and input all the information and make all the decisions yourself, this is normally quite popular with amounts of money under £5,000.
A lot of people feel more comfortable with having a money transfer specialist there for you to help you understand this and do some of it for you as it makes life a lot easier for you.
A money transfer specialist can also inform you if the EUR to GBP rate moves in your favour or if it moves in the opposite way which is particularly useful if you do not have the time to be checking yourself.
When you get the right guidance on exchange rates it can make it easier to capture the right time for the transfer and can even reduce costs for you.
Money transfer specialists also offer a forward contract, this is where they can lock-in an exchange rate for up to 12 months in advance of you transferring the money. This can protect you against any drastic movements within the exchange rates.
How do you get the best exchange rate? Simple. Shop around. Then compare what your bank offers you and what a currency exchange service like Regency FX can do for you.
Regency FX are a UK based independent currency broker, specialising in high volume transfers.
We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.
All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.
The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.
They can often refer to the rates that banks exchange at rather than what is available to you, the customer.
Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.
We can monitor the market on your behalf enabling you to budget more effectively.
As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.
Get a quote and see how we stack up.