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Cheapest Way To Transfer Money From The UK To Ireland

Cheapest Way To Transfer Money From The UK To Ireland September 5, 20181 Comment

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Cheapest Way To Transfer Money From The UK To Ireland

With so many Irish people living in the UK the topic on how to transfer money from the UK to Ireland comes up all the time.

Unfortunately, many people still use banks to transfer money between £’s and €’s.

It is one of the fastest ways to throw your money away. 

Why? 

  • Banks take an extra 4% – 6% on the exchange rate. It might not sound like a lot but for example, a £5000 transfer to your Irish bank account can be an extra €160 just on the exchange rate! 
  • Not only that but because it is technically an international transfer you will likely pay sending or receiving fees. This varies between banks but can add up to an extra €20+.

Over the years I have lived in Australia and Canada on working holiday visas.

Luckily I figured out early about these extra bank fees. I lost about €150 on my first transfer using Bank of Ireland to send money to Australia.

So what are you supposed to do?

Good question, well there are three main companies that have come up time and time again. I have used two of them personally.

The following would be my recommendation for the cheapest way to transfer money from the UK to Ireland:

Cheapest Way To Transfer Money From The UK To Ireland

1) Currencyfair – Up to 8x cheaper than banks. An Irish company and exchanged over 7 billion euros. Register here and get your first five transfers for free(only a €3 transfer fee afterwards!)

2) Transferwise – You will see these guys recommended all the time. I haven’t used them personally but worth checking out. The only thing to keep in mind is their transfer fee increases the more you send. See this article on Currencyfair vs Transferwise.

3) OFX – Amazing if you need to send a large amount from the UK to Ireland. You get a dedicated broker and for larger transfers around the world, they are my go to. Currencyfair and Transferwise are great but very much automated and sometimes you just need that personal broker. Register here and get free transfers for life over $1000. 

Why are they cheaper to transfer money from the UK to Ireland?

Well, the use local banks so you send money to their UK bank account meaning no sending fee.

Then you exchange it to your desired currency.

Send it via their local bank account meaning no receiving fees!

They obviously still need to make money for their money transfer service but they only take around 0.25% on the exchange rate.

Meaning it is literally 8x cheaper than using your bank! 

Any amount of any currency can be brought in and out of Ireland with no regulations or even formalities.

Transfers over EUR10,000 must be declared to European Union authorities.

Final points and advice for when you transfer money from the UK to Ireland

Cheapest Way To Transfer Money From The UK To Ireland London (1)

The above are not the only companies out there, others include HiFx and TorFx.

But typically people tend to stay with the same money transfer service once they register.

If it is your first time sending money to Ireland it is well worth comparing between the above companies.

Think about the long-term as well.

My main go to has always been Currencyfair unless I had to send larger amounts.

Either way, any of the above companies will be a million times better than using your bank to transfer money from the UK to Ireland.

Hope this has saved you some Euros, be sure to share with those that are still using banks. 

Stephen Palmer

Other countries and money transfer tips:

  1. The cheapest way to send money to the US from Ireland
  2. Best way to send money from Dubai to Ireland
  3. The cheapest way to send money to Australia
  4. The cheapest way to send money to New Zealand
  5. The cheapest way to send money to Ireland from abroad
  6. Tips for sending money to Canada
  7. The cheapest way to send money to Canada

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One comment

  1. I opened a Euro Account with Barclay’s Bank the bank I bank with and when the rate is good I transfer money into my Euro account.
    Then when I need Euros – going to Europe/Ireland I take euros out of this account and when I return home if I have any Euros left I put them back into my Barclay’s Euro Account.
    There is no charge either currency charge or deposit/withdrawal charge for having this account and taking/putting money in and out the account i.e. you are putting in euros and taking out euros and best of all it is an INTEREST EARNING ACCOUNT.

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