Finding the Best Exchange Rate Company (Clearly Explained)

Author, Mike Smith

Last Updated on August 4th, 2024

Transferring money to Ireland can seem complicated, particularly after Brexit. Here, I will explain how a money transfer to Ireland works and how you can complete it efficiently, whilst saving money.

Wanting to send money to the UK from Ireland? Our guide on that transfer has all the information you need!

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Ways to send money from the UK to Ireland

You have two main options to transfer money from the UK to Ireland:

1. Use a bank
   

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2. Use a currency broker

Both options are essentially international bank transfers.

Importantly, currency brokers can usually offer better exchange rates than banks which means you will receive more Euros for your Pounds.

Be sure to extend your research beyond your bank.

You’ll likely find you could save money and receive much better guidance and service.

How to transfer money to Ireland (in 4 simple steps)

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1. Register your account

To get started with a currency broker, you’ll need to get registered.

This is typically a straightforward ID check.

This is necessary to comply with anti-money laundering regulations, and all regulated brokers will have this procedure.

It shouldn’t take very long, and you’ll only need to do it the first time you make a money transfer.

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2. Secure a Pound Sterling to Euro exchange rate

After registering, you’ll be able to access the live market – or your currency exchange representative will do so on your behalf.

This is the most important part of your international money transfer to Ireland.

The GBP/EUR exchange rate determines how much the transfer will cost you.

You’ll want to ensure you get this part right. Exchanging your money at the wrong time can be a costly mistake.

Some currency brokers can help you with the exchange rate.

This can alleviate the pressure of tackling the live currency exchange market alone.

Once you’re happy with the exchange rate for transferring your money to Ireland, lock it in with your provider.

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3. Send in your Pounds Sterling

Next, you’ll need to send in your Pounds Sterling for conversion to Euros.

There are some circumstances when currency brokers allow you to secure an exchange rate before sending in your funds.

Banks require your funds upfront.

Having the option to secure an exchange rate before you send in your money can be an advantage if there is a favourable exchange rate and you don’t want to miss it.

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4. Receive the Euros in Ireland

Once your currency broker or bank receives the Pound Sterling, the conversion and transfer shouldn’t take long.

The bank or currency broker will send the Euros to the recipient’s account you request in Ireland.

A good currency broker will keep you informed on the progress of your transfer and when the funds land at each step in the process.

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How long does a money transfer from the UK to Ireland take?

Even after Brexit, there is no great delay in the time it takes to transfer money to Ireland.

An international money transfer from the UK to Ireland typically takes 1-2 working days.

Under some circumstances, transfers can be completed on the same day.

The UK and Ireland are both part of SEPA (Single European Payment Area).

This means payments between the two countries can still run quickly and smoothly.

Banks and currency brokers both have cut-off times to get transfers sent out on the same day.

This is normally just after midday.

If you have any specific questions regarding the timing of your international money transfer, speak to your currency broker and they’ll be able to give you details relevant to your specific situation.

How much does it cost to send money to Ireland?

The main cost of an international money transfer from the UK to Ireland comes from the exchange rate.

Banks tend to charge around 3-4% in exchange rate costs.

A 4% exchange rate margin from the banks would cost you £4,000 on a £100,000 transfer.

However, currency brokers are specialists and tend to get much closer to the interbank rate.

It’s best to get a direct quote as the exchange rate is dependent on the amount you transfer to Ireland.

On top of the exchange rate, many banks charge additional transfer fees.

These costs can sometimes be hidden, unclear, or confusing.

And they quickly add up if you need to make regular international money transfers.

Shopping around to compare exchange rates helps you find the best exchange rate, avoid unnecessary fees, and can reduce the cost of sending your money to Ireland.

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What bank details do I need?

There are a few bits of key information you need to make your money transfer from the UK to Ireland.

You will need:

• Proof of ID (to set up your account)
  

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• Name and details of the recipient (whether a person or a business)
  

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• IBAN of the recipient account
  

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• BIC (Bank Identifier Code) also called a SWIFT code

You’ll only need your ID for registration on your first transfer.

You can often find your IBAN number at the top right of your bank statement.

If you can’t see it on your statement, it’s best to check the website of your bank.

It’ll be a long string of letters and numbers, so it’s worth double-checking it when submitting it to your currency broker.

And you will need to make sure the recipient details are correct for each transfer.

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Is there a limit on online money transfers to Ireland?

Transfer limits are annoying, especially when you need to make a large money transfer.

You often find banks set their international transfer limits.

However, if you use a currency broker, there are no limits on the amount you can transfer from the UK to Ireland.

Brokers specialise in transferring large amounts.

This means no limits, no additional transfer fees, and typically better exchange rates.

You don’t want to go through the set-up of an international transfer, only to find a limit in place.

And it’s beyond impractical to have to do a large transfer in multiple transactions.

If you have a large amount to transfer, it makes much more sense to use a currency broker.

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Make sure your money is safe when transferring to Ireland 

When sending your money to Ireland, it is important, especially if you’re transferring large amounts to keep it safe and secure.

Fortunately, there are ways that you can make sure the money transfer service you choose is regulated.

When researching, make sure the provider you decide on is FCA Authorised. 

The Financial Conduct Authority makes sure that a money transfer service complies with regulatory rules and protections.

It is easy to check this, too!

Go to the FCA register and search for the company name.

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Quick Summary

1. For transferring money to Ireland from the UK, you can use either your bank or a money transfer specialist.
   

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2. It will take 1-2 working days for a money transfer to Ireland to complete, in some cases, it can be the same day.
   

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3. The main costs of an international money transfer to Ireland consist of transfer fees and exchange rates.
   

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4. You will need to provide the IBAN of the recipient account to complete the transfer.
   

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5. Make sure you choose a provider who is registered with the FCA for money security and safety.

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Author, Mike Smith

Last Updated on August 19th, 2024

Transferring money from New Zealand to the UK can seem complicated. Here I will explain how the process works and how long you can expect it to take. I’ll also cover how you can do it cheaply and efficiently.

If you’re looking to transfer money to New Zealand from the UK, then click through for our guide on that transfer!

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How to transfer money from New Zealand to the UK

You have two main options for transferring money from New Zealand to the UK:

1. Use a bank
   

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2. Use a currency broker

Both these options are essentially international bank transfers.

But the two types of providers differ greatly in the way they operate.

Which, most importantly, affects the service and the final amount of money you receive.

Currency brokers can usually offer better exchange rates.

They’re also specialists that often provide a more bespoke, fast, and friendly service for large currency transfers.

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4 simple steps to transfer money from New Zealand to the UK

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1. Register your account

The first step to transferring your money from New Zealand to the UK is to register an account with your chosen currency exchange provider.

This is typically a simple ID check to comply with anti-money laundering regulations.

You’ll only have to do this the first time you use a currency exchange provider.

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2. Secure an NZD to GBP exchange rate

After registering, you’ll be able to enter the live market to secure an exchange rate.

Or if you’re using a quality currency broker, your account representative will do this on your behalf.

This is where you’ll need to navigate the market and know when it’s a good time to make the transfer.

Comparing the New Zealand Dollar to Pound Sterling rate against previous rate averages is a good way to gauge where the market is currently.

Our live NZD to GBP converter will give you the latest mid-market rate.

Additionally, having an account representative could be a huge advantage in helping to achieve the best rate possible.

Tackling the market yourself could increase the risk of you making the transfer at an unfavorable time, which could be a costly mistake.

Once you’ve agreed on an exchange rate, your broker or bank will be able to lock it in for you.

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3. Send in your New Zealand Dollars

Banks require you to send your funds before locking in a rate.

Currency brokers can secure a rate before sending in your funds.

Sending your New Zealand Dollars to your currency broker allows them to conduct the transfer as soon as you give the go-ahead.

Once the money reaches their bank account, they will make the currency exchange from New Zealand Dollars to Pounds Sterling.

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4. Receive the Pounds, Sterling

When the currency exchange has taken place, the Pound Sterling will be sent to the recipient’s account in the UK.

After you’ve transferred the money to your broker, the transfer shouldn’t take longer than a few working days.

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How much does it cost to send money from New Zealand to the UK?

The main cost of transferring money from New Zealand to the UK comes from the exchange rate.

Some people think that the main costs of an international money transfer are transfer fees.

However, it’s mostly just inefficient banks that add unnecessary transfer fees.

You should avoid these wherever possible.

However, you need to pay the closest attention to exchange rates.

Exchange rate margins account for the biggest costs of every international money transfer.

Banks tend to have margins of around 3%-4%.

These are huge.

If you were transferring $100,000 through the banks on a margin of 4%, it would cost you $4,000.

Currency brokers are typically able to provide much more competitive exchange rates.

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How long does it take to transfer money from New Zealand to the UK?

It takes between 2-4 working days to transfer money from New Zealand to the UK.

This is due to the time it takes for the funds to clear when they reach the UK bank.

The time difference is an added complication that can make things slower than your regular bank transfer.

Be aware of the time involved in a transfer from New Zealand to the UK and factor it into your plans.

Your broker should be able to answer any specific questions you have about the time it takes to transfer money from New Zealand to the UK.

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What information will I need to transfer money from New Zealand to the UK?

To transfer money from New Zealand to the UK you will need:

• Proof of ID (for your account setup)
  

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• The name and information of the recipient (whether a person or business)
  

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• IBAN of the recipient’s account
  

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• SWIFT code (also known as bank identifier code)

Proof of ID is only needed for the first transfer.

If you’re making a regular payment to the same person or business, naturally the recipient details will remain the same.

For different recipients, you’ll need to make sure you get the details correct each time.

You can sometimes find the long IBAN number, which can vary in length, at the top right of bank statements.

SWIFT numbers are unique to each bank and can also sometimes be found on bank statements.

If you can’t find them on your statement, it’s best to get them from your bank’s website.

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What’s the best way to send money from New Zealand to the UK?

Currency brokers are generally a more efficient and cheaper option for currency transfers than big banks.

They are specialists in large international money transfers.

Because banks offer so many financial services, currency exchange is not their highest priority.

If you’ve not used a currency broker before, they’re able to get much closer to the interbank rate by buying currency in bulk.

Most don’t have any annoying transfer fees that banks tend to unnecessarily add.

Their quality of service is often much more tailored and personal than you get from a bank.

You are made the highest priority.

You don’t want to be made to feel like an afterthought when handling large amounts of money.

Currency brokers often have bespoke service features that banks are unable to offer.

For example, some currency brokers can monitor exchange rates so you don’t have to.

Account representatives at Key Currency can give you currency alerts when the NZD to GBP rate moves favourably.

This saves you from worrying about watching market movements constantly.

Currency brokers, like Key Currency, listen to what matters to you – the purpose, timeframe, and size of your transfer, or whether you need to achieve a specific exchange rate.

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Quick Summary 

1. To transfer money from New Zealand to the UK you can use either your bank or a currency broker.
   

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2. Currency Brokers are often the cheaper and more efficient option.
   

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3. It will take between 2 to 4 working days for your money to arrive in the UK from NZ.
   

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4. The main cost of the transfer will be the exchange rate charges.
   

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5. You will need to know the IBAN of the recipient’s bank account to complete the transfer.

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