Author, Andy Brown
Transferring money from the UK to Ireland can seem complicated, particularly after Brexit. Here, I will explain how a transfer to Ireland works and how you can complete it efficiently, whilst saving money.
How do I send money from UK to Ireland?
You have two main options to transfer money from the UK to Ireland:
- Use a bank
- Use a currency broker
Both options are essentially international bank transfers.
Importantly, currency brokers can usually offer better exchange rates 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.
Transfer money from UK to Ireland (In 4 simple steps)
- 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 trade.
- 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.
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 are able to 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, lock it in with your provider.
- 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 up front.
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.
- 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.
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.
How much does it cost to send money from UK 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 margin 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.
This means smaller margins and smaller costs.
On top of this, many banks have additional transfer fees.
These costs can sometimes be hidden, unclear, or confusing.
And they quickly add up if you need to make regular international transfers.
Shopping around to compare exchange rates helps you find the best exchange rate, avoid unnecessary fees, and can reduce the cost of your transfer from the UK to Ireland.
How long does a transfer from UK to Ireland take?
Even after Brexit, there is no great delay on the time it takes to transfer money from the UK 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 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.
What bank details do I need to send money from UK to Ireland?
There are a few bits of key information you need to make your transfer from the UK to Ireland.
You will need:
- Proof of ID (to set up your account)
- Name and details of the recipient (whether a person or a business)
- IBAN of the recipient account
- 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.
Is there a limit on online money transfers from UK to Ireland?
Transfer limits are annoying, especially when you need to make a large transfer.
You often find banks set their own 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.
In fact, 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.
The best way to send money from UK to Ireland
Transferring money to Ireland can be confusing or unclear, especially if you’ve never done it before.
Generally speaking, using a currency broker is your best option to transfer money from the UK to Ireland.
That’s because you are likely to get a better exchange rate when you use a currency broker, which reduces your costs.
You’re also likely to receive a better service.
As currency exchange specialists, your international money transfer is the sole concern and priority of your broker.
Banks, on the other hand, are busy with so many other financial services that your transfer isn’t top of the list.
Why take the risk of using a service where your transfer isn’t the top priority?
Especially if you have a property or your life savings at stake.
Key Currency
At Key Currency, we care about each of our clients’ transfers like they were our own.
Having specialised in international money transfers for years, we know how to deliver quality service.
We assign you your own currency exchange representative who will take the time to understand your circumstances.
They’ll help get you the best exchange rate possible.
This includes alerts when the exchange rate moves in your favour.
Speak to a real person rather than use an impersonal app or deal with frustrating banks.
We have a 5-Star rating on Trustpilot, based on over 1,100 customer reviews.
Key Currency is an FCA regulated Authorised Payment Institution (No. 753989), and as such, all money transfers are conducted through safeguarded client accounts.
To compare our rates, or discuss a transfer from the UK to Ireland, just request a free quote.
