Sending Money Home – Exchange Rates

One issue for some people who come to work in Ireland from abroad – is finding the cheapest best way to send money back home. The same issue also  exists for workers who leave Ireland to work abroad.
If you have a Euro bank account in your home country – then sending Euros from Ireland will not be a problem – either by cheque or internet banking.
For non Eurozone countries – the poor exchange rates and extra charges from the main banks can be quite costly .

Transferring Smaller Amounts :
If you need to transfer money to a bank account abroad – in a different currency you can use online companies such as  CurrencyFair 

Currency Fair are an Irish online currency exchange service – and if you use them you could save as much as €200 on a €5,000 transfer to the UK compared to using one of the main banks. (They are regulated by the Central Bank of Ireland.) . (Special Offer – no fee on the first 10 transfers – which are usually €3 each)

Buying a Car in the UK

CurrencyFair are based in Ireland and fully regulated by the Central Bank here. You can use your Irish debit card to send money to CurrencyFair or use a bank transfer. You can then convert the Euros to any one of 18 currencies and send it to your recipient’s bank account.

For larger amounts (say over €10,000)  – it might be a good idea to use a  specialist currency broker who will give you the best exchange rates – better than your own bank . They will also give advice on when is the best time to do the exchange and even allow you to reserve an exchange rate now for a transfer in the future.

By not using a mainstream bank to do your money transfer – you could save around 2c in every hundred euro – so on €5000 euro transfer you may save as much as €100 euro. Obviously on larger amounts – such as the proceeds of a house sale – you could save several hundreds of euro.
If you are moving to Ireland to work and have sold a property abroad in the UK or USA , Poland or Australia  – or any country that is not part of the Euro – you would be better off using a currency broker to exchange your money into Euros instead of just letting your bank take care of it. Find out more here about  International Bank Transfers