Best Way to Send Money to Ireland in 2023

If you are sending money to Ireland, make sure you are getting the most competitive rate on international transfers. In this guide, we will help you find the best way to send money to Ireland.

There are several ways you can transfer money to Ireland from the UK, and this guide will explain the various services on offer. 

The most obvious way is to use your bank – which is NOT the best way to send money to Ireland because of high fees and poor exchange rate. 

However, online money transfer services like Wise (formerly TransferWise), XE.com, and CurrencyFair can help you save on fees as well as get a more competitive exchange rate

This guide will help you decide the best way. It will look at factors such as exchange rates, fees, and the speed of service offered by different foreign exchange services – to find the best and the cheapest way to send money to Ireland.

What is the best way to send money to Ireland?

There are three main ways to send money to Ireland:

• Traditional banks
• Money transfer services, such as Wise, XE and CurrencyFair
• Cash transfers (like Western Union)

High-street Banks [Not recommended]

Before the emergence of specialist money transfer providers, high-street US banks were used predominantly to make international money transfers. 

However, sending money to Ireland via traditional banks is a very expensive option (it can be as high as 10% of the transferred amount). Thus, we don’t recommend transferring money to Ireland via a traditional bank.

Sending money to Ireland via bank is an expensive option because banks charge an upfront fixed fee on international transfers. On top of that, high-street banks offer bad exchange rates by adding a “profit margin” on the exchange rate. 

Some top banks may attract customers by offering free international money transfers to Ireland. However, the hidden markups on the exchange rate can go as high as 5-7% of the mid-market exchange rate (the “real” rates that you see on Google)

When two banks don’t have a direct relationship via the SWIFT network, a corresponding bank (or intermediary bank) is used to facilitate the transfer – which makes the transfer cost even higher due to the added fees by the intermediary bank.

Specialised Money Transfer Services

Specialised money transfer services are often the cheapest way to send money to Ireland. For example, Wise (formerly TransferWise) is low-cost and offers a competitive exchange rate. Customers can also choose the speed of the transfer.

Money sent this way is safe because Wise (TransferWise) is regulated by the Financial Conduct Authority (FCA) in the UK. It is also convenient – you can do it all online or by using a Wise mobile app.

Calculating the best money transfer service can be difficult. We will explain how to compare providers in the next section.

Cheapest Way to Send Money to Ireland

How do I get the best pound-to-euro exchange rate when transferring money to Ireland?

The exchange rate is a market-determined value of a currency compared with another currency. Exchange rates are changing constantly.

The interbank or mid-market rate is what banks and big financial institutions use when trading currencies, but most foreign exchange companies set their own exchange rates (these will be higher than the mid-market rate), or use the rate set by Mastercard (which is also higher than the mid-market rate).

The exchange rate is a big factor in how much a money transfer costs. The other important thing is the fees.

Some companies offer low fees but poor exchange rates, or vice versa. The table below shows the impact that exchange rate and fees can have on the final cost of a money transfer.

Wise (formerly TransferWise) uses the mid-market exchange rate, which is the one available on Google, and charges a small upfront fee for sending your money.

How can I send money to Ireland

Sending money direct from your current account to an overseas bank account is easy. The exact process varies depending on your bank, but you will normally complete the following steps using online banking:

1. Log on to online banking.
2. Go to your account and the international payments option.
3. Get a quote for how much your transfer will cost. Prices may vary depending on how quickly you want the money to arrive. Make sure you understand the total cost including fees.
4. Create a new payee/recipient – you will need to enter an IBAN (International Bank Account Number) or SWIFT/BIC number.
5. Click to confirm the payment.

Step-by-step guide to transferring money with TransferWise:

1. Create a free Wise account on the website.
2. Enter how much you want to send in pounds or how much you want the recipient to receive in euros.
3. See both the exchange rate and the fee, and the total cost of the transfer.
4. Enter the recipient’s bank details.
5. Confirm the transfer.
6. Send the money to TransferWise via your online banking or using a debit card – it will send the money to the recipient.

How long will it take to send money to Ireland?

The speed of a money transfer to Ireland depends on the option you choose. Some services offer a choice of speeds – the quicker you want the money to arrive, the more you will pay.

Some transfer services can deliver cash very quickly. But make sure you check the exchange rate and the total cost of the transfer.

It is important to shop around and find the best money transfer service for your specific transaction. TransferWise will show you exactly how much your transfer will cost and how long it will take to arrive.

There are several ways to transfer money from the UK to Ireland. Banks can be convenient, but might have high fees and uncompetitive exchange rates. Some firms offer fast cash deliveries, but these come at a cost.

A good option is to use Wise (formerly TransferWise), which is fast, secure and has great customer service.