The UK is home to over 320,000 Irish people, with many needing to send money home to friends and loved ones. Traditional bank transfers get the job done, but they can be a little pricey.
Money transfer providers are a quick and cheap way to transfer your funds overseas. However, there are a lot of options out there, and sorting through them all can be a real headache. You need a provider that's fast, reliable, and affordable. That's where we come in.
We’ve done all the hard work for you, so you know you’re getting the best value for money. Read on to find the provider that’s best for you.
Top Money Transfer Providers to Send Money to Ireland
Wise is our recommended choice to transfer money to Ireland. They’re reliable, fast and easy to use. They might not be the cheapest service out there, but when it comes to value for money, they can’t be beaten.
To send pounds to Ireland, Wise asks for a fee of £0.12 + 0.42% of the amount you send. This means the amount you pay depends on the amount you’re sending, but don’t worry, Wise tells you the price upfront before you pay. There are no hidden fees.
Transfer speeds also vary, with the fastest payments coming through within minutes and some taking up to a few days. You have a lot of options when it comes to payment methods, including bank transfer, credit cards, and debit cards.
- The transfer limits are higher than competitors
- Very transparent and competitive pricing
- Navigating the app is a breeze
- No option for a cash pickup
- List of currencies not as comprehensive as other providers
Xe is one of the biggest money transfer providers out there, and has been around for over thirty years. If you’re looking for speed above all else, they’re absolutely the way to go. Most of their payments are sent within minutes, so you won’t ever find yourself waiting around for your money.
In terms of cost, Xe are best if you want to send large amounts of money. They charge a flat fee on lower transfers, and no transfer fees on any amount over $500 (or equivalent). There is also a markup on the mid-market exchange rate, which tends to be more expensive on smaller transfer amounts.
Ultimately, the cost of your international money transfer will depend on how much you’re sending, where you’re sending to, and the method you’re using to pay.
- Good customer support
- Smooth experience for mobile users
- No fees on transfers over £500
- High exchange rates
- Uncompetitive fees on smaller transfers
If you’re looking for a provider that will save your pennies, Atlantic Money is your best bet. They might be fairly new (established in 2021), but they are determined to make waves in the market. They only charge you £3 or equivalent on any online money transfers, no matter the amount or currency. So you always know exactly how much you’re going to pay.
Atlantic Money’s basic service isn’t the fastest out there, but if you do need your money to come through right away, they offer an ‘express’ option for an extra 0.1% fee.
Even though they’re new, you don’t have to worry about safety with Atlantic Money. They’re fully authorised and regulated by the FCA, and have advanced security measures on their website. With a transfer limit of £1 million, they have everything you need to send money cheaply and easily.
- A super cheap flat fee
- The app is very intuitive
- Transfer up to £1 million
- It only supports bank transfers
- Limited list of countries and currencies
How to Send Money to Ireland Using a Money Transfer Provider
The process of sending money to Ireland by using an online money transfer service is simple. You only need to follow these three steps to execute a transaction!
Step 1: Compare Providers to Find the One That Best Fits You
Step 2: Sign Up with the Chosen Provider
Step 3: Transfer Money
Fastest Ways to Send Money to Ireland
Money transfer providers are generally the best way to make a money transfer to Ireland fast. If you’re looking for your speediest option, look no further than Xe. With Xe, your money will usually come through within minutes, and they promise the longest you’ll have to wait is 24 hours.
On the off chance that there is a delay, they let you track your payment, so you always know where your money is and when it will come through.
Compared with other providers of a similar price, this is lightning-fast. For example, providers such as Atlantic Money may be a little cheaper, but you might find yourself waiting days for your money to come through.
Cheapest Ways to Send Money to Ireland
If you’re looking for a service that’s easy on your wallet, you’ll want to go with Atlantic Money. Their pricing couldn’t be simpler: £3 or equivalent for any amount you are looking to send.
They don’t charge you any extra on top of the mid-market rate, so they won’t hit you with any sneaky fees. For better value for money, larger international money transfers might be more cost-effective because of their one-size-fits-all fee structure.
Remember that cheaper doesn’t always mean faster, and Atlantic Money will ask for an extra fee if you want your money to come through quickly.
What Are the Best Apps to Send Money to Ireland?
Mobile Apps are a great way to send money to Ireland quickly and conveniently. Wise, Xe and Atlantic Money all have apps that are easy to use and allow you to send your money from wherever you happen to be.
You can download the apps from either Google Play or the Apple Store and send your money in just a few taps.
Transfer Safety
When you're sending money to the Republic of Ireland, it's important to put your safety first. To make safe and secure money transfers, use trusted payment methods, and make sure to double-check the transaction details before you press send.
Navigating safety regulations can be overwhelming, but the most important thing to check is whether your provider is regulated. When it comes to sending money to Ireland, check that companies are Financial Conduct Authority (FCA) regulated.
The providers we recommend here on Moneyzine are always regulated by local authorities, so you can rest assured knowing there is an extra layer of security in your payments. Bank transfers are generally safe, but you should always be cautious when sending money to strangers.
Things to Consider When Sending Money to Ireland
When you’re sending money to Ireland, there are a few factors that might affect your transfer.
Here are some things you’ll need to consider before you click send:
Local Authorities
The Central Bank of Ireland (the Central Bank) is the local authority in Ireland. They are responsible for regulating all transfers within the Republic of Ireland. They make sure your transfers are protected from money laundering and fraud.
Providers have to keep records for five years and comply with GDPR for data protection. The HMRC in the UK and relevant Irish authorities monitor these transactions to keep your money safe. Any suspicious activity is reported to national crime agencies.
How Much You Are Sending Abroad
The amount you pay for your transfer will usually depend on the amount of money you are trying to send unless you choose a provider that charges a flat fee on all transfers.
Be careful if you’re sending large amounts of money, as Irish authorities might ask you to declare any transfers over €10,000.
The Cost of Money Transfer
The cost of sending money to Ireland will depend on how much you send and the method you use to send it. Bank transfers will get your money where it needs to go, but might hit you with unexpected fees. Money transfer providers offer a cheaper alternative that could save you both time and money.
Providers like Wise, Xe and Atlantic Money offer a convenient and cost-effective way to send your money.
The extra cost on your payment could be due to a transfer fee, a markup to the mid-market exchange rate, or both. If a provider doesn’t charge you a fee, this might mean they’re not offering you the best exchange rate. Make sure to shop around and compare different providers to see which is cheaper for your circumstances.
Payment Type and the Reason for the Transfer
The reason you’re making money transfers to Ireland and how much you’re sending might affect tax and reporting laws. Depending on if you’re sending for services, gifts, business, or just sending money to your Irish bank account, there will be different rules and varying costs.
On larger transfers, you might be asked for a reason for the transfer, so make sure you provide the correct information when you’re asked for it. This could avoid unnecessary delays.
Tax Regulations in Ireland
Sending money to any country within the EU can come with tax implications, which can get especially complicated after Brexit. Keep in mind that laws may be different if you are sending from Northern Ireland compared with other parts of the UK.
If you’re gifting money to Ireland, the first €3,000 is usually tax-free. After that, there may be tax implications.
If you are sending €10,000 or more, you will need to declare it, so make sure to consult a legal professional if you are unsure about a transfer.
What Do You Need to Send Money to Ireland?
When sending your money to Ireland, you'll need an IBAN (International Bank Account Number) or SWIFT/BIC number for the recipient. This makes sure none of your money gets lost or ends up in the wrong account. On larger transfers, you might need to provide the reason for your transfer.
Depending on the amount, you might also need to provide:
a passport
a photocard driving licence
documents issued by a government department
What Do You Need to Receive Money in Ireland?
To receive money in Ireland, you’ll need to have a bank account or access to a payment service. You might also be asked for your name, bank details, ID, and one of the following:
Republic of Ireland customers should provide their BIC and IBAN.
Northern Ireland and Great Britain customers should provide their National Sort Code (NSC) and account number.
