|Minimum Age||18 years|
You can use an online money transfer company to set up and manage your payments to Ireland, and it could cost less than using a bank.
To find a money transfer company that offers you the best deal, you need to consider:
The transfer fee: This is how much you pay a money transfer company to send your money abroad. This fee can vary depending on the company you choose, but most charge less than banks.
The exchange rate: This tells you how many euros you get in exchange for each pound you send to Ireland. The higher the exchange rate, the better the money transfer deal is.
Use this comparison to check the transfer fee that each money transfer company charges to send money to Ireland.
You need to include both the transfer fee and exchange rate to find the best deal, and do not choose a company just because they offer no transfer fees.
Here are two example money transfer deals that highlight how important the exchange rate can be, even with a low transfer fee:
Company A offers a rate of 1.2 with a £5 transfer fee. This costs £100 to get 120 euros, but adding the transfer fee afterwards means this deal costs you £105.
Company B offers a rate of 1.1 with no transfer fee. This costs £109.09 to get 120 euros, and with no transfer fee it means this deal costs you £109.09.
If you plan on sending a larger amount of money to Ireland, the exchange rate becomes even more important, so shop around to find the best deal.
Your bank could charge you a SWIFT transfer fee, typically around £20, which is more expensive than fees charged by money transfer companies.
Some transfer companies only let you send money to an account in your own name. Check this before sending your money to avoid any delays.
They deduct their costs from the interbank rate (the rate banks use to exchange currencies with one another) to give you a personalised rate.
They specialise in sending money abroad, which gives them access to cheaper rates for international payments. This means it costs you less too.
We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.