The Irish diaspora can be found in different parts of the world, so foreign currency making its way to Irish shores in the form of remittances comes as no surprise. Then, there are also instances of people from different countries sending money to Ireland for different reasons, which do no limit to paying for goods and services. In any such scenario, selecting the right service provider to send money to Ireland can make a considerable difference when it comes to cost effectiveness and speed.
Transfer Money to Ireland
- User RatingTrustPilot or Feefo User Ratings
- Transfer Type
- Coupon
- Fee
- Speed
- Regular Payments
- Mobile App
- Min Transfer Amount
OFX
- 9.1/10
- Online
PhoneOne off transfers Regular transfers - Two Transfers Fee Free
First 2 Transactions Free - USD$0
£0
CAD$15
AUD$15
€10 - 1 - 3 Days
- Their website is also responsive so it auto-scales to your screen size.
- $250 / £100 / €250
WorldRemit
- 9.4/10
- Online OnlyOne off transfers Phone assistance available
- First 3 Transfers Fee Free.
Your first overseas transfer Fee Free! Learn more - $3 - 4For example. Sending €10,000
from Australia would incur
€50 fee + 4-5% exchange
rate fee on top of market rates. - 1 - 3 Days
- Regular payments to PayPal registered merchants is possible.
Regular payments to family or friends PayPal accounts is not currently possible. - Their website is responsive so it auto-scales to your screen size.
- €/£/$1
TransferWise
- 9.3/10
- Online OnlyOne off transfers Regular transfers
- ~0.5%Min and Max Fees apply.. Learn More
- 1 - 2 Days
- £1 / $1Min and Max Fees apply.. Learn More
XE.com
- 9.1/10
- Online OnlyOne off transfers Phone assistance available
- NO FEES
- NO FEESXE.com transaction fees are contained within the exchange rate offered.
- 1 - 2 Days
- Regular payments to PayPal registered merchants is possible.
Regular payments to family or friends PayPal accounts is not currently possible. - Their website is responsive so it auto-scales to your screen size.
- €/£/$1
People who send money to Ireland often have varied requirements. As a result, the best way to transfer money to Ireland does not remain the same for everyone. Selecting the right service provider requires that you consider different factors.
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The euro (EUR) has been the official currency of Ireland since 1999, when it superseded the Irish pound (IEP). However, the Irish pound served as legal tender until 9 February 2002. Circulation of euro-denominated currency began only in the beginning on 2002.
If you want to transfer money to an Irish bank account, you will need the receiving bank’s SWIFT code, sort code, and IBAN. Given below are SWIFT codes on some popular banks in Ireland.
| Bank | Branch | Swift Code |
|---|---|---|
| Allied Irish Bank (AIB) | Dublin | AIBKIE2DXXX |
| Central Bank of Ireland | Dubline | IRCEIE21HAM |
| Ulster Bank of Ireland | Dublin | UIBLIE21XXX |
| Citibank Europe | Dubline | CITIIE2XXXX |
Popular Currency Corridors
A considerable amount of money makes its way out of Ireland each year, and a fair share enters the country too. In 2016, more than U.S. $590 million was sent as remittances to Ireland from different countries. More than U.S. $2.08 billion was sent as remittances from Ireland to other countries during the same period.
The corresponding tables give you an indication of forex trade volumes across Ireland’s popular currency corridors. The numbers are from 2016 and listed in American dollars.
Incoming
| Country | Currency Pair | Amount |
|---|---|---|
| United Kingdom | GBP-EUR | $313,000,000 |
| United States | USD-EUR | $109,000,000 |
| Australia | AUD-EUR | $59,000,000 |
| Canada | CAD-EUR | $20,000,000 |
| Spain | EUR-EUR | $13,000,000 |
| Germany | EUR-EUR | $21,000,000 |
Outgoing
| Country | Currency Pair | Amount |
|---|---|---|
| Nigeria | EUR-NGN | $433,000,000 |
| United Kingdom | EUR-GBP | $254,000,000 |
| Poland | EUR-PLN | $202,000,000 |
| France | EUR-EUR | $125,000,000 |
| India | EUR-INR | $91,000,000 |
| Lithuania | EUR-EUR | $78,000,000 |
How Do I Compare Companies When Sending Money to Ireland?
If you want to carry out a money transfer to Ireland using the services of a specialist cross-border remittance company, you need to pay attention to the following aspects.
- Fees and exchange rates. You will notice variations in the exchange rates you get through different money transfer companies, and their fee structures tend to differ as well. To find the cheapest way to transfer money to Ireland, simply compare how much money the recipient will receive through different service providers.
- Turnaround time. If sending money to Ireland quickly is your main concern, consider using the services of a company that has offices or agent networks in the country. During working hours, these transfers tend to process almost in real time. Transfers made to Irish bank accounts may take up to six working days. Factors at play include your country of residence, the service provider you select, and the time the recipient’s bank takes to process the transfer.
- Payment methods. Paying using a bank account transfer is among the most common ways. Not all companies let you paying using debit and credit cards. On the other hand, some even accept payments through different region-specific methods such as ACH, POLi, SOFORT, and iDEAL.
- Customer service. Paying attention to customer service levels is important, especially if you plan to transfer money to Ireland periodically. Websites such as Trustpilot and Feefo gives you easy means to look at what previous customers of the top money transfer companies have to say about their services. When it comes to how you may contact these companies, while only the top players offer over the phone support, most offer online support via email and/or chat.
How to Transfer Money to Ireland?
You get to begin the process of sending money to Ireland in different ways, so choose the one you find most convenient and comfortable.
- Online. Turning to your bank’s online system might serve as an easy way to send money to Ireland. However, comparing its cost effectiveness and speed with the top online money transfer companies before making a decision might work well for you.
- Over the phone. Do you wish to initiate your money transfer to Ireland over the phone? If so, you get to look for a company accordingly. You can even find companies that give their customers access to dedicated currency brokers at no extra cost.
- In-person. If you want to send money to Ireland in person, you need to compare banks with money transfer companies that have offices or agent locations in your vicinity.
Case Study
Daniel’s work required that he spend two years in the UK. Given his imminent return, his wife and daughter continued living in Dublin. They had recently purchased a car, and while Daniel’s wife would have all other expenses covered in his absence, he had to continue making repayments toward his car loan. He decided to compare a top UK bank with leading overseas money transfer companies, and this is what he found.
| Bank | Money Transfer Service | |
|---|---|---|
| Exchange rate | GBP 1 = EUR 1.0833 | GBP 1 = 1.1354 |
| Transfer fee | GBP 15 | GBP 0 |
| Amount received for GBP 1,650 | EUR 1,771.20 | EUR 1,873.41 |
| Transfer time | 2 to 6 days | 2 to 3 days |
| Transfer options | Bank account | Bank account |
| Difference of | EUR 102.21 |
Using the services of the money transfer company instead of the bank helped Daniel in multiple ways. Given the better value for money he received, the payments he made toward his loan were slightly bigger. He could schedule his transfers according to his needs, so he did not have to remember carrying them out each month. In addition, if he found exchange rates to be favorable, he could lock them for up to six months.
Cash Pickup Locations in Ireland
Popular money transfer companies such as MoneyGram, Western Union, and Ria have extensive agent networks in Ireland. You may use the services of these companies if you want to send money to Ireland quickly, or if you do not have the recipient’s bank account details.
| Western Union in Ireland | |
|---|---|
| Dublin GPO O'Connell Street Dublin | Skyline Travel 93 Marlborough Street Dublin |
| Cork Blarney Street Post Office 342 Blarney Street Cork | Bandon Road Post Office, Bandon Road Cork |
| MoneyGram in Ireland | |
|---|---|
| Dublin Joe Walsh Tours (Forex) Ltd 69 O'Connell Street Upper Dublin | C & S Company 8 O'Connell Street Upper Dublin |
| Cork CDL Ventures 12 Kyle Street Cork | Inside Africa 81 Shandon Street Cork |
Safety Tips for Picking Up Cash in Ireland
While levels of serious crime in Ireland are low, take precautions against petty crime such as bag snatching and pickpocketing. Most incidents are reported in and around Dublin, and from areas frequented by tourists. Carry large sums of money and valuables on your person only when necessary.
Instances of car break-ins and thefts have increased in recent times, and thieves often target rental vehicles. Keep your vehicle secured properly at all times. Park in designated and secure parking areas when possible.
What Information Do I Need to Transfer Money to Ireland?
The information you need varies according to your preferred mode of transfer.
- Bank account. You will need the recipient’s complete name and bank account number, as well as the receiving bank’s name, SWIFT code, IBAN, and sort code.
- Cash pickup location. The service provider you select will need the recipient’s complete name and the location from where the recipient plans to collect the transferred money. The recipient may collect the money by presenting an acceptable form of identification document along with a transaction number.
Regulations When Transferring Money To and From Ireland
Being part of the Eurozone, there are no restrictions when it comes to sending money to or from Ireland. The Central Bank of Ireland oversees the country’s payment systems whereas the European Central Bank (ECB) is responsible for setting the single monetary policy.
You may bring in or take out any amount of money to or from Ireland. However, any transfer that exceeds EUR 10,000 is reported to the relevant European Union authorities.
Pros and Cons of Relocating to Ireland
Pros
- Accommodation available to suit most budgets
- Full-time employees entitled to 20-day annual leave
- Safer than most places
- Easily accessible public healthcare
- Free government schooling
- Reliable public transportation
- Rental cars are affordable
- Rest of Europe is easily accessible
- Almost everyone speaks and understands English
- Plenty of pubs
Cons
- Cheaper rentals can equate to longer commute times
- Significant variation in weather conditions
- High levels of unemployment
- High cost of living
- Long waiting lists for several medical procedures
- Traffic snarls in and around Dublin
- Expensive fuel
Next Steps
Remember that comparing the top companies before your next money transfer to Ireland can lead to monetary savings. To save even more money, look for ongoing promotional offers that apply on Ireland-bound transfers.
International Money Transfer Offers
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