Send Money To Ireland
Ireland is a net remitting country with over $2.1 billion leaving the country every year and only $600 million coming in. The bulk of the transfers to Ireland come from the United Kingdom and the United States. Other source countries for remittances include Australia, Canada, Germany and Spain.
The United Kingdom has the highest number of Irish immigrants at 503,288, followed by the United States at 132,280, Australia at 101,032, Canada at 33,530, and Spain at 14,651. This data comes from the 2015 United Nations Department of Economic and Social Affairs report.
As expected, the remittances to Ireland come in hundreds of thousands of transactions of varying amounts through different money transfer channels. Therefore, it helps to know the various channels senders use, the information required when sending and receiving money and the factors to consider when sending. This guide explores all these areas and more. Read on!
How To Send Money To Ireland
Sending money to Ireland is simple and easy. Follow these steps to get started.
Find a Trusted Provider
Sign Up and Deposit
Transfer Money
Ways To Send And Receive Money In Ireland
There are multiple ways to easily send and receive money in Ireland but these will largely depend on the provider you decide to use. Below you will find everything you need to know about sending and receiving money.
Ways to Send Money to Ireland
If you want to send money to your friends, family, and business associates in Ireland, there are various options you can use such as banks and online transfer services.
Depending on the method you choose, you may either pay more transfer fees, take a shorter time to transfer or not pay fees at all. Let us look at the most common ways open to sending money to Ireland.
Through the Banking System
Most people sending money to Ireland have traditionally been using the banking system. International bank transfers are safe and can handle large amounts of money. If you are transferring money from the UK, banks such as Barclays, NatWest, Llyods, and Nationwide are some of the commonly used institutions.
The banks you use will determine how fast the transfer will be processed. If you are sending money from the United States, using banks that have a presence in Ireland can save you a lot in fees and time. Banks such as Bank of America, Citibank, JP Morgan, and Wells Fargo are among the best choices for Irish nationals sending money from America.
The downside with banks is that the transfers are often processed at very low rates and may take a little longer to be finalised. Most banks charge between 2.5 and 3.5% in exchange rate margins to transfer funds from the UK to Ireland.
Also, both you and the recipient must have bank accounts to use the bank system to send your transfer.
Online Money Transfer Services
Specialised online money transfer services such as WorldRemit, Xoom, TransferWise, OFX, XE, WorldFirst, and Ria are some of the best ways of transferring money to Ireland. They are low-cost, offer competitive rates, and transfer your money faster.
For instance, TransferWise doesn’t charge any exchange rate margin meaning all transfers to Ireland are done at the mid-market rate. XE and OFX, on the other hand, do not charge any transfer fees.
All it takes to send money through online money transfer providers is to sign up for a free transfer account with a provider of your choice, input the details of the recipient and pay for the transfer. Depending on the provider, you can pay via ACH, a credit card, or debit card.
When sending money to Ireland using online money transfer providers, you can opt for any of the following payout methods.
- Cash Pickup- The recipient gets the money in cash from designated agents. Xoom has 46 agents across Ireland from which recipients can collect their money. Cash pickups are convenient for small transfers and emergency needs.
- Bank deposits – All online money transfer services offer direct-to-bank deposits as a payout option. It takes between 1-3 days for the cash to be deposited in the recipient’s account in Ireland. You can transfer to all banks in Ireland.
Online money transfer services have the advantage of speed, flexibility, affordability and availability across many sending countries. You don’t need to have a bank account in the sending country to do your transfer.
In-Store Transfer Services
Cash transfer services such as Western Union and Money Gram allow you to send money to Ireland from physical walk-in agents. From the UK, you can send up to 50,000.00 GBP to Ireland through direct bank deposits or up to 5,000.00 GBP for cash pickup. MoneyGram allows you to send up to 6,000.00 GBP irrespective of the payout option.
You can pay for your transfer through a debit card, credit card, bank transfer or cash. The money arrives in minutes.
What is Needed to Send Money to Ireland
If you want to send money to Ireland, you will be required to provide certain information for your transfer to be executed. The information varies from one provider to another. Typically, you’ll need to provide the following:
- A government issued-ID document. Depending on the country you are sending from, you can use a passport, social security card or driver’s license.
- The recipient’s name as it appears on their legal documents
- The recipient’s physical address and phone number
- If you are sending directly to a bank account, the recipient bank details (bank name, branch and account number)
- The amount of money you want to send, the transfer payment option and payout methods
What Are the Ways of Receiving Money in Ireland?
Your family, friend or business associate in Ireland has two main options for receiving money. They can either go for direct to bank deposits or cash collection from an agent.
Direct-to-Bank Deposits- The money is deposited into the recipient account. This method is much slower taking up to 3 days for the transfer to be delivered. It is convenient for transferring a large amount of money.
Cash Pickups –The transfer is channelled through the provider’s agency network in Ireland. For Xoom, the agents it has partnered with are Antech, Dublin 1, Ria, Galway, Super Ketones Limited, TBS Mobile Phone Accessories, and Unlocking Master. In total the provider has 46 pickup locations in the country.
What is Required to Receive Money in Ireland?
If the funds are credited into the recipient’s bank account, there is nothing required on the part of the recipient to access the money. For cash pickups, the recipient is required to provide the following information for verification and cash collection.
- The Transaction Reference Number -This number is system generated at the time of the transfer and the sender should message it to the recipient. Other providers email or the number to the recipient.
- A government issued-ID document
The anti-money laundering (AML) Act as enforced by the Central Bank of Ireland may require additional disclosures when large amounts of money are involved.
Best Ways To Send Money To Ireland
Debit Card
1-2 Hours
Bank Transfer
1-2 Hours
Debit Card
1-2 Hours
Credit Card
1-2 Hours
Bank Transfer
1-2 Hours
Bank Transfer
3-5 Days
Debit Card
3-5 DaysCommon Reasons for Sending Money to Ireland
Just as there are hundreds of thousands of transactions to Ireland, the reasons behind the remittances are widely varied as well. Below are some of the reasons Irish nationals in the diaspora send money home.
Family Support
Irish nationals send regular payments to help their families cater for expenses such as food, medicare, and other basic costs.
Mortgage Repayment
In Ireland most first time home buyers take up mortgages to finance their purchases. The current rules allow for mortgage facilities of up to 3.5 times the borrowers combined income.
Income repatriation & Savings
Some Irish nationals especially those who work on contract abroad, often send their earnings home instead of banking them in their host countries. Also as part of prudent financial management, Irish diaspora transfer money into savings accounts back in Ireland. Whether they are anticipating to return someday or not, such buffers always come in handy.
Investment
Whether it is investing in financial assets or physical assets such as real estate properties, Irish diaspora is keen on building an investment portfolio back in their home country.
Why Send Money with a Money Transfer Service?
The choice of whether or not to send money with an online money transfer provider is influenced by factors such as the urgency, cost, exchange rate, availability and many others. Below are some of the top reasons why you should consider sending money through money transfer providers.
Ease of Set-Up
Exchange Rates
Multi-Currency Support
Security and Reliability
Speed of Transfer
Transfer Fees
Things to Consider When Sending Money to Ireland
Every country has its own rules and laws regarding the handling of money and foreign income. In Ireland, you need to be aware of the following factors as you send money home.
- Double Taxation – Ireland has over 70 double taxation agreements. When repatriating income that has already been taxed abroad, check the relevant agreements so that you don’t end up paying income tax twice.
- Irish Rental Income – If you invest in property back in Ireland, you will be taxed on your rental income irrespective of whether you are domiciled in Ireland or not.
- Daily Spending and Withdrawal Limits – Debit cards issued by the different banks have varying withdrawal and spending limits. Depending on the amount you are sending, the recipient may either opt for over-the-counter withdrawal or direct bill payment online. The average card spending limit is €5,000 while cash withdrawal limits can be as low as €500.
Sending money to Ireland can be a simple process with the right providers. Always watch out for exchange rates, transfer fees, and hidden fees. Doing a cross-comparison helps.
Your Questions Answered
Looking to Send Money Somewhere Else?
Sending money anywhere else in the world is as easy as sending money to Ireland. If you’re looking to send money to another country, here is the list of the most popular destinations.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com