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!
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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.
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.
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.
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.
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.
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.
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:
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.
Irish nationals send regular payments to help their families cater for expenses such as food, medicare, and other basic costs.
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.
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.
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.
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.
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.
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.
The fastest way to send funds to Ireland is through the fast options offered by companies such as Western Union. Due to how ubiquitous and trusted the service is, we will use Western Union’s fast option as the example (being ubiquitous also contributes to speed). With Western Union’s fast option, you pay significantly more money than usual. Regardless, you can expect your money to reach its Irish destination in a matter of minutes.
The cheapest way to send money online to Ireland is through OFX. OFX only charges a small currency exchange fee that depends on the amount of money being sent. If you are sending many thousands of dollars at a time, we can guarantee you that you will not find a better deal anytime soon. On the lower end, OFX takes 1% of the transfer. However, as you send more money, this rate declines to the eventual lowest possible rate of 0.4%. The only catch is that the amount being transferred must meet their requirements for minimum transaction size.
If you can’t abide by a minimum transfer rate, TransferWise is usually as cheap as OFX for smaller transactions. Furthermore, TransferWise only has a minimum transfer amount of USD $0.01. However, you still need to send at least a couple hundred American Dollars for it to be economical.
TransferWise is the easiest way to send money online to Ireland. As a peer-to-peer money transfer service, it is safe and easy to use from most locations. TransferWise has a simple three-step process for sending money.
First, you tap in the amount of money you want to send. Next, you tap the destination. Lastly, you pay TransferWise for the transaction, at which point the money is off to its Irish destination. The transfer takes a day or two to be completed.
The current exchange rate for the Euro (EUR) is 0.9070 EUR per American Dollar (USD). The EUR reached a high of 0.9087 EUR per USD, and a low 0.8913 EUR per USD during the last 90 days. The average exchange rate over the last 90 days was 0.9013 EUR per USD.
The average volatility rate of the EUR against the USD was 0.27% over the last 90 days. This is a moderately high volatility rate when you consider that the Euro hasn’t been very consistent against the American Dollar for the last two years. Going forward, you can reasonably expect the exchange rates to fluctuate moderately, barring any unforeseen circumstances.
Here at MoneyTransfers.com we believe that the overall best way to transfer funds to Ireland is through TransferWise. TransferWise offers the most well-rounded deal for sending money to Ireland. Because it is so cheap and easy to use, it can make your life easier in multiple ways. The 1-2 day waiting period isn’t the best, but that’s significantly faster than you’d get with the more expensive competition.
What do we mean by the top provider?
The top provider is the money transfer service that we believe is the most suitable for the country you’re sending money to. In order to keep our service free we factor in the commercial agreements we have with partners into this ranking.
How do we choose providers to display?
We make sure that each table displays the most relevant brands to the country you are sending money to and from. We consider many factors when choosing the providers to display in the table.All of the providers we display are fully regulated to provide money transfer services in the jurisdiction you are searching, relevant regulatory authorities are the FCA, ASIC, Fincen, FINTRAC & AMF. Alongside being regulated the services are manually checked by our team for both quality of service and online trust from such platforms like Trustpilot and Google reviews.We base our rankings primarily on the quality of the service provided, the benefit to the consumer and to keep our service free - the commercial agreements we have.
How do we order our comparisons?
We are affiliated with some of the partners displayed in the tables. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place. You don’t pay any extra and the deal you get isn’t affected by our commercial agreement with the money transfer provider. We may receive a commission when you click through to a listing or when you make a transaction.We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way.If you have any questions about our listings, please don’t hesitate to email us at email@example.com
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.