What’s The Overall Best Way To Send Money To Ireland?

Here at MoneyTransfers.com we believe that the overall best way to transfer funds to Ireland is through Wise. Wise 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’s The Easiest Way To Send Funds To Ireland?

Wise 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. Wise 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 Wise for the transaction, at which point the money is off to its Irish destination. The transfer takes a day or two to be completed.

What’s The Cheapest Way To Send Money Online To Ireland?

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, Wise is usually as cheap as OFX for smaller transactions. Furthermore, Wise 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.

What’s The Fastest Way To Transfer Money Online To Ireland?

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.

Current Exchange Rates For Ireland

The current exchange rate for the Euro (EUR) is 1.005205 EUR per American Dollar (USD). The EUR reached a high of 1.0421 EUR per USD, and a low 0.9695 EUR per USD during the last 90 days. The average exchange rate over the last 90 days was 1.0041 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.

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 contact@moneytransfers.com

Send Money To Ireland | Your Cheapest Choices

Common 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

Signing up for an online money transfer account and the verification process can take anywhere from a few minutes to a couple of hours. In the subsequent transfers, there is nothing required other than keying in the recipient details and sending the transfer. Banks usually require a lot of documentation and they submit their customers to lots of KYC (Know Your Customer) procedures.

Exchange Rates

Online money transfer providers generally charge lower exchange rate margins giving senders high rates. Providers such as TransferWise use the mid-market rates for transfers, it doesn’t charge any margin.

Multi-Currency Support

With remittances coming from countries as far as Mongolia, Nicaragua, Malta, and St. Kitts and Nevis, the multi-currency feature is indispensable. Thanks to money transfer operators like WorldRemit, TransferWise, OFX, and XE, you can send money in 60+ currencies across the globe.

Security and Reliability

Most money transfer operators have put in place industry-grade security features and two-factor or multi-factor authentication security layers. This level of security helps in ensuring customer information and funds transfers are protected all at times.

Speed of Transfer

Depending on the transfer route, your funds may be available in Ireland the same day or the following business day. Cash pickups are normally delivered within minutes.

Transfer Fees

Apart from exchange rates, providers charge fees for the payment method chosen and other transfer fees. Typically, these fees are lower than what main street banks charge.

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.

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.