Arranging international money transfers can be an expensive process, with banks in both countries adding their own charges and typically offering poor exchange rates.
It’s a good idea, therefore, to look around at the different options available to you before you make the transfer. There are reputable third parties who can make an international money transfer easier and cheaper for you.
How should I transfer money from an international bank account to an Irish account?
We recommend using an international money transfer service to move your funds from an international bank account into an Irish account.
Expensive fees can be relieved by using an FX transfer service between the country you wish to transfer money from or to and Ireland. There are many FX service options to choose from, but among the most reputable are CurrencyFair and TransferWise.
CurrencyFair offers a cheap and easy way to arrange an international money transfer between your bank abroad and your Irish bank account.
- CurrencyFair is offering the first 10 transfers for free for Moving2Ireland customers so you get to sample their service with zero transaction costs. Hurrah!
- Their homepage has a live Irish currency exchange calculator where you can find the latest rates. CAD transfers into Ireland’s major banks (see full list) no longer incur receiving bank charges. To avoid delays, complete transfers before 11:30 a.m. (Irish time) to ensure same-day transfers.
- For transferring money to Ireland from other locations, there is a flat fee per transfer.
- For transferring funds from Ireland to other locations, there may be a domestic wire fee applied by your bank.
- CurrencyFair is safe and is regulated by the Central Bank of Ireland.
Always check with your local Irish bank to see if it charges a fee for a domestic wire, as it varies from bank to bank and may also depend on your relationship with the bank.
Using peer-to-peer technology, and without any hidden charges, TransferWise makes international money transfers up to eight times cheaper than using a bank.
- TransferWise is offering the first transfer for free up to €3,000 (or equivalent) for Moving2Ireland customers so you get to sample their service with zero transaction costs. This offer is available to first-time TransferWise customers who come from the Moving2Ireland community (that’s you!).
- Transfers to Ireland have a flat fee, and your money typically arrives in 1-2 working days.
- Find the latest rates at the widget above, and find out how much you can save.
- Customers trust TransferWise. It has received an average 9.5/10 rating from 30,000 independent reviews on Trustpilot.
- TransferWise is safe, and fully authorized by the UK’s Financial Conduct Authority and is subject to European customer protection rules.
Check with your bank to see if they charge for domestic transfers. It will vary from bank to bank.
Other international money transfer options
The next best alternative is an international money transfer through your bank, but the rates provided are often much weaker. Western Union and Paypal are by far the most expensive.
PayPal is an efficient means for an international money transfer, but they charge a fee similar to the fees charged by banks.
For international money transfers to Ireland, you could set up two Paypal accounts — one to your non-Irish bank and one to your Irish bank. You can then transfer money between the two accounts for free; you just need to have two email accounts.
While this is a relatively simple process, be sure to check the rates you’re being charged. You may save yourself a significant sum by going with one of the other international money transfer companies listed above.
While we don’t recommend going through your banks for international money transfers, this option is available.
If it’s your first time arranging a transfer, you may be surprised to learn that the banking systems in Ireland may be different to your home country, so the information you’ll be asked for could be different.
For example, an Irish bank will request details like BIC and IBAN numbers However, these details don’t exist in many other jurisdictions, particularly outside the European Union (EU), where accounts have transit codes, SWIFT codes, and ABA numbers. It can be somewhat confusing figuring out what information you should put where.
We strongly recommend you double-check everything with your bank before you complete the transfer. If there is space in the transfer form to leave notes or additional information, leave detailed information here on anything you’re unsure of.
Note also that for large transfers, the receiving bank may attempt to call you to confirm that you’re expecting to receive the amount.
If you set up the bank account before you got your local mobile phone plan, the receiving bank may not have a number to call you on. This can cause delays in receiving funds. If the transfer is taking longer than expected, don’t be afraid to visit a bank branch and find out what’s going on.