Sending money from Ireland to UK

benoj

G/F is currently doing a year long university work placement in Dublin.

She's being paid into an Irish account with the Bank of Ulster in Euros.

She wants to transfer some money to her UK accounts (Choice of Santander, HSBC, CO-OP, Halifax, Barclays).

Whats the cheapest method?

(Paypal charges 3.4% because you can't register an irish bank so it has to be a debit/credit card transaction)

At the end of the years placements she will need to move a fairly large sum of euros back to a UK account so the cheapest method is desirable!

baby_frogmella

Transferwise seem to be the cheapest for EUR>GBP transfers as they use inter-bank exchange rates. Only charge €1 for transfers less than €300 or 0.45% for any amounts above that.

dsab

Why doesn't she just transfer it via her Irish Bank to her UK Bank. International Money Transfers with Ulster Bank can be done online and are free of charge within the EU countries. IME the money will hit her UK account the next day.

Page 3 of the below confirms that it is a free service for Private customers:

http://www.ulsterbank.ie/documents/ROI/business/International_Banking_Schedule_of_services.pdf

benoj

baby_frogmella wrote: »

seem to be the cheapest for EUR>GBP transfers as they use inter-bank exchange rates. Only charge €1 for transfers less than €300 or 0.45% for any amounts above that.

Thanks, I'll have a look at this

dsab wrote: »

Why doesn't she just transfer it via her Irish Bank to her UK Bank. International Money Transfers with Ulster Bank can be done online and are free of charge within the EU countries. IME the money will hit her UK account the next day.

Page 3 of the below confirms that it is a free service for Private customers:

She asked in branch in Dublin and was told there would be a €0.51 charge per transaction to a UK bank. Thats fine.

The problem is, which of the UK banks I listed would be the best to receive into. I know halifax charge £7 to receive over £100 in a foreign currency.

Just trying to weigh up the cheapest method really.

dsab

Otherwise a quick trip over the border (like Newry) and change it in one of the small Bureau de Change there. Much better rates then with the receiving bank, and no hassle.

Depending on the bank she might even be able to pay it straight into her UK Account in a Newry branch.

For example one of the best rates can be gotten in a Shopping Center in Newry, and Halifax has a Branch in the same center.

benoj

dsab wrote: »

Otherwise a quick trip over the border (like Newry) and change it in one of the small Bureau de Change there. Much better rates then with the receiving bank, and no hassle.

Depending on the bank she might even be able to pay it straight into her UK Account in a Newry branch.

For example one of the best rates can be gotten in a Shopping Center in Newry, and Halifax has a Branch in the same center.

Thats an option perhaps. Trouble is she has no car and 130 mile round trip is a long bike ride

dsab

There is a Bus and Train going from Dublin to Newry. Could be a nice daytrip, and will cost around £20 return

anydroid

I posted my solution on a similar thread a while back. Unfortunately I'm not allowed to post links, but it's in thread t=3330004

Basically National Irish Bank (IE) and Northern Bank (NI) are owned by Danske Bank, who offer free cross-border (and cross-currency) transfers to "own accounts" within the Danske Group. You need to present yourself in both jurisdictions and open separate current accounts.

Two things to be aware of, from the Irish side:

• NIB are in deep retrenchment, closing branches left right and centre. They are now charging quarterly fees on previously "free" current accounts.
• Danske are rebranding both banks later this year under the parent brand, which augurs well for integrated services.

benoj

anydroid wrote: »

I posted my solution on a similar thread a while back. Unfortunately I'm not allowed to post links, but it's in thread t=3330004

Basically National Irish Bank (IE) and Northern Bank (NI) are owned by Danske Bank, who offer free cross-border (and cross-currency) transfers to "own accounts" within the Danske Group. You need to present yourself in both jurisdictions and open separate current accounts.



Two things to be aware of, from the Irish side:

• NIB are in deep retrenchment, closing branches left right and centre. They are now charging quarterly fees on previously "free" current accounts.
• Danske are rebranding both banks later this year under the parent brand, which augurs well for integrated services.

Cheers,

In the end she sent it from her Irish Ulster Bank to my UK Santander Account. The only fees involved either end were 51 cent to send. It was converted at 1.30, so happy enough as the interbank was 1.27