Transferring money from the UK to Ireland

seanny

What is the best way to arrange transferring a large sum of money from UK banks to Ireland?

Are there charges, taxes or so on?

The money is an inheritance.

Ayr_Rage

What is LARGE?

To me that's over £100,000, for others it could be millions.

No taxes on the transfer itself.

Yes, there will be fees, it depends on who you use.

You can use a UK bank, broker or a money transfer service such as WISE and you'll have to do your homework as to which gives the best bang for your buck for the sum involved.

seanny

Roughly £250000

Ayr_Rage

Some ideas as at 1719 today

As you can see, some charge fees with a good rate, others no fee and a worse rate

retiredbanker1

If I was an executor I would send £sterling and let the beneficiary worry about exchange rates.
If rates is important to the recipient then they can arrange a forward exchange contract with their financial institution .The most you will pay with a bank is £50 or so.

seanny

If you use one of these companies like Wise or Key Currency is your money protected?

friolento

seanny said:

If you use one of these companies like Wise or Key Currency is your money protected?

Not by FSCS.

I don’t know anything about Key Currency but would happily use WISE as they are a massive company and  subject to Electronic Money Institution safeguarding rules (see FCA website). I don’t leave any money in WISE for more than a few hours max, and I keep individual transfers to below £10k .

grumpy_codger

MSE: Sending money abroad

seanny

It seems that if the account the transfer is going to is in the same name as that of the UK bank account it's being transferred from that you get a higher rate of exchange.   That seems to be the case based on my contacting Lloyd's. 

grumpy_codger

seanny said:

It seems that if the account the transfer is going to is in the same name as that of the UK bank account it's being transferred from that you get a higher rate of exchange.   That seems to be the case based on my contacting Lloyd's. 

IMO, this makes no sense.

And why Lloyds? Do you qualify for their Preimier International account mentioned in MSE article? If so, the article does say "Fee-free to a foreign account in your name", although it's zero fee, I don't see anything about the rate.

danny13579

seanny said:

It seems that if the account the transfer is going to is in the same name as that of the UK bank account it's being transferred from that you get a higher rate of exchange.   That seems to be the case based on my contacting Lloyd's. 

I thought you were sending money from the UK to Ireland. Lloyds don't operate in Ireland.

I have never heard of a higher rate of exchange between 2 banks with the same name. Even if this were the case, and you wanted to avail of it, you would have to move the money from Lloyds to a bank that operates in both the UK and Ireland. The only 2 I can think of are Bank of Ireland and AIB.