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bringing money from the UK to Ireland

  • 14-11-2010 3:54pm
    #1
    glanman
    Registered Users, Registered Users 2 Posts: 1,859 ✭✭✭


    I am working in UK and paid in the UK. I want to send money back to Ireland at times so what is my best option? Bank transfer is £20 a time so I want to see is there a cheaper/better value way to do and also when I should do it. I have lots of options like getting a cheque or a draft and bring it back and lodge, bring cash or things like that. I would be sending maybe between £1-3k at a time


Comments

  • #2
    pow wow
    Closed Accounts Posts: 5,288 ✭✭✭pow wow


    For the lowest fees etc. if you don't want to go through a currency broker I'd say buy euro drafts from a UK bank and then lodge them in Ireland. There's no fees beyond any commission/fee for actually buying the draft (i.e. the amount on the draft is the amount that ends up in your Irish account).

    I always used to do it that way and still do vice versa (ROI to UK).

    Or, if you'd rather carry cash get it commission free at the Post Office.


  • #3
    DraughtHorse
    Registered Users, Registered Users 2 Posts: 8 ✭DraughtHorse


    Just done the same from Ireland to Australia using currencyfair.com... very cheap. Cost me €4 to take €2000 across and the exchange rate was only .005 off real-time markets. Unbelievable service too even from the other side of the world


  • #4
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    glanman wrote: »
    I am working in UK and paid in the UK. I want to send money back to Ireland at times so what is my best option? Bank transfer is £20 a time so I want to see is there a cheaper/better value way to do and also when I should do it. I have lots of options like getting a cheque or a draft and bring it back and lodge, bring cash or things like that. I would be sending maybe between £1-3k at a time

    Get some tax advice.

    You are repatriating funds, and this money is liable to income tax.

    I would suggest cash.


  • #5
    freelancerTax
    Registered Users, Registered Users 2 Posts: 391 ✭✭freelancerTax


    Get some tax advice.

    You are repatriating funds, and this money is liable to income tax.

    I would suggest cash.

    sounds like it isnt liable to tax - he has already paid tax on it in the uk.
    its like saying when he moves home he will have to pay tax on all his savings


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