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best way to transfer money from ireland to uk bank

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  • 30-09-2011 6:43pm
    #1
    Alfagtamini
    Registered Users Posts: 696 ✭✭✭


    hi all

    im currently in the uk doing training and have to transfer money over from my irish bank account to the training companies bank account every 5 days. the amount is £1000 gbp each time. total amount should be 7-8 thousand.

    just transfered the first amount today and the cost was
    €1168.33 + €15 fee.

    that was with aib. i also have a ulster bank account.

    im wondering is there a better way to do it as between the charges and poor excnage rate ill loose quite a few euros in the end


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    #2
    Jet Black
    Registered Users Posts: 3,843 ✭✭✭Jet Black


    What about SEPA payment? It should be free to send money that way.

    Currency fair seems to be recommended on here by others a lot but I have never used them so can't give my own opinion.


    edit/ I just checked with currency fair and it works out slightly more expensive.

    What exchange are you basing this bad rate on?


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    #3
    Alfagtamini
    Registered Users Posts: 696 ✭✭✭Alfagtamini


    Jet Black wrote: »
    What about SEPA payment? It should be free to send money that way.

    Currency fair seems to be recommended on here by others a lot but I have never used them so can't give my own opinion.


    edit/ I just checked with currency fair and it works out slightly more expensive.

    What exchange are you basing this bad rate on?

    thanks for your reply. with the sepa payments do i have to transfer the amount in euros? and do the calculation before hand.


    i just took the excnage rate of xe.com which i really should as i know its not the best.


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    #4
    Jet Black
    Registered Users Posts: 3,843 ✭✭✭Jet Black


    Even so the xe.com rate is .8591 the rate you got was .8559 only 4 euro in the difference.

    They should be able to ring up the sepa processing center and get the rate on the day.


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    #5
    Alfagtamini
    Registered Users Posts: 696 ✭✭✭Alfagtamini


    Jet Black wrote: »
    Even so the xe.com rate is .8591 the rate you got was .8559 only 4 euro in the difference.

    They should be able to ring up the sepa processing center and get the rate on the day.

    spot on didnt realise that. 15e transfer fee wouldnt be long adding up, i shall ring aib on monday thanks for your reply


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    #6
    Printer
    Registered Users Posts: 252 ✭✭Printer


    Hey all

    Is there any update on this? I need to pay a friend about £3000 for a car I bought. I have sent two payments already using AIB internet banking and it seems like I lost a huge amount in fees and bad exchange rates.

    Any updates on what is best way to do 2 or 3 transfers of about £700 from Ireland to the UK?

    What is this SEPA payment and what about travelex?


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    #7
    Jet Black
    Registered Users Posts: 3,843 ✭✭✭Jet Black


    Printer wrote: »
    Hey all

    Is there any update on this? I need to pay a friend about £3000 for a car I bought. I have sent two payments already using AIB internet banking and it seems like I lost a huge amount in fees and bad exchange rates.

    Any updates on what is best way to do 2 or 3 transfers of about £700 from Ireland to the UK?

    What is this SEPA payment and what about travelex?


    SEPA is single European payment area. You can transfer money from your account to any account in the EU once you have the BIC and iBAN, its free. It takes a little longer than swift payments, can't remember how much longer. I can't remember who does the conversion, its either sepa or the recieving bank. You have to go to the bank to do it.

    Not sure what you mean by Travelex.


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