Cheapest way of sending money home

Penisland

Hi there,
I am looking at sending money to a Bank of Ireland account (between 1000e and 2000e). What's the cheapest ways of doing so?

I needed to send money home a while back in a rush and got killed on charges by my bank (natwest)! Don't want it to happen again!

Thanks

silvervixen84

You can set up an account with the Post Office and send the cash for free. I've used it a few times to send money back to my Irish account to pay bills:

http://www.postoffice.co.uk/finance/making-payments/post-office-international-payments?campaign=google_ip_brand&kw=post+office+international+money+transfer+xct&RMGPOPPC&campaignid=PPC_IP

S.M.B.

Wow! Didn't realise the post office offered a service like that. What's the catch? Or is there any? How could it be 100% free?

Jack B. Badd

S.M.B. wrote: »

Wow! Didn't realise the post office offered a service like that. What's the catch? Or is there any? How could it be 100% free?

Bank of Ireland run the Post Office banking services over here afair - that may have something to do with it...

djpbarry

S.M.B. wrote: »

Wow! Didn't realise the post office offered a service like that. What's the catch? Or is there any? How could it be 100% free?

Their exchange rates are pants.

I use www.currencyfair.com - flat charge of €3 for any transfer to a Euro account. The Post Office is, at this point in time, offering €1.207 to the £. On Currency Fair, you can get €1.239 to the £. So if you have say £1,000, you can get that into your Irish account in the form of €1,207 through the Post Office, or €1,236 via Currency Fair.

Currency Fair will probably be quicker too - I've managed same-day transfers with it.

Penisland

silvervixen84 wrote: »

You can set up an account with the Post Office and send the cash for free. I've used it a few times to send money back to my Irish account to pay bills:

http://www.postoffice.co.uk/finance/making-payments/post-office-international-payments?campaign=google_ip_brand&kw=post+office+international+money+transfer+xct&RMGPOPPC&campaignid=PPC_IP

djpbarry wrote: »

Their exchange rates are pants.

I use www.currencyfair.com - flat charge of €3 for any transfer to a Euro account. The Post Office is, at this point in time, offering €1.207 to the £. On Currency Fair, you can get €1.239 to the £. So if you have say £1,000, you can get that into your Irish account in the form of €1,207 through the Post Office, or €1,236 via Currency Fair.

Currency Fair will probably be quicker too - I've managed same-day transfers with it.

Thanks! Both look like good options.

Do you know if you get charged by your bank in Ireland to accept money from the UK? I got screwed - got a terrible rate from my bank, had to pay to transfer and got charged by Bank of Ireland to accept the money!

djpbarry

Penisland wrote: »

Do you know if you get charged by your bank in Ireland to accept money from the UK?

Generally speaking you should not be charged for receiving Euros into a Euro account, regardless of the source.

Marcusm

Penisland wrote: »

Thanks! Both look like good options.

Do you know if you get charged by your bank in Ireland to accept money from the UK? I got screwed - got a terrible rate from my bank, had to pay to transfer and got charged by Bank of Ireland to accept the money!

Did you send EUR or GBP?

Penisland

Sorry for the late reply - I sent EUR.........

Marcusm

Penisland wrote: »

Sorry for the late reply - I sent EUR.........

I can't see how you should have been charged for receiving a EUR transfer into a EUR account.

djpbarry

Marcusm wrote: »

I can't see how you should have been charged for receiving a EUR transfer into a EUR account.

At the end of the day, banks can charge you for whatever the hell they want. But yes, being charged for receiving money, in the absence of an exchange, is seems very unusual. But, it's not unheard of.