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Irish Bank to UK Bank

  • 24-01-2023 9:39pm
    #1
    a1994f
    Registered Users, Registered Users 2 Posts: 21 ✭


    Hi All,

    I’m just looking for advice about transferring money from a BOI account to a UK bank.

    How much should I expect to get charged with exchange rates and is there a better way to make the transfer.

    Thanks.



Comments

  • #2
    walterking
    Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭walterking


    Is it circa £50, £5,000, £50,000, or £500,000

    Different answers depending on the amount



  • #3
    thebiglad
    Registered Users, Registered Users 2 Posts: 1,672 ✭✭✭thebiglad


    Depending on the amount (Money Laundering Laws etc) you could set up a Revolut account - that gives you (currently) a virtual UK bank account, transfer the UK sterling into that (I am assuming no charges from your UK bank) then convert to Euro when Revolut have a rate you are happy with and from there transfer to your irish account.

    There will be some Revolut costs and the exchange rate will always favour the bank but, I think it will be the most cost effective way. There is a Revolut thread of Boards where users would know better - perhaps post there as well?


    I have personally transferred relatively normal sums this way from UK friends and family and they were not charged, I received the full value of the transfer so it used to work.



  • #4
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,259 ✭✭✭Yggr of Asgard


    If you don't want the Revolut route have a look at Atlantic Money atlantic.money.

    They charge a flat 3 Euro fee (and your first transfer is free) and give you a live exchange rate; money is in the UK next day or for .1% fee it's there via faster payment.

    You will need to pay to a virtual bank account with them via SEPA and than once they get it they transfer it with the agreed exchange rate to the UK account.

    The advantage over BOI is the better exchange rate and less fees, the disadvantage is you have to send it to them first and register via the app first. All they want is your e-mail/mobile/date of birth/address. However if you send larger amounts you will need to be verified via your passport.



  • #5
    walterking
    Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭walterking


    https://www.boards.ie/discussion/comment/120159720#Comment_120159720

    If its a large amount - £75,000+ or even a bit below this, you can ask for a dealer rate from your own bank and it will be not far off what Wise or transfermate charges. They will simply issue you with a code to put into the app.

    I do regular transfers and have a 0.3% off mid market built into the online banking platform. That is particularly good, but 0.5% should be attainable. So if market is at €1.135 / £1, the rate would be €1.142 / £1



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