Managing your currency transfers in Ireland

Funding your property purchase is likely to mean moving a large sum of money to Ireland from the UK. The more money you’re transferring, the more important it becomes to secure a good exchange rate. Even the difference of a couple of cents per pound can equate to thousands of euros more or less.

A ‘forward contract’ can be ideal in this situation. If today’s rates look good, but you don’t need to transfer your money until a later date, you simply fix the exchange rate in advance. It’s the currency market’s version of ‘buy now, pay later’. A small deposit will fix today’s exchange rate and it’s yours for up to a year.

Paying your mortgage or sending living funds

Whether you’re thinking of living in Ireland permanently or planning to make regular use of a holiday home, you may find yourself making frequent currency transfers from the UK. This could be to pay a mortgage, transfer your pension or meet general living costs.

In such cases, a regular payments service could come in handy. This would enable you to manage regular payments (e.g. monthly or quarterly) by direct debit and make considerable savings on the transfer fees applied by most banks (typically £20 to £40).

What’s more, if the exchange rate moves in your favour, you can actually ‘lock in’ that exchange rate for up to a year, so you know exactly how much money you’ll get on every transfer for that twelve-month period.

Learn about your options

Every currency transfer is different, so it’s worth looking into the different options available.

Spot contracts

Buy currency now at the current exchange rate for immediate use. Good for:

  • Paying invoices in another country
  • Moving money quickly across your accounts
  • Sending money to a friend or family member

Forward contracts

Fix an exchange rate for up to a year by paying a small deposit today. Good for:

  • Buying or selling property abroad
  • Big international purchases
  • Transferring your life savings

Regular transfers

Set up a direct debit and even fix the exchange rate for up to a year. Good for:

  • Paying your mortgage
  • Transferring your pension overseas
  • Meeting general living costs

Limit orders

Arrange for an automatic transfer when your target exchange rate is reached. Good for:

  • Knowing your transfer will occur as soon as the exchange rate strengthens
  • Transfers that are not time-sensitive

Rate alerts

Get your foreign exchange provider to keep a close eye on the market for you; they’ll get in touch if the rate reaches your target. Good for:

  • Keeping an eye on the currency markets
  • Leaving your options open when your target rate is reached
  • Transfers that are not time-sensitive

The number of options available isn’t the only reason why you should use a currency specialist to manage your transfers…

Six great reasons for using a foreign exchange specialist

  1. Better exchange rates – Exchange rates can vary widely, with some of the best deals available through specialist foreign exchange providers. By comparison, banks generally offer a much lower rate.
  2. No hidden fees or charges – Generally, dedicated currency providers don’t charge transfer fees, while banks typically charge an average fee of £25 per transaction. Some also charge a receiving fee.
  3. Personal service – A currency expert will always be on hand to help you. Whether it’s a one-off payment or regular transfers, they’ll guide you every step of the way.
  4. Trade when it suits you – Most foreign exchange specialists offer you a 24/7 online money transfer service that enables you to trade anywhere and at any time.
  5. Fast transfers – While it can often take a bank a whole week to transfer money overseas, a transaction can usually be completed in less than two working days with a currency provider.
  6. Protection and security – Whichever foreign exchange provider you use, it’s crucial to check that they’re authorised by the Financial Conduct Authority (FCA) and hold the highest credit rating.

How to monitor the markets

Foreign exchange providers are dedicated to staying on top of the currency markets. If you don’t have the time to track the latest currency movements, there are a few tools you might find useful. These include:

  • Rate alert Setting up a rate alert tells your foreign exchange specialist what exchange rate you want to achieve. They then assign a member of their expert team to monitor the markets for you and notify you when the rate becomes available. Most importantly, when your desired rate arrives, you’re under no obligation to actually make a transfer.
  • Market commentary Stay up-to-date with exchange rates and market updates. Good currency providers should offer their customers a variety of newsletter options to sign up to, which include daily or weekly market analysis and more.

Currencies Direct is one of the UK’s leading foreign exchange specialists and has helped more than 150,000 people get the best from their international money transfers.

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