How to Transfer Money from Ireland to USA
Ireland to USA Guide
Summary
As a member of the European Union (EU), Ireland has very strong economic relations with the United States and enjoys a strategic partnership on a variety of global policy initiatives. By US government estimates, the economic relationship between the US and the EU accounted for approximately one-third of the total goods and services traded throughout the world in 2012, as well as almost half of the world’s economic output. Currently, there are no restrictions for Irish citizens who wish to transfer money from Ireland to the USA.
Visas, work permits and residency
Irish citizens who wish to live or work in the United States for an extended period of time must apply for the appropriate visa or be granted permanent resident status. The US government issues several different types of visitor and business visas. Several factors, including the migrant’s profession, intended duration of stay, and current employment will determine which type of visa is right in each particular case. The US Embassy website will provide more detailed information on business and travel visas necessary to enter the country.
In most cases, foreign nationals who plan to travel to the US for short visits lasting less than 90 days, a visitor or business visa is still required. However, Irish citizens benefit from a visa waiver programme, which applies to a total of 36 countries in Europe. Irish citizens must register online through the Electronic System for Travel Authorization (ESTA) and pay a small fee; fees are subject to change, but were US$14 as of early 2015. Once this step is complete, travelers may enter the country with only a valid passport. For stays of more than 90 days, an immigrant or non-immigrant visa is required.
Buying property in the US
There are few restrictions for Irish citizens who wish to own or rent property in the US. Because each state maintains its own real estate laws, it is advisable to work with a licensed real estate attorney or real estate agent who can advise Irish citizens on regional and federal real estate laws during the purchasing process.
An Individual Taxpayer Identification Number (ITIN) is required for all non-US citizens who wish to purchase property in America. To obtain an ITIN, an application must be submitted and approved by the Internal Revenue Service (IRS), a process which can take five weeks or more. Citizens of any country who wish to purchase real estate in the US must first provide their ITIN when closing the property transaction. When purchasing real estate, keep in mind that there are no restrictions to transfer money from Ireland to USA, as there are currently no international currency transfer limits between the two countries.
Taxation
In January 1998, Ireland and the United States entered into a tax treaty for the avoidance of double taxation of citizens living and working in either country. For Irish citizens living and earning money in the US, a tax return must be filed with the Irish government, but Irish citizens may be eligible to receive tax credits based on any taxes paid while living and working in the US. If taxes are owed, there are currently no restrictions for Irish citizens who would like to transfer money from Ireland to USA.
Studying in the US
A student visa is required of all foreign citizens who wish to study in the US. Before an Irish citizen can apply for a visa to study in the US, they must first apply for and be accepted to a US-accredited school or program. The student will receive the necessary application documents to apply for a student visa from the school once the university, school, or program has issued an acceptance.
Healthcare
It is advisable for Irish citizens who are planning to visit America to purchase travel insurance or a short-term health insurance policy to cover them while they are in the US. American healthcare is a pay-as-you-go system, and most American citizens obtain health insurance through their employer. It is mandatory for anyone living or visiting the US to have at least the minimum levels of health insurance, or pay a yearly tax.
Importing from Ireland to the United States
As one of the countries of the EU, Ireland participates one of the largest and most important economic relationships in the world. Transatlantic goods and services trade flows between the EU and the United States were valued at approximately $2.7 billion per day in 2012. As part of the EU, Ireland enters into a number of trade, investment, and global safety initiatives throughout the world with the United States. Discussions for a new trade and investment agreement, the Transatlantic Trade and Investment Partnership (T-TIP) represent the latest mutual trade and investment collaboration between the two regions. Imports from the combined EU countries to the US were valued at $387 billion in 2013, up 1.5% from the previous year. Ireland is the fifth-largest importer to the US, accounting for $31.6 billion of the total amount.
Frequently Asked Questions
Are the money transfer companies shown above safe to use?
Yes, all the companies are safe and fully-regulated money transfer services.
Each are authorised and regulated by the relevant authority such as the Financial
Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.
How long does an international money transfer take?
The speed of delivery will depend on where the money is being from and to and how
you are sending and receiving the money. Transfers sent using bank to bank transfers
can depend take anywhere from minutes to days and you should check the time estimates
from the relevant provider. Debit and credit card payments sometimes allow for faster
transfers for smaller amounts.
How do I use FXcompared?
First review the comparison results (such as for a table above) for a given amount
of money sending from Ireland to USA. Then select a provider based on
factors such as price, speed, their rating and click the green button to be taken to
their website. From there, you can register and sign up for an account. Once you have
done that and the provider has verified your identity to ensure the money can be send
safely, you will be ready to transfer money.
What payments methods can I use to send money overseas?
The results shown above are typically for bank to bank transfers. It is possible
via some providers to pay in your funds for the transfer via cash, debit or credit
cards as well but this is usually reserved for smaller amounts. Some providers also
give you different options for how the money will be received - to a bank account
(most common), to a debit card, to cash or to a digital or mobile wallet.
What if the price shown above isn’t exactly what I am offered when I try to transfer money?
There can be a number of reasons why the final price you are offered may be different
to that shown in the table above. Exchange rates between two currencies change all
the time and is the most common reason. Additionally, some providers offer different
pricing depending what method you are using to send funds or how the funds will be
received. Others may offer you a premium service for faster payments. In some cases
FXcompared has a special rate with a provider and this is reserved for first time
customers who sign up to the provider starting from FXcompared’s website.
As prices do change often, be sure to confirm the total cost with the provider
before transferring money.
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