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Top 3 Money Transfer Providers for UK to Ireland

Provider Amount Received Fee Exchange Rate Speed
Moneycorp Moneycorp 10,812.82 £0.00 1.0813 1-3 days more...
OFX (UK) OFX (UK) 10,780.05 No Fee 1.078 1-4 days more...
TorFX TorFX 10,834.66 £0.00 1.0835 1-3 days more...
FXcompared Country Guides
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
IRELAND
As member country of the European single currency, the euro (EUR), Ireland has no foreign exchange controls restricting money transfer to Ireland of transferring money out of Ireland Read More
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Ireland Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Ireland money transfer regulations
  • Ireland's monetary policy
  • Currency union
  • Economic background
  • Tax and property issues
  • Currency
  • Ireland to Individual Country Guides
  • Summary

    As member country of the European single currency, the euro (EUR), Ireland has no foreign exchange controls restricting money transfer to Ireland of transferring money out of Ireland.

    Ireland money transfer regulations

    Any sum of money in any currency can be freely brought into or taken out of the country without disclosure or other formalities.The single European currency, the euro, is the second most traded currency globally after the US dollar.

    Ireland's monetary policy

    Monetary policy for the single currency bloc is determined by the european Central bank. Irelands central bank, the Central Bank of Ireland, provides oversight of the financial sector and licence all financial service providers. There are five money brokers and fourteen registered currency exchange firms licenced in the country.

    Currency union

    Irelands accession to the euro has made sending money to and from the country very straightforward. The introduction of the single currency in 1999 has made the money transfer between the 18 member countries cheap and fast as the zone has created a single payments system. This single payment system extends to Iceland, Liechtenstein, and Norway, despite their retaining independent currencies.

    The euro suffered considerably in the wake of the 2008 global financial crisis and the resulting economic downturn in the Eurozone, which affected smaller countries like Ireland, Greece, Italy and Spain more heavily than the anchor economies, France and Germany. The economic context has improved considerably, even if growth in the eurozone remains weak. The euro remains one of the worlds most successful currency unions, serving as the peg for two common currencies in Francophone Africa, the Central African CFA franc (XAF) and West African CFA franc (XOF). Within Ireland, euros are most frequently exchanged with the US dollar (75%), followed by the British pound and Japanese yen, according to the most recent report from the Bank for International Settlements from April 2013.

    Economic background

    Property market prices rose faster in Ireland than in any other developed economy in the decade leading up to the financial crisis; average prices for residential property have fallen by an estimated 47% from their peak in 2007. As activity faltered in key sectors such as construction and agriculture, the Irish economy came to rely on its openness to foreign direct investment (FDI) and the foreign exchange market; the industrial and services sectors rose to the forefront, supported by a investment from foreign multinationals. Ireland completed its EUR67.5bn EU-IMF bailout programme in 2013 and now stands on a stronger financial footing.

    Tax and property issues

    Compared to the rest of the Eurozone, Ireland has particularly favourable conditions for foreign investment and property ownership, including a low corporate tax rate of 12.5%, preferential rates for small businesses, and research and development tax credits. Non-residents are required to pay income and corporate tax only on revenue generated within Ireland or from an Irish employer, and additional exemptions apply in the case of double taxation agreements. As of mid-2013, Ireland had signed 69 tax treaties, of which 64 are in effect.

    Currency

    The euro comprises 100 cents. Euro banknotes are printed in denominations of EUR5, EUR10, EUR20, EUR50, EUR100, EUR200 and EUR500. Coins are minted in values of 1, 2, 5, 10, 20 and 50 cents, and EUR1 and EUR2. Each member countrys central bank issues its own currency; notes are standardised, but coins have national designs on one side and common designs on the other. All euro currency from any country is accepted within every currency zone member state.

    Ireland to Individual Country Guides

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    Top 10 Money Transfer Providers

    Exchange Rates as of 2019-08-23T21:59:15+00:00

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

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    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years
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    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    TransferWise

    TransferWise is an online only provider

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    TransferWise is an online only provider

    Western Union Business Solutions

    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
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    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.