Transferring money from Australia to Ireland

C

Cricket

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I have a large sum of money in a bank account in Australia and I am looking to transfer this money to Ireland. What is the most cost efficient method of doing this? I am not looking for tax advice, just foreign exchange transaction advice.
 
You'll be sending it from australia so you would need to find out what the aussy bank charges for the transaction. You would also need to ask if they convert it to EUR before sending , what exchange rate they use. Depending on the amount, the Irish bank may charge for an incoming payment and if it arrives it AUD they will need to convert it to EUR , you could open an AUD cash account here and if its a large enough amount you can negotiate a rate with the irish bank ( they normally offer a better rate with amounts over 20kEURO) to convert it to EUR when you want to change it.
An international electronic transfer would normal be the cheapest route from a Bank. However you could ask how much a bank draft is and have it posted Ireland but there is a risk of it not arriving and you then will have a load of hassle trying to cancel it and get anther reissued.
Western Union is no good if its over $1000 coz thats their max. Incidentally they charge €53 on the grand.
Its hard to narrow down the best option unless you know the amount.
Incidentally you could be creative and buy some Gold with your money and stick it in your luggage and bring it to Ireland, then you could sell the gold in ireland- the only thing is that the risk is that gold prices plummet on the way home, you would also have to be clued into what exchange rate would materialise from that kind of transaction as the AUD price paid for the Gold and the EUR price realised may be outside of the normal exchange rates because the price of the gold has dropped. But it could rise too!

I'm only jokin about the gold - Stick to the bank transfer but you must be clear on the rate for the transaction either in OZ or here.
 
And maybe also XEtrade.com. There are a couple of recent threads on such services.
 
I did this a few years back through ANZ, You had at that time to call through to the bank and speak with Foreign exchange I believe, they will quote you a rate which is also available on there website.

Irish bank charged €25 or thereabouts. check with them also so they don't screw you.

That rate (ANZ) could be bettered though forget how it was done, but ask for open currency rate or something, the girl on the phone when I did it, had to recheck and it was a better transfer rate. Make sure to ask for that.!
 
Do not use a draft as there is always a danger of something getting lost in the post. As other posters have suggested some form of electronic transfer is best and make sure that you know all the charges etc involved.
 
Is your money in an auaaie accoount? I transferred money from CBA to AIB on many occassions. CBA used to charge $22 or so and AIB €6.75 to receive. Can do it all online through the CBA netbank.
 
Brownie10 said:
Is your money in an auaaie accoount? I transferred money from CBA to AIB on many occassions. CBA used to charge $22 or so and AIB €6.75 to receive. Can do it all online through the CBA netbank.
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Do they offer a competitive exchange rate? Compared to the likes of XEtrade.com, currency.ie, other banks etc.? Don't lose sight of the big picture here!
 
mooney76 said:
xetrade rates arent good, checked on tuesday and it was 1.9% off for euro/gbp
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Off what? When I checked a while back before doing a US$ to € transfer they were OK. I did haggle a bit and they improved. But I found currency.ie more competitive and much better to deal with in terms of setting up an account and support etc. However both were miles better than the retail banks here in Ireland!
 
No, don't do it if you can wait... The Euro is skyrocketing against the Australian Dollar. At the moment it's 1.89 AUSD for 1 Euro... With this exchange rate you'll get v. few Euros... Can't you wait a while? This exchange rate is much against the trend in the last 5 years!!!

Link: http://au.finance.yahoo.com/q/bc?s=EURAUD=X&t=5y
 
has anyone used paypal for sending small amount of money{50euro}to son in australia,who also has a paypal account.
 
it really depends on the amount you are looking to send

as over €15k it is defiantly using a independent currency specialist as you get a lot better rate of exchange

as banks normally quote a standard 2/3% off the rate they get, and a broker is normally around 1% plus use stratagies to help obtain a better rate.

also on large amounts it pays to get quotes off a few brokers to make sure you are getting the best rate just like car insurance companies

if you would like more information about the process just ask as i have set up a currency exchange advice website as have experience in foriegn currency transfers but as new to the forum do not want to get into trouble post the link
 
lol regulated in Ireland? currency transfers are world wide it doesn't matter where you are from. as long as you are regulated toughly in your own countries it doesn't make a difference. i.e UK
 
OP
The answer, I found, is to use a service like currency.ie. I have used them a couple of times, no problems.
The most efficient way is to ask them for their australian bank details, and then do an online transfer from your australian bank to their australian bank, in A$.
If you try to do a transfer for a large amount from your australian bank to an Irish bank, you will hit limits. For example my bank in Australia allows up to A$100,000 in a domestic transfer, but A$5000 for international.
You can book a rate before you transfer, or I think they will also allow you a few days to watch the rate, then ask for the transfer to euro (or whatever).
D
 
strange you laugh out loud at the idea of touting a service and not being regulated in the country you are touting,


oroborosFX Re: Transferring money from Australia to Ireland
lol regulated in Ireland? currency transfers are world wide it doesn't matter where you are from. as long as you are regulated toughly in your own countries it doesn't make a difference. i.e UK
 
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