Best ways of getting money from UK bank (£) to Irish Bank (€)

[mbp007]

I do a bit of work in UK and get paid in sterling into a UK bank account. I need to get that cash back to my Irish brick and mortar bank in Eur. I would be transferring of the order of £10k at a time so unlikely to qualify for sweet deals from from any bank. I have done some research and I am still confused about hidden fees etc. I would appreciate advice from anyone who has done this about best approaches and pitfalls. Here is what I have garnered so far although I am a long way from understanding all of the fine print involved:

1. Published rates from my own bank are exorbitant.
2. Revolut have a good rate for amount up to £1000 but fees ramp up after than.
3. Various services like Wise seem to offer better exchange rates but I am unsure about the costs and mechanisms of getting money into them and out of them.

Not interested in anything dodgy and I am wiling to wait a few days for the transfer if that keeps cost down.

Any advice?

 

[Gushering]

Use Wise. I did this recently and found their rates way more competitive than Revolut or the main Irish banks. Moving funds from UK account to Wise and converting before moving to the Irish account was very easy.

 

[mct1]

Wise is easy - I'm a new convert. Used it last month to transfer substantial sums from 3 UK accounts for a house purchase. It's clear about the charges, guides you through the processs, and is fast. Moving a smaller tester amount first is always a good idea of course.

 

[S class]

You could open a Revolut Premium account.
Yearly fee 90 euro.
Unlimited reasonably "free" foreign currency conversions.
There are a few perks e.g. free annual travel insurance.

 

[mbp007]

Use Wise. I did this recently and found their rates way more competitive than Revolut or the main Irish banks. Moving funds from UK account to Wise and converting before moving to the Irish account was very easy.

I have checked them out and their rates seem good but can you tell me a bit more about how you get the money to and from Wise? From what I can tell you do a bank transfer from UK bank to wise and then another from Wise to Irish bank. Are there fees for this?

 

[S class]

Quick check...
£10000 to euro

Wise 11812 euro
Revolut Premium 11836 euro

You can get a very good exchange rate from IBKR. (11848 euro)
You can transfer Sterling in and withdraw euro.

 

[Gushering]

I have checked them out and their rates seem good but can you tell me a bit more about how you get the money to and from Wise? From what I can tell you do a bank transfer from UK bank to wise and then another from Wise to Irish bank. Are there fees for this?

There were no fees for making a sterling transfer from my UK bank to Wise but ultimately this depends on your current account pricing with your UK bank. Wise then made a commission off the FX rate they did the conversion from GBP to Eur on. My Irish bank also does not charge to receive inbound euro payments, but I do pay a monthly account maintenence fee. Ultimately you need check your UK and Irish banks here but typically they will not charge for payments in the currency the accounts are denominated in. So Wise should be the only one place where costs arise and as noted they are very competitive.

 

[mbp007]

You could open a Revolut Premium account.
Yearly fee 90 euro.
Unlimited reasonably "free" foreign currency conversions.
There are a few perks e.g. free annual travel insurance.

Didn't know that was a thing will look into it.

There were no fees for making a sterling transfer from my UK bank to Wise but ultimately this depends on your current account pricing with your UK bank. Wise then made a commission off the FX rate they did the conversion from GBP to Eur on. My Irish bank also does not charge to receive inbound euro payments, but I do pay a monthly account maintenence fee. Ultimately you need check your UK and Irish banks here but typically they will not charge for payments in the currency the accounts are denominated in. So Wise should be the only one place where costs arise and as noted they are very competitive.

Thank you