sending money to a UK bank account

M

Marykate

Guest
Dear all,

I have to send a once-off amount of 5,500 Sterling to a friend's bank account in the UK. I mean he has to receive 5,500 Sterling irrespective of whether I send it in Euro or Sterling. I don't want my friend to be hit with a commission when the money hits his account.

I am wondering which Irish bank offers the best rate/ least commission. My own bank, one of the large Irish ones, was vague enough on their offer. They mentioned a Swift transfer.
Or is there a better way?

I would appreciate your advice.

Many thanks
Marykate
 
in AIB you can do the transfer by internet banking and choose that you pay all the fees.
 
You could do a swift transfer where you specify that all charge are to be deducted from your account and where you specify that you want to send certain amount of £. The banks than sort out how many € that is going to be, charge you all cost and your friend get's the money.

However that is not going to be cheap, it migth be better to get a £ bank draft from your bank and send that over (AnPost offers nice overnight to the UK).
 
Many thanks all. I think the bank draft option is the best.

Marykate
 
Hi,

Try calling Prestige Property Group in Dublin and ask for the currency dept. I have used them several times and find them helpful and efficent. Say you want to transfer STG to a UK account and they will quote you a much better rate than the banks (in our experience) You will have to register with them by completing a form and faxing back. You agree the amount to wire and it is free of all costs to you and the buyer as far as I know. The transaction takes only a day or so once all paperwork is complete.

Better to transfer the money from an AIB or BOI account as you incur no transfer costs from your account to theirs and it is instant that way.

Hope this is of help,
Optimistic
 
Hi Marykate,
This may be coming too late but I've just joined askaboutmoney.com today in order to respond.

My wife and I moved from the UK at the end of last year. As the interest rate is higher in the UK, we left our savings in a savings account there. We are now in the process of buying a new home in Dublin. So I've been looking for the most economical way of transferring my money from Sterling in a UK bank account to Euro in an Irish bank account.

We could both save ourselves a bit of money if we exchanged currencies. I could transfer 5500 sterling from my UK account to your friends, and you could transfer the equivalent in Euros to my Irish bank account. We would just need to agree on an exchange rate and also come to some agreement to protect both of us.

This may be too late. But if not, then please pm me if you are interested and we can co-ordinate.

If anyone else out there wants to do something similiar let me know. I have
close to 24K sterling that I need to bring back.

- Ben

PS Does anyone know if there are any legal issues with doing this? I promise I'm not trying to launder dirty money!
 
If you are interested in getting a better rate on bringing money in/from the UK you can PM me. I can pretty much guarantee best rates for you, certainly better than the UK banks/Irish banks will offer you
 
Dear all,
I apologise for the very late reply, especially to Benh who joined the forum to respond to my original query.


To be honest, all the options I looekd at were complicated or expensive for a one-off transfer of monies to the UK. In the end I paid for a Sterling draft with my house bank (AIB), they wrre not cheap but it was easiest, and I sent it by registered post to the Uk.

My sincere apologies again for the late reply.
 
You must log in or register to reply here.
Back
Top