Transferring money to daughter in UK

F

Fiddlybits

Registered User
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Hi I wonder if I could get advice on transferring €50000 to my daughter who lives in UK to help her with house renovation. Do I incur exchange charges? She is ROI domiciled and this amount will count as part of her inheritance threshold . How much can I transfer via Revolut or is this risky to do in a few transactions?
Should I transfer from my BOI account to her bank?
Any help very much appreciated
 
Just do a bank transfer from BOI - the peace of mind is worth a few euros
 
@Fiddlybits I was in precisely this scenario with a UK resident daughter. I think we reached an optimum solution. Daughter banks with Starling Bank in the UK. Her main account is obviously in Sterling but Starling also allows her to open a Euro account. I transferred from Ulster Bank to her Starling Euro account. No charge, no currency conversion. She then converted the money within the Starling system at a rate that's better than Revolut/Wise etc etc. And far, far better than the Irish pillar banks will give you.
 
Update on money transfer- daughter’s UK bank does not facilitate a € account. I have been looking at currency services and am signed up to a UK based company called Key Currency. It all seems legit and very positive reviews on Trustpilot. I am still nervous to do the transfer as €50000 is a lot of money and will deplete our savings. Anyone able to give me their experience of using a currency service .
 
I would be very antsy with not using a regular bricks & mortar bank for a sum of that size.

Yes it might cost a few bob, but its a lot less than losing 50k.
 
@Fiddlybits I have used both Wise (formerly known as TransferWise) and CurrencyFair in order to transfer my savings when I moved from UK to Ireland. Both are very good and I had no real issues with either. If you are interested in trying one of them you can PM me for a referral. I have also used Revolut to send smaller sums of money to family and friends in the UK but it was a little bit more expensive. You could also use Monito to compare prices of transfers or if you prefer a bit more of a hand-holding experience I've heard OFX are good.
 
@PoundMan Thank you for this- I’m interested in using Currency Fair but not sure how to PM you‍
 
I've used Wise to transfer money outside of Europe and never had any issues. You can of course transfer in smaller chunks if you're nervous of doing the whole 50k in one go.
 
Persius said:
You can of course transfer in smaller chunks if you're nervous of doing the whole 50k in one go.
Click to expand...

Good point if the individual transaction charges are not too high. I always do a very small test transfer if I set up a new payee on AIB ordinary transactions.
 
Transfermate and Wise are great services, but you can also request a market rate from your bank and for 50k you may get a rate about 0.5% off mid market.
 
Thanks all for the help on this. I went with BOI and got a market rate on the day of around .85 .No charge to recipient and I paid €50
 
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