Transferring money to Ireland

masterboy123

Frequent Poster
Messages
130
I am wondering if anyone has experience of transferring money from Asia to Ireland? It's my immediate family members money and I will be inheriting it.

Also, is there tax to be paid on this money?

Any help will be highly appreciated
 

Horatio

Frequent Poster
Messages
228
Regarding the transfers, I recommend not to use a bank to make the transfer their exchange rates & / or their commissions are typically terrible. Use transferwise.com instead. They have the market rate for exchange & their commissions are very reasonable. Take some time to read & understand their process before transferring money. You can even transfer a small amount first to see how it works. Say a tenner.

I have transferred all over the world using transferwise.com & was always pleased with the rates & the speed of delivery.

Regarding the tax, I'd imagine you're liable to an Capital Aquisition Tax (inheritance tax). what relation are you to the person you are inheriting from? It's an important factor in determining your inheritance tax liability.

Read about the CAT thresholds here: https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/cat-thresholds.aspx
 

bill_cash

Registered User
Messages
21
I've used currencyfair for currency conversion xfers (but not from Asia) and found them to be reliable and much better value than the banks.

I once had to Xfer a big sum, and was really worried about using something other than a bank. I broke it up into several smaller transactions over several days and it all worked fine. This was more hassle and I had to spend 3 euro per extra transaction in fees but found it was well worth the peace of mind seeing it come into the bank each day knowing I was safe to start the next chunk for tomorrow etc.
 
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