Best Money Transfer Companies in Ireland

Ireland flag

For much of its history, Ireland was one of the poorer economies in Europe. Then, starting in the 1980s, the Celtic Tiger rose. The Global Financial Crisis temporarily took the wind out of this nation’s sails. But today, it has rebounded nicely, with GDP growth of 8.3% and 5.5% in 2018 and 2019 respectively.

Most impressively, Ireland is the sixth most economically free nation in the world, and first in FDI (foreign direct investment) flows. Yet, despite having such a vibrant economy, many Irish citizens and businesses still use banks to transfer money from Ireland to UK.

Here are the fees you can expect to pay by using these top Irish banks:

Bank International Wire Transfer Fee
Allied Irish Bank (AIB) 12.70 EUR – 32 EUR
Bank of Ireland 5 EUR – 12 EUR
Ulster Bank 0.50 EUR – 24.50 EUR
KBC Bank Ireland 25.40 EUR

These fees are just the beginning. After deducting them, these institutions then move your money at their exchange rate. This price isn’t the real rate of exchange – it’s often 2 to 5% off the interbank rate (or more). The interbank rate is the price banks & brokers use to trade currency.

So, by charging a rate well off interbank, they make money from you twice. It’s far too much – so much so, that online money transfer companies thrive while charging way less.

In this guide, we’ll introduce you to the three best money transfer companies in Ireland.

Our Top 3 Money Transfer Companies for Ireland Transfers

Have to transfer money from Ireland to UK, (or transfer money from UK to Ireland)? Don’t pay a pence more than you have to. Below, we outline the top three best money transfer companies Ireland.

Moneycorp: Since 1979
  • No upper limit on transfers
  • Zero fee transfers
  • Access to dedicated dealers

Currenciesdirect logoIn 1996, Currencies Direct was born. Not long after, they entered the Irish market. At last, this country’s companies and individuals had relief from excessive bank fees and margins. Very quickly, they gained customers, as more of them were looking for a cheaper way to transfer money from Ireland to UK.

In the late 2000s, they began to offer online transfers. Their timing was perfect, as younger, more tech-literate users began to adopt this new way of moving money. Soon after entering this market, they drove rates further down, solidifying their reputation as a top money transfer company.

Together with their dedicated dealer, who possessed years of experience, they’ve become a market leader. Every year, Currencies Direct transport 7.5 billion GBP (~8.4 billion EUR) for their 320,000+ clients. Thanks to their lack of fees and low minimum send amount, many clients make small volume transactions.

Currencies Direct also has a firm grip on the business/high net-worth market. Thanks to their hedging tools, dedicated dealers, and lack of transfer caps, they have a loyal base of bigger clients.

But, why take our word for it? Ask their clients. According to Trustpilot, a review site that only allows reviews from 5,000+ actual customers, they have a score of 4.8/5. That score is tough to attain in finance – the fact they’ve amassed this score over 5,000 reviews astounds us.

Currencies Direct Ltd has the recognition of financial authorities the world over. In the United Kingdom, the Financial Conduct Authority (FCA) permits them to operate as an Electronic Money Institution (reference #900669). In the USA, FinCEN gives them federal approval to operate.

With no fees, thin margins, unique business tools, and decades of experience, Currencies Direct stands above most of its competitors.

We feel Currencies Direct is one of the best ways to transfer money from Ireland because they:

  1. Offer fee-free transfers
  2. Impose no max transfer caps
  3. Have a 100 EUR minimum transfer amount
  4. Offer hedging tools
  5. Have dedicated dealers with decades of experience
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  • The best Dun & Bradstreet credit rating in the money transfer industry
  • Top-notch customer care
  • They match any competitor with a lower exchange rate


TorFX has also been around for a while. For a decade and a half, they’ve moved billions of Euros per year for hundreds of thousands of customers.

You don’t do business on this scale without doing a lot of things right. TorFX has committed to serving the customer fully over the years, a decision that has paid off. For five years straight through to 2020, they’ve won Moneyfact’s International Money Transfer Provider of the Year award. In 2019, they also bagged the Canstar 5-Star Rating – a sought after honour.

In the internet age, though, there is no tougher task than winning in the court of public opinion. Yet, TorFX has done it, scoring 4.8/5 from Trustpilot. With 3,500 reviews backing this score, it is an authoritative number.

Tor Currency Exchange Ltd is a legitimate firm headquartered in the United Kingdom. In this jurisdiction, the Financial Conduct Authority (FCA), one of the most respected financial regulators in the world, allows them to offer services (FCA #900706).

TorFX has become successful by offering clients many outstanding business services and tools. TorFX’s hedging capabilities are among its best-loved services. By using forward contracts and stop-losses, customers can shield their capital from geopolitical risk. On top of this, their dedicated dealers can advise when you ought to use these tools.

Foreigners transfer money from UK to Ireland for various reasons. Some have business interests there. Others have been sheltering funds against the worst-case scenarios like Brexit. But, many have invested capital in the Irish housing market.

If you’re one of these people, you’ll be happy to hear TorFX has a guide that teaches clients how to invest in offshore real estate. For this reason and others, TorFX one of the best ways to send money to Ireland.

TorFX is one of the best ways to send large money transfer to Ireland as they:

  1. Offer transfers, minus fees
  2. Price match any competitor with a lower exchange rate
  3. Have a staff of experienced analysts
  4. Possess business tools that provide cost certainty
  5. Treat their clients like gold
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  • Has been trading currency for over 40 years
  • No maximum transfer limit
  • No upfront transfer fees

moneycorp logo

Moneycorp processed its first FX trade way back in 1979. So, they’re like Western Union, right? Wrong – Moneycorp (not to be confused with Moneygram) was one of the first non-bank transfer providers to take on the financial establishment.

Even as other money transfer companies joined the fray, they hung in there by keeping their margins competitive. With their reasonable exchange rates, margins, and service offerings, they are a top three firm to transfer money from Ireland to UK.

Forty years of serving the customer have made Moneycorp one of the world’s biggest cash transfer companies. Annually, they serve over two million clients, transporting 39 billion EUR around the globe.

Many individuals use Moneycorp – after all, they have a low minimum send amount (50 GBP). However, many of their best customers are businesses. Moneycorp’s knowledgeable professionals, hedging capabilities, and uncapped transfers attract many of these enterprises.

Of course, these assets would be worth little without customer service. By dedicating themselves to total customer satisfaction, Moneycorp has achieved a score of 4.6/5. With more than 5,000 reviews supporting this mark, it’s easier for first-time customers to understand this firm’s trustworthiness.

Moneycorp’s official trade name is TTT Moneycorp Limited. This money transfer provider has licenses in 12 countries/districts worldwide. In Ireland, the Central Bank of Ireland allows Moneycorp to operate as an Electronic Money Institution. Outside Ireland, they have authorisation from the FCA, FinCEN, and other respected financial authorities to provide financial services.

With over four decades of experience, Moneycorp provides excellent service for business and individuals. Specifically, Moneycorp offers some of the best international money transfer Ireland because:

  1. They have dedicated dealers that provide timely advice
  2. They don’t impose any limits on transfers
  3. They don’t charge any transaction fees
  4. They have slimmer margins than the banks
  5. They go the extra mile for their clients
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Money Transfer Providers – Your Low-Cost Alternative to the Banks

Given the above, it’s hard to imagine anyone would use a bank these days. Yet, scores of Irish citizens and businesses still run money transfers through their financial institution. Why? Human nature, for the most part, is to blame. It’s hard to fill in forms and do web research. Even if they are paying more, the convenience is worth it to them.

To overcome this built-in inertia, they need to realise how badly they’re getting soaked. So, here’s how much money people are giving up. Imagine you work in Dublin. However, you’ve yet to sell your property in Manchester, so you’re still making a monthly mortgage payment.

Every 30 days, you send 1,500 GBP back home (or ~1,680 EUR). By using AIB, they’ll hit you with a fee as high as 32 EUR. That’s 2% of the transfer immediately, by the way. After that, your cash gets converted at the EUR/GBP rate of 0.8837. At this rate, you’ll have to cough up 1721.91 EUR.

Compare that to the interbank rate – at review time, the EUR/GBP interbank rate was 0.8938. In the absence of fees, you’d only pay 1678.23 EUR. While these trades aren’t possible, you can get within spitting distance. For instance, online money transfer providers like Currencies Direct offer exchange rates within 0.5% of interbank.

According to this mark, you’d get a EUR/GBP rate of 0.8893. With a fee-free transfer, you’d only send 1686.72 EUR across the Irish Sea. Every month, you’d save 34 EUR, or 408 EUR yearly.

But, how do firms like TorFX, Moneycorp, and Currencies Direct make money? All three of these firms lack the overhead of companies in the financial establishment. They have shareholders to please and have grown accustomed to fat margins.

Online money transfer companies don’t suffer from these problems. This advantage gives them the mobility needed to cut deep into bank margins. Rather than rely on margins and fees, firms like TorFX use scale to make healthy profits.

However, this argument might not be enough for some. These people know they’re getting screwed – but they fear using online alternatives. They’ve rather keep getting skimmed by the banks than risk getting cleaned out by a cybercriminal.

However, these folks needn’t be afraid. Online money transfer providers have to abide by the same rules as banks. Should things go wrong, the same mechanisms that protect bank customers from malpractice will safeguard transfer provider customers.

Why People Transfer Money From Ireland

Every day in Ireland, millions of EUR changes hands. However, businesses and individuals have many reasons for moving their money. Below, we’ll address the main reasons for doing so.

Country guides:

Buying Overseas Property

The Irish property market has gotten back much of its mojo. After bottoming out in 2012, it has recovered 80% of its Post-Financial Crisis losses. Over that time, people from around the world invested (and continue to invest) in profitable deals.

But, international investment real estate isn’t as simple as it looks. For instance, while there are no restrictions on foreign ownership, you are responsible for stamp duty and withholding taxes. Also, you have to spend time viewing properties. Buying sight unseen is never a good idea, so you’ll have to put boots on the ground.

Choosing the right money transfer provider is another necessary chore. For starters, they ought to offer the currency you need. This isn’t an issue in Ireland, as all money transfer providers offer the EUR. However, in more “exotic” nations abroad, it could become an issue for specific firms. So, take a quick scroll through the currencies that a company offers. This way, you’ll avoid unpleasant surprises.

Second, ensure your provider doesn’t cap transfers. In Dublin, many properties sell for more than a million EUR. Wise has a maximum transfer limit of 1.2 million EUR, so they aren’t best for making a large money transfer to Ireland.

And lastly, money transfer firms should provide the protection that hedging tools offer. Rates can shift on a dime, especially these days. If this happens to you, you can end up paying a lot more than planned.  By using a forward contract, you can lock a rate in place days or weeks ahead of time. Sure, you give up a bit of equity, but it will save your hard-earned money should the market move against you.

Every recommended money transfer provider in this guide offers hedging tools. They also offer analysts that can help you make the best use of these offerings. But, when it comes to margins, there’s one clear winner – TorFX.

On average, they offer margins of 0.5% on their exchange rates. Meanwhile, Currencies Direct offers 0.7%-0.9%. Moneycorp brings up the rear with average margins of around 1%.

Because of this, TorFX transfers get better (compared to the competition) the more money you move. And, even if a competitor somehow beats them, TorFX will match their price. Sometimes, though, Moneycorp may be your only top option. They offer 120 currencies, so they work well for lesser-known countries.

Solution – TorFX

Making Mortgage Payments From Abroad

Ireland has a hot property market. Some buyers are in the investment real estate game, while others move to the Emerald Isle for career reasons. No matter their motivation, though, sometimes they need to pay an out-of-country mortgage.

However, the default solution involves using recurring bank wire transfers. When buyers do this, they lose thousands of EUR annually via excessive fees and margins. These folks can prevent these losses by switching to a money transfer company. But, it’s not just about lower fees and spreads – hedging tools protect mortgage holders against currency rate fluctuations.

Overall, when we consider these two qualities, we like TorFX best. Yes, all three money transfer providers lack transaction fees, have excellent customer service, and offer hedging. But, the other two can’t touch TorFX’s margins. At 0.5%, their average spread stands above Currencies Direct and Moneycorp. Extrapolate that number over months and years, and it’s clear they are the top choice.

And in the odd case where someone beats TorFX, they will just match it. Consequently, they win this category. 

Solution – TorFX

Recovering Overseas Profits

Ireland is a great place to do business. However, not all enterprises are traditional 9-5 operations. Some pursue online selling and do exceptionally well at it. However, don’t conflate doing well with things being easy. Indeed, various issues fill the life of an online seller with challenges.

For one, online marketplaces like Amazon and eBay offer currency conversion. However, when you move your profits from a foreign shop, changing money comes at a steep markup. On Amazon, you’ll give 3.5% of whatever you convert.

Let’s say you move 20,000 USD from every month. When you do, they take their 3.5% cut. That’s a loss of 700 USD every month. Over a year, you lose 8,400 USD – what would you do with 7,000 EUR (the approximate equivalent)?

By using receiving accounts, you won’t have to wonder anymore. Money transfer companies allow you to make a domestic transfer from marketplace sites to these accounts. Once you have your money, you can then exchange it at far better rates.

If you’re an online seller, Currencies Direct is your top choice. Not only do they offer receiving accounts, but they also provide specialised services for e-commerce clients. Moneycorp is also a good choice for online sellers, but their margins are fatter. Because of this, Currencies Direct wins.

Solution – Currencies Direct

Sending Cash Gifts to Loved Ones

Ireland may be home, but that doesn’t mean you don’t have family abroad. For instance, if your children are studying in England, Canada, or Australia, they may occasionally need money. However, if you use your bank, Western Union, or Moneygram, they won’t get nearly as much on their end.

Allow us to illustrate our point with an example. Let’s say your uni-attending daughter needs 300 EUR for books. By using KBC Bank, for instance, you’ll lose 25.40 EUR, or more than 8%, right off the bat. Then, they’ll change your money at a rate that’s 3%-5% off interbank.

Then, take a look at the best money transfer companies in France. They all lack fees and offer low exchange rates. However, we like Moneycorp the most. Of the three, they offer the lowest minimum send (~55 EUR) and over 120 currencies. While their margins are on the bigger side, low remittance amounts are more affected by fees.

With Moneycorp’s lack of fees, low minimum send, and its many currencies, they are our choice for remittances.

Solution – Moneycorp

Sending/Receiving Freelance Payments

Over the past few decades, Ireland has become an excellent place for business. Freelancers have also started to discover this nation, as cities like Cork offer an alternative to expensive Dublin. As they get stuff done, though, they still have to deal with issues like currency exchange.

The primary problem: legacy payment processors like PayPal. Every time they move money for businesses and freelancers, they take a cut of roughly 3%-4%. Furthermore, these services provide no shielding from volatile exchange rates. If the GBP/EUR takes a sudden dive, for example, you take a sudden, substantial pay cut.

The top three best money transfer companies Ireland all offer a superior business model. They lack fees, their margins are razor-thin, and they offer hedging options. By going with them, you’ll make more, and you’ll have greater income security.

Of our top three, Currencies Direct edges out its competitors. Not only can you use forwards, but batch payments, receiving accounts, and dedicated dealers are also available. Because of this, they are the best choice for freelancers.

Solution – Currencies Direct

B2B Money Transfers

Ireland is a beast in the business world. Thanks to its combination of low taxes, government support, and an educated populace, its growth has been stunning. However, as the Global Financial Crisis demonstrated, sudden economic shifts can jeopardise many enterprises.

Like elsewhere, B2B cash inflows and outflows in Ireland are enormous. Business services don’t come cheap – so, when currency rates move by more than 1%, they can cause economic hardship. Because of this, many firms have actively sought out the protection of hedging tools.

Of these options, forward contracts are the most popular. This tool may force companies to give up the best rate, but they offer cost certainty in return. This is huge, as it allows companies to plan for the future.

All three recommended money transfer firms offer hedging. However, TorFX is our choice for B2B large money transfer to Ireland. Why? Because business transfers are much larger than most personal transfers, margins matter.

TorFX offers an average margin of 0.5% off interbank. If you move massive amounts of capital, you can get spreads as tiny as 0.15%. As a result, TorFX is the best money transfer provider for businesses.

Solution – TorFX

State of International Money Transfer in Ireland

Ireland owes its strong economy to direct foreign investment. Of course, when you transfer money from UK to Ireland, you need to use a transfer provider. In the past, the banks, Moneygram, and Western Union dominated the market. Despite a small sea separating Britain and Ireland, these gatekeepers made untold billions of EUR off hardworking individuals.

After a while, finance entrepreneurs sensed the frustration of their fellow businesspeople. Moneycorp started trading in 1979 and became a small but viable alternative to the status quo. As the decades went on, the non-bank transfer revolution began to gain steam. Currencies Direct joined the fray in 1996, followed by TorFX in 2004.

However, by the 2010s, things really began to change. Wise (Formerly TransferWise) debuted their “interbank rate” trades in 2010. The buzz they created drew attention to the money transfer niche and attracted other similar startups. Today, the market online is very competitive, leading to margins as low as 0.15% off interbank.

To be clear, the banks still do a brisk business. Those intimidated by online transfer still use their bank, and it’s unclear if they’ll ever switch. However, as the share of the money transfer market skews younger, the banks will feel increasing pressure.

In other words, lower rates are here to stay. For now, though, the better deals are definitely online.

Other Money Transfer Options in Ireland

We won’t restrict you to our three favourite ways to transfer money from UK to Ireland. There are dozens of choices you can make if you need to move cash in/out of Ireland. Here are some other services Irish citizens and expats can use to move capital to this country.

Western Union

Everybody knows who Western Union (WU) is. There’s a good reason for that – back in 1872, they invented the cash transfer. To do this, they sent this maiden transaction via their telegraph wires. That’s why many of us call money transfers “wire transfers” to this day.

Thanks to their first-mover status, Western Union dominated money transfer until after the Second World War. Consequently, they felt no pressure to take on the banks by lowering their rates. Even with dozens of competitors today, they still have some of the highest rates and margins in the industry.

And yet, because of their omnipresent network of cash pickup offices in 200 countries, they are still the world’s top money transfer provider. But, trust us – you don’t want to rely on them.

Here’s a brief example of why you shouldn’t: let’s assume to need to send 100 EUR to Thailand. Right from the get-go, they charge a fee of 1.90 EUR – or 1.9% of your send amount. After that, they convert your cash at the EUR/THB rate of 33.5298. However, a quick look at the EUR/MAD interbank rate reveals a rate of 36.1356 – a stunningly bad margin of 7.2%.

Don’t bother with WU – you’re better off moving cash through Moneycorp. However, this option does lack a cash pickup option. If you need that functionality, we would choose WorldRemit. Since its founding a decade ago, their cash agent network is quickly catching up to Western Union.


Overall, PayPal has a good reputation. It’s easy to understand why, as they had a big hand in birthing online commerce in the 2000s. These days, though, just about every payment alternative has better rates than they do.

Their brand name masks the alarming fees and margins they impose on customers. Whenever you transfer money from UK to Ireland, they ding you with fees of 0.35 EUR + 3.4% of the send amount. Then, they convert your money at an exchange rate of 3-4% off interbank. The more you send/receive, the worse it gets.

Compare that to the fee-free transfers and slim margins on transfer providers like Currencies Direct. By using their receiving accounts, you can sidestep the unfair fees/rates that PayPal charges.

The online money transfer space wouldn’t be where it is without Wise. In 2010, they launched in response to unfair bank exchange rates. However, they differed from their competition in one profound way – they made trades at the interbank rate.

But how? Wise makes money by charging a percentage-based transfer fee. While this amount can get significant on bigger trades, this company often has the best (or second-best) rate in many currency pairings.

So, why aren’t they in our top three? In short, their business services don’t compare favourably to the other money transfer providers in this guide. Firstly, they cap transfers at 1.2 million EUR. Many real estate purchases and business transfers exceed that amount – so, that’s a problem.

Second, their business tools aren’t as developed. Wise has batch payment capabilities, but no hedging tools. In the current economic environment, that’s just not good enough.

Should this change, we’ll reevaluate Wise. Drawbacks aside, they are an excellent money transfer company.

World First

Since 2004, World First has offered its 300,000 business clients a better way to move money abroad. With an annual throughput of 70 billion GBP (~78.6 billion EUR), it’s obvious they have advantages not just over the banks, but other money transfer provider as well.

World First offers some of the thinnest margins in the industry (as low as 0.15%). But, that’s not the only way they’ve attracted and retained customers. This business employs some of the sharpest minds in finance. As a result, they offer timely advice that has saved their clients untold amounts of capital.

However, all that isn’t enough for them to rank in our top three. As good as World First is for business clients, they are unsuitable for most individuals. And as of Feb 2021, they stopped working with private clients.

That said, World First gets top-shelf results for medium and big enterprises or e-sellers.

Concluding Thoughts – Ireland Money Transfers

Ireland’s rise to prominence over the past generation has been nothing short of inspiring. Their tax advantages have drawn corporations from all over the world, but its supports and smart people have kept the momentum going.

Nonetheless, Ireland is a small place. As such, viable money transfer solutions are vital to this nation’s ongoing success. More and more, startup founders and ordinary Irish citizens alike are discovering the savings that money transfer providers offer.

From fee-free transfers to elaborate financial security tools, these firms are winning scores of customers. And, as if that wasn’t enough, they offer customer care that blows the banks away. By partnering with these money transfer providers, you could start saving today.