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Author, Mike Smith

Last Updated on August 15th, 2024

Even in 2024, using your bank to transfer money internationally is still likely to be the most expensive way you can choose. 

Luckily, there are various services available that can help people make international transfers at a much lower cost and with better overall service.

In this article, I’ll cover all aspects, from what a money transfer company is, to our top money transfer company picks and things to consider to find the best one for you.

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What is a Money Transfer Company? (how do they differ from a bank?)

A money transfer company helps people and businesses send money from one country to another. They convert your money and send it to your specified recipient’s bank account.

Money transfer companies are specialists in foreign currency exchange. Unlike your bank, they won’t have other financial services to provide for customers.

Transferring money internationally is a money transfer company’s only purpose.

Money transfer companies will charge different exchange rates and may add on transfer fees (some don’t). These two factors determine the price you pay to send your money internationally.

However, not all money transfer companies are the same.

Certain money transfer companies are more suited than others depending on how much and why you’re transferring money overseas.

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What are the types of Money Transfer Companies? (be wary of comparison sites!)

Money transfer companies fall into the following different categories: 

• Currency brokers
  

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• Money transfer apps
  

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• Money remittance companies

Many comparison sites that compare money transfer companies will provide a ‘Top 10’ list immediately.

However, what isn’t made clear, is that many of the companies they push only fall under one category or type of ‘money transfer company’.

A lot of the time, you can find disclaimers at the bottom of these lists, stating that the comparison site may earn commission from the companies they list.

This can be quite misleading for people, it leads to most not doing the best comparison or research possible.

Ultimately, you could be missing out on saving a lot of money.

You may now think: “Well, how do these transfer companies differ?”

Below, we’ve broken down our top money transfer companies by each type, to explain this further and provide better information.

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Our Top Money Transfer Companies (in 2024)

Currency Brokers (Best Companies for Large International Money Transfers!)

Rank	Company	Pros	Cons	TrustPilot Rating
1	Key Currency	Designated trader support. Good for large European and US transactions. Competitive Rates +No fees for all transfers.	Less likely to deal with international transfers under £1,000.	4.9/5
2	OFX	Headquarters in Australia, good for transfers to this part of the world. Can manage account online.	No dedicated personal support (different person each time.)	4.5/5
3	Corpay	Personal Support for transfers. Extensive destination list.	More catered for Business/CFX international payments.	4.4/5
4	Currency Solutions	No fees for transfers over £3,000. Competitive exchange rates.	The website is difficult to navigate for new customers.	4.2/5

Currency brokers are specialists in large international money transfers.

They are usually cheaper and offer better service than big banks.

As they operate at such large volumes, they’re able to get closer to the interbank exchange rate than other money transfer companies.

This is where you can save a lot of money.

Large international money transfers are likely to cost you far less with a currency broker than with a bank.

As well as being cheaper, many currency brokers can provide tailored guidance specific to your international transfer.

They can help explain the latest trends in the currency exchange market, whilst helping you navigate its daily ups and downs.

Most currency brokers have a minimum threshold for transfers and are better suited than any other money transfer company when it comes to larger amounts being sent abroad.

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Money Transfer Apps (Best Companies for Small International Money Transfers!) 

Rank	Company	Pros	Cons	TrustPilot Rating
1	Wise	Best exchange rates for transfer apps. Various methods of payment for transfers.	Customer service is not readily available.	4.2/5
2	Revolut	Free transfers for Revolut to Revolut transactions. Competitive exchange rates.	Additional charges are added if transfer limits are exceeded.	4.2/5
3	Remitly	Easy to navigate app. Low fixed transfer fees for all transactions.	Slow to resolve issues if transfers go wrong.	4/5
4	Ria	Responsive customer service compared to other apps. No transfer fees for the first transfer.	Less favourable exchange rates.	4.4/5

Money transfer apps are the newest type of money transfer company.

You may also see them referred to as a ‘fintech’.

Some of the companies that come to the fore are PayPal, Revolut, Paysend, CurrencyFair, and Wise.

However, more names and apps are entering the market all the time.

Each is looking to put its spin on how to send money abroad.

Most money transfer apps essentially offer the same mobile-based service – just with a new fancy design.

If you find one you like, it can be really helpful for smaller transfers.

In the unfortunate event that something was to go wrong, sadly, the support is often non-existent.

If the worst were to happen, imagine being left with only a slick-looking interface.

No support, nobody to call, and no indication of where your money is.

The reviews for these money transfer apps often reflect this lack of support.

Even when things don’t go wrong, getting a simple bit of advice can be nigh on impossible.

So, when you need to transfer a significant amount of money, many prefer to deal with a real human being.

It pays to have someone who knows the precise situation of your transfer, and who can immediately tell you exactly when your money is at all times.

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Money Remittance Companies (Best for Quick International Money Transfers!)

Rank	Company	Pros	Cons	TrustPilot Rating
1	Western Union	Quick, secure transfers. Cash pick-ups are available. Good for sending small amounts at a lower cost than your bank.	Can find better exchange rates elsewhere. Verification can take a long time.	4/5
2	Money Gram	Great for regular small transfers as their app will save previous transaction details.	Issues known to arise when using their online transfer service. Will direct customers to do cash pick-up as an alternative.	4.5/5
3	World Remit	Better competitive exchange rates than the providers above	Delays are common for returning money to a customer if a transaction fails.	3.9/5
4	Small World	Large destination list. Various methods of sending money.	Complaints over documents needing review every transfer. Even for customers who transfer regularly to the same recipients.	4.3/5

Money remittance companies can handle cash and are the quickest way to send money internationally. 

Cash transfers are quick because the funds don’t have to go through the banking system.

However, they’re also the most expensive of the types of money transfer companies.

They’re more expensive due to higher transfer fees and higher margins applied to the exchange rates.

Money remittance companies also have limits put in place, so they are not the best for large money transfers.

If you need to transfer less than £1,000 to someone in another country as quickly as possible, a money remittance company could be your best option.

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So which money transfer company is the best? (quick summary)

The best money transfer company depends on your situation.

There is no one-size-fits-all, but below are the general guidelines you should follow.

For large international transfers, a currency broker is likely to be the best.

Currency brokers can typically offer better exchange rates than banks. There are no limits like remittance companies and they can offer better customer, and personal service than apps.

Money transfer apps can be ideal for smaller currency transfers (under £2,000).

For smaller transfers, speed and convenience are often more important than better exchange rates. This is where money transfer apps can be helpful.

If you have cash or need to the money to someone in another country extremely quickly, a money remittance company is your best option. 

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When comparing money transfer companies: Think about cost!

When it comes down to it, one of the biggest, and most important factors when finding the best money transfer company is the final cost.

However, just like misleading comparison sites, the costs aren’t always clearly shown.

The cost of an international money transfer is made up of transfer fees and exchange rate charges.

You will see the fixed transfer fees more on money transfer company websites, especially on money transfer apps.

They are usually low and to the standard customer, look quite appealing.

When comparing these low fixed fees with what a high-street bank will add on as a fee, it seems like a bargain.

The real cost of a money transfer overseas, though, comes with what a company will put on the exchange rate as a margin.

Comparing the margins of different companies is key, especially if you’re looking to send a large amount of money.

Unfortunately, as stated above, this margin isn’t shouted about by companies.

Ultimately, the more money you or your recipient receives at the end of the transfer when it’s all said and done, will be the indicator of which money transfer company is offering you the best deal.

So, when looking at various money transfer companies, it’s important to cover all bases by getting multiple customer quotes and comparing them.

Don’t use the low transfer fees advertised as your guide to who will be the cheapest or save you the most money.

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How to make sure the company you use is safe

Use a company that is regulated by the Financial Conduct Authority.

The FCA assures that financial businesses abide by strict regulations to safeguard customers and their funds.

For money transfer companies and currency brokers, FCA regulations ensure that client funds are kept in safe and separate client accounts.

This gives peace of mind to customers if the worst were to happen and the company you choose comes into financial trouble, your money will not be affected.

Check if a company is FCA-regulated by searching for its name on the Financial Services Register.

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Author, Mike Smith

Last Updated on August 4th, 2024

Transferring money to Ireland can seem complicated, particularly after Brexit. Here, I will explain how a money transfer to Ireland works and how you can complete it efficiently, whilst saving money.

Wanting to send money to the UK from Ireland? Our guide on that transfer has all the information you need!

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Ways to send money from the UK to Ireland

You have two main options to transfer money from the UK to Ireland:

1. Use a bank
   

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2. Use a currency broker

Both options are essentially international bank transfers.

Importantly, currency brokers can usually offer better exchange rates than banks which means you will receive more Euros for your Pounds.

Be sure to extend your research beyond your bank.

You’ll likely find you could save money and receive much better guidance and service.

How to transfer money to Ireland (in 4 simple steps)

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1. Register your account

To get started with a currency broker, you’ll need to get registered.

This is typically a straightforward ID check.

This is necessary to comply with anti-money laundering regulations, and all regulated brokers will have this procedure.

It shouldn’t take very long, and you’ll only need to do it the first time you make a money transfer.

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2. Secure a Pound Sterling to Euro exchange rate

After registering, you’ll be able to access the live market – or your currency exchange representative will do so on your behalf.

This is the most important part of your international money transfer to Ireland.

The GBP/EUR exchange rate determines how much the transfer will cost you.

You’ll want to ensure you get this part right. Exchanging your money at the wrong time can be a costly mistake.

Some currency brokers can help you with the exchange rate.

This can alleviate the pressure of tackling the live currency exchange market alone.

Once you’re happy with the exchange rate for transferring your money to Ireland, lock it in with your provider.

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3. Send in your Pounds Sterling

Next, you’ll need to send in your Pounds Sterling for conversion to Euros.

There are some circumstances when currency brokers allow you to secure an exchange rate before sending in your funds.

Banks require your funds upfront.

Having the option to secure an exchange rate before you send in your money can be an advantage if there is a favourable exchange rate and you don’t want to miss it.

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4. Receive the Euros in Ireland

Once your currency broker or bank receives the Pound Sterling, the conversion and transfer shouldn’t take long.

The bank or currency broker will send the Euros to the recipient’s account you request in Ireland.

A good currency broker will keep you informed on the progress of your transfer and when the funds land at each step in the process.

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How long does a money transfer from the UK to Ireland take?

Even after Brexit, there is no great delay in the time it takes to transfer money to Ireland.

An international money transfer from the UK to Ireland typically takes 1-2 working days.

Under some circumstances, transfers can be completed on the same day.

The UK and Ireland are both part of SEPA (Single European Payment Area).

This means payments between the two countries can still run quickly and smoothly.

Banks and currency brokers both have cut-off times to get transfers sent out on the same day.

This is normally just after midday.

If you have any specific questions regarding the timing of your international money transfer, speak to your currency broker and they’ll be able to give you details relevant to your specific situation.

How much does it cost to send money to Ireland?

The main cost of an international money transfer from the UK to Ireland comes from the exchange rate.

Banks tend to charge around 3-4% in exchange rate costs.

A 4% exchange rate margin from the banks would cost you £4,000 on a £100,000 transfer.

However, currency brokers are specialists and tend to get much closer to the interbank rate.

It’s best to get a direct quote as the exchange rate is dependent on the amount you transfer to Ireland.

On top of the exchange rate, many banks charge additional transfer fees.

These costs can sometimes be hidden, unclear, or confusing.

And they quickly add up if you need to make regular international money transfers.

Shopping around to compare exchange rates helps you find the best exchange rate, avoid unnecessary fees, and can reduce the cost of sending your money to Ireland.

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What bank details do I need?

There are a few bits of key information you need to make your money transfer from the UK to Ireland.

You will need:

• Proof of ID (to set up your account)
  

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• Name and details of the recipient (whether a person or a business)
  

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• IBAN of the recipient account
  

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• BIC (Bank Identifier Code) also called a SWIFT code

You’ll only need your ID for registration on your first transfer.

You can often find your IBAN number at the top right of your bank statement.

If you can’t see it on your statement, it’s best to check the website of your bank.

It’ll be a long string of letters and numbers, so it’s worth double-checking it when submitting it to your currency broker.

And you will need to make sure the recipient details are correct for each transfer.

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Is there a limit on online money transfers to Ireland?

Transfer limits are annoying, especially when you need to make a large money transfer.

You often find banks set their international transfer limits.

However, if you use a currency broker, there are no limits on the amount you can transfer from the UK to Ireland.

Brokers specialise in transferring large amounts.

This means no limits, no additional transfer fees, and typically better exchange rates.

You don’t want to go through the set-up of an international transfer, only to find a limit in place.

And it’s beyond impractical to have to do a large transfer in multiple transactions.

If you have a large amount to transfer, it makes much more sense to use a currency broker.

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Make sure your money is safe when transferring to Ireland 

When sending your money to Ireland, it is important, especially if you’re transferring large amounts to keep it safe and secure.

Fortunately, there are ways that you can make sure the money transfer service you choose is regulated.

When researching, make sure the provider you decide on is FCA Authorised. 

The Financial Conduct Authority makes sure that a money transfer service complies with regulatory rules and protections.

It is easy to check this, too!

Go to the FCA register and search for the company name.

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Quick Summary

1. For transferring money to Ireland from the UK, you can use either your bank or a money transfer specialist.
   

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2. It will take 1-2 working days for a money transfer to Ireland to complete, in some cases, it can be the same day.
   

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3. The main costs of an international money transfer to Ireland consist of transfer fees and exchange rates.
   

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4. You will need to provide the IBAN of the recipient account to complete the transfer.
   

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5. Make sure you choose a provider who is registered with the FCA for money security and safety.

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