Even though transferring money has become a much simpler business nowadays, there are still extended, more costly options as well as faster and more reasonable ones. In this article, DNBC Financial Group’s experts will shed light on everything you need to know about transferring money from Ireland to UK.
The best ways to transfer money from Ireland to UK
How to transfer money from Ireland
There are three standard options you can choose from: banks, money transfer companies, and P2P platforms.
Give us a chance to take you through each one.
Sending money with a bank
This is a traditional option known as telegraphic transfer (TT), a money transfer, or a wire or SWIFT transfer. The SWIFT network includes more than 10,000 institutions in over 200 countries, so it’s undoubtedly wide-ranging. Moreover, if you are looking for the most reliable option, a bank transfer is significantly suitable.
However, it is a costly option. With SWIFT transfers, there are typically several fees involved, like the charges levied by the sending and receiving banks, and any charges imposed by the intermediary banks.
Additionally, another disadvantage of this method is that it has less competitive exchange rates. If you send a significant amount of money or transfer frequently, bank transfers aren’t a reasonable choice.
Transferring money with money transfer companies
Sending money through money transfer companies is extremely faster and more cost-effective than using traditional banks. There is a wide range of providers you can choose from, including DNBC Group. Through their platform, you can make payments at the lowest exchange rates from/to 170 countries and territories around the world conveniently and cost-effectively. The average transaction speed could be 1 – 5 business days or immediately depending on the type of transaction.
Transferring money with a P2P
The market has undergone a significant shift in the past decade due to the introduction of P2P foreign exchange platforms on the Internet. The service is referred to as “peer to peer” because they pair you up with someone else around the world. P2P platforms will simply purchase the currency from the standard interbank markets if they are unable to match your transfer request with a suitable recipient; however, this can make the transaction more expensive. Therefore, if you make payments in very popular currencies such as dollars, pounds, euros, and yen, P2P platforms are quite an affordable choice due to the high demand on both sides.
In general, this method is significantly cheaper than the services provided by banks. Charging low fees and using the real, mid-market exchange rates are considered to be major factors to create this competitive advantage.
Which is the cheapest way to transfer money from Ireland to UK?
When transferring money from Ireland to the UK, you can save a huge amount of money if choosing the suitable method. There are two significant aspects to consider before making transactions:
- Exchange Rates
To avoid hidden fees, you should thoroughly check with money transfer providers and choose the one offering the service with transparent costs. For example, customers don’t need to worry about unexpected costs when using our services because we always share all information about our charges with them.
When sending money overseas, the exchange rate is a significantly important factor. The exchange rates may vary depending on the particular bank. Remember that you can save a huge amount by getting the best conversion rate for your international payments.
About DNBC Financial Group
DNBC Financial Group is a leading financial institution that assists individuals and businesses to make payments from/to 170 countries and territories conveniently through its smart digital payment system. DNBC is currently present in the European Union, United Kingdom, Canada, the United States of America, Singapore, Hong Kong, and Vietnam. You can find more information about our services here.