As an expat in Ireland, you most probably need to send money back home, regularly or occasionally. With the country rapidly becoming the fintech centre of Europe, there are plenty of remittance solutions on the market. But which is the best money transfer service in Ireland? Read on to learn about major providers and their money transfer fees.
Overview
Ireland’s financial sector is experiencing an unprecedented change thanks to the development of new fintech services. This includes international money transfers which until recently were possible only via banks or traditional remittance providers whose money transfer fees were rather high. However, today the landscape is changing, and those seeking the best way for international money transfers should look no further than their smartphones: just install an app and remit worldwide in a couple of taps. Let’s have a closer look at how to transfer money in Ireland with several popular online services.
Revolut
Even though Revolut began as a remittance service back in 2015, today it is a fully licensed bank offering digital banking, loans, insurance, and cryptocurrency among others. It is available in Europe, Australia, Canada, Singapore, Switzerland, and the USA.
With nearly three quarters of the Irish adult population holding a Revolut account, one can say it is the best money transfer service in Ireland for local transfers as sending funds is free between Revolut users. But there are Revolut money transfer fees for international money transfers and remittances to those without a Revolut account.
The app is free to install with a basic ‘Standard’ plan, but in its five-tiered subscription system fees might go as high as €45 a month. Unsurprisingly, the more expensive the subscription is, the better conditions and more services the subscriber gets.
Overall, depending on the amount, payment method, destination, and so on, there are variable fees applied to international money transfers via Revolut. For example, sending money from Ireland to Moldova is subject to 1% of the amount or a minimum fee of €1, and to Nigeria it is 2.30% or €0.42 respectively, whichever is higher in both cases.
The table below indicates the Revolut money transfer fees in Ireland paid depending on subscription.
| Plan Type | Subscription fee/month | International money transfer fees |
|---|---|---|
| Standard | Free | Full |
| Plus | €3.99 | Full |
| Premium | €9.99 | -20% |
| Metal | €16.99 | -40% |
| Ultra | €45 | Free |
Furthermore, since Revolut operates as a bank, the registration process requires that you provide exhaustive personal information, including your tax identification number, and involves rigorous ‘know your client’ verification procedures. These complications are justifiable if you plan to make the most of the Revolut’s services. But if your only need is international money transfers, then you might want to explore simpler, more user-friendly alternatives.
Need more info? Check out our detailed Revolut review.
Wise
Wise has been on the market for more than a decade and is viewed by many as the best way for international money transfers mostly for its ‘no markup’ policy. Today it is available in 160 countries, operates 40 currencies, and is aiming to expand its offer beyond remittances. In Ireland, personal customers have access to the following products:
- International money transfers
- Multi-currency account
- Wise debit card.
The important thing is that, unlike Revolut, to send money via Wise one does not need to open a full account and can use it simply as a service.
As in the Revolut’s case, Wise money transfer fees depend on the currency, the payment method, and the destination. For example, if you are sending €1,000 to India and using a debit card, you will pay up to €8.62 as the card fee plus another €7.12 as the Wise’s fee, or €15.74 in total. On an international money transfer to Nigeria, the Wise’s fee increases to €8.65 bringing the total up to €17.27.
Some might think that Wise is the best money transfer service in Ireland because it claims to convert currencies at the mid-market rate, which means it adds no markup on currency exchange transactions. However, with the Wise money transfer fees as those described above the cost might be significant.
If you are cautious about security as well as about saving money on fees, learn if Wise is safe and reliable.
N26
N26 is another neobank popular in Ireland. Headquartered in Germany, it offers a range of banking services to Irish customers including international money transfers to 35 countries and in 35 currencies. However, this functionality is provided by a third party, namely Wise which is integrated in the N26’s system. You do not need a Wise account to remit, but essentially you pay money transfer fees established by Wise; N26 adds no extra charges for the service.
If you need to open an account in a traditional bank, find out about the best Irish banks for expats in our article.
Profee
If you are trying to figure out how to transfer money from Ireland in a fast and efficient way, without the troubles of opening another bank account, there is a simple and cost-effective solution: Profee.
A fully licenced EMI (Electronic Money Institution) regulated by the Central Bank of the Republic of Cyprus, Profee offers international money transfers from Ireland to over 60 destinations globally. Its state-of-the-art monitoring system allows it to offer its customers the best euro exchange rates at any given moment.
But most importantly, and unlike all the services listed above, Profee does not charge money transfer fees in Ireland. It is fully transparent about the transaction pricing, and the final amount is always displayed in the converter on www.profee.com or in the app before any money is sent.
Signing up and sending your first transfer with Profee only takes a couple of minutes. And once you have tried the service and appreciated how easily and conveniently money can be remitted and saved with Profee, you can start earning through its referral programme. Invite a friend to Profee to get €10 yourself and unlock a €5 reward for them. The number of people you can refer is unlimited, and so is your extra income.
To sum up, choosing the best money transfer provider in Ireland involves various factors and depends on your needs. But if you are looking for a way to save time and money on your international transfers without any loss in quality or efficiency of service, then Profee is your go-to solution.
Visit our website or download the Profee app on Google Play or the Apple Store to ensure you are using the best way for international money transfers in Ireland.
