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Cheapest way of sending money home

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  • 20-08-2010 2:36pm
    #1
    dory
    Moderators, Recreation & Hobbies Moderators Posts: 4,497 Mod ✭✭✭✭


    Does anyone know what the cheapest way to send money home is?

    I'm making a fairly ok salary, but I seem to spend the money better than I make it, so I'd like to send some home to my Irish account.
    My bank charges €15 per transaction up to €5000. I was waiting to have €5000 saved so that I'd only pay it once, but that isn't going to happen anytime soon.

    Does anyone know of anything cheaper? Thanks


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    #2
    Miss Dymph
    Registered Users Posts: 89 ✭✭Miss Dymph


    I find Western Union brill!! dad used to wire me loads when i was in Asia and i dont think it cost him much at all


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    #3
    lil_lisa
    Registered Users Posts: 1,829 ✭✭✭lil_lisa


    Yes but that won't lodge it into an account for you. Do you have an Irish credit card? If you have online or phone banking you might be able to make a credit card payment with your current foreign card, there wouldn't be any charge there.


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    #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,290 Mod ✭✭✭✭Jim2007


    Miss Dymph wrote: »
    I find Western Union brill!! dad used to wire me loads when i was in Asia and i dont think it cost him much at all

    Western Union is one of the most expensive ways you can send money!!! For example, €900 to Oz costs €43!!! They do a great job, but it should only be used when no other means are available.

    Jim


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    #5
    Miss Dymph
    Registered Users Posts: 89 ✭✭Miss Dymph


    Thats so unusual! I was sent several thousand over 3 months from Ireland to Asia and there was extremely minimal charges.


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    #6
    digme
    Closed Accounts Posts: 4,584 ✭✭✭digme


    dory wrote: »
    Does anyone know what the cheapest way to send money home is?

    I'm making a fairly ok salary, but I seem to spend the money better than I make it, so I'd like to send some home to my Irish account.
    My bank charges €15 per transaction up to €5000. I was waiting to have €5000 saved so that I'd only pay it once, but that isn't going to happen anytime soon.

    Does anyone know of anything cheaper? Thanks
    paypal is simple and free.

    put the money into the bank where you are, go onto paypal and transfer it to that


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    #7
    scudzilla
    Registered Users Posts: 11,932 ✭✭✭✭scudzilla


    digme wrote: »
    paypal is simple and free.

    put the money into the bank where you are, go onto paypal and transfer it to that


    Don't know which PayPal you've been using but the one i use certainly isn't free.

    Won't cost anything to send but whoever withdraws it will lose 3% IIRC


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    #8
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,290 Mod ✭✭✭✭Jim2007


    Miss Dymph wrote: »
    Thats so unusual! I was sent several thousand over 3 months from Ireland to Asia and there was extremely minimal charges.

    The sender is the one who pays the big chunk, perhaps that is why you did not notice it...

    Jim


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    #9
    beagle001
    Closed Accounts Posts: 764 ✭✭✭beagle001


    Miss Dymph wrote: »
    Thats so unusual! I was sent several thousand over 3 months from Ireland to Asia and there was extremely minimal charges.

    Western Union = excessive charges


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    #10
    lonestargirl
    Registered Users Posts: 1,501 ✭✭✭lonestargirl


    ForEx accounts are usually the cheapest, they take bit to set them up but once that's done they are pretty easy to use. For example: link to XE Trade


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    #11
    Miss Dymph
    Registered Users Posts: 89 ✭✭Miss Dymph


    Whoops just checked with dad there, for every 2,000 he sent, he paid 50-60 euro, my bad! Guess i should have been nicer to him :)


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    #12
    Thoie
    Registered Users Posts: 6,344 ✭✭✭Thoie


    Could you not set up a deposit account in whatever country you're in (one without a cash card), then use internet banking or a standing order to transfer x amount of money to the deposit account every pay day? Then just take it out when you're leaving. Maybe use a 7 or 30 day notice account so that you can't access the money easily at all.


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    #13
    keithclancy
    Registered Users Posts: 9,208 ✭✭✭keithclancy


    dory wrote: »
    Does anyone know what the cheapest way to send money home is?

    I'm making a fairly ok salary, but I seem to spend the money better than I make it, so I'd like to send some home to my Irish account.
    My bank charges €15 per transaction up to €5000. I was waiting to have €5000 saved so that I'd only pay it once, but that isn't going to happen anytime soon.

    Does anyone know of anything cheaper? Thanks

    Sepa Transfer if your in the EU ..
    http://www.sepa.ie/

    I pay nothing extra to transfer nothing back to Ireland, takes three working days.

    Better to do it in small payments also, anything over 10,000 and you have to fill out a load of forms, plus the tax man can get involved.
    Whoops just checked with dad there, for every 2,000 he sent, he paid 50-60 euro, my bad! Guess i should have been nicer to him

    Maybe you shouldn't have expected Daddy to pay for your trip to asia ?

    Yes ... Western Union is about the most expensive way to send money. Its also the fastest though.


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    #14
    myflipflops
    Closed Accounts Posts: 2,817 ✭✭✭myflipflops


    OP - How ong are you out of the country?

    Have you factored ii the possibility of being charged tax on this money in Ireland.


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    #15
    dublingirlie
    Closed Accounts Posts: 1 ✭dublingirlie


    I'm also moving abroad facing this issue albeit just to keep up with direct debits for small amounts...

    I have found 2 recommended web services that seem good and work out at least 50% cheaper than banks.

    I'm considering using one of them anyway:

    www.1stcontactforex.com

    www.tranzfers.com

    Good Luck!!:)


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    #16
    dory
    Moderators, Recreation & Hobbies Moderators Posts: 4,497 Mod ✭✭✭✭dory


    myflipflops wrote: »
    OP - How ong are you out of the country?

    Have you factored ii the possibility of being charged tax on this money in Ireland.

    Nope hadn't thought of that. I'm away for a year. The reason I need to transfer is because my credit card is on my Irish bank. The credit cards from here don't work on the Internet. :rolleyes:

    Thanks for all the suggestions, I'll look into all of them.


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