Money Transfer Methods.

Missy86

What method are people using to send money home?

I'm with ANZ bank and they were charging me $24 to do a money transfer back to Ireland, I signed up with Western Union and they are charging me $20. Seems a bit steep or is it the going rate?

Does anyone have any cheaper methods?

OMG Its EoinD

post?

Missy86

Like get a bank draft drawn up and post it? What about paypal do you know what their charges are like?

Xavi6

Missy86 wrote: »

Like get a bank draft drawn up and post it? What about paypal do you know what their charges are like?

You'll still be charged about $20 for a bank draft, and possibly more if it's made out in a foreign currency.

There's no way I know of to transfer without some sort of fee, unless of course you stick cash in the post. Best thing to do is transfer a large amount at the one time as the fees are usually flat for whatever sum you want to do.

mise23

I used a service called transfermate to transfer money and found them good: no fees and a slightly better exchange rate. There are several other companies which offer a similar service - just use google to do a comparison.

kdevitt

I use currencyfair.com to do all my transfers back home. Have my Irish chequebook with me here too, so can post a cheque back if needs be funded by the transfer I make through currencyfair.

Missy86

@mise23 Transfermate is giving me a $10 charge for transfers..how are you getting free transfers? Although $10 is the best i've found

@kdevitt are you charged to put money in your currencyfair account?

Can I not just put money in my paypal account via my australian account then transfer it to my irish account?

kdevitt

Missy86 wrote: »

@kdevitt are you charged to put money in your currencyfair account?

Can I not just put money in my paypal account via my australian account then transfer it to my irish account?

No - its free to deposit, think its 3eur to withdraw - but my withdrawals are currently free as I registered early. You can do similar with paypal - but they're not as good on the exchange rate. (currently on paypal its EUR749.43 for $1000, its EUR726.50 with currencyfair)

I started using it very rapidly once I got here - my first transfer cost me EUR20 or so from AIB to send, and Westpac took $15 off me for receiving an international transfer :rolleyes:

jank

There are a couple of Forex companies that charge low fees and give better rates than retail banks. The larger the amount the bigger the savings overall.

On a side note, does anyone know of tax implication of sending money from Ireland to OZ? The amount is 100k ish...

Missy86

cheers for the replies guys..think i'm gona go with transfermate they've a slightly higher exchange rate - every little helps

kiwipower

Very usefull information. I had been trying to look at away of sending YoYos back to NZ and getting slammed!

Its bad enough when I go back to visit. 1% transaction fee on Visa purchases with my Irish bank and then about 13% on withdrawls from an ATM with my lazer card!

They screw you all ways!

Would love to have an account setup in NZ where I can reguarly save to from my Irish account, would be handy if I wanted to return to NZ for gettin a mortgage or even for spending money when Im home. (Especially if touch wood an emergancy every required me home.)

TirEoghain

I transfer money to Ireland by getting my father to go into his local pub and key my credit card details into the electronic terminal in his local pub and gets the cash from the publican for that amount. He then puts the money wherever it needs to go.

Not sure what the exchange rate is like, but it's my way around the charges.

kiwipower

Pity there is not some safe secure way that we could come up with a community money transfer/barter system.

Ya know kinda like I want to move my €10 to NZ in $NZ. Someone in NZ wants to move their NZ$25 to Ireland. Where we have an agreed exchange rate and just do the exchange between ourselves.

Would be fantastic!
But totally unsafe! :mad:

kdevitt

kiwipower wrote: »

Pity there is not some safe secure way that we could come up with a community money transfer/barter system.

Ya know kinda like I want to move my €10 to NZ in $NZ. Someone in NZ wants to move their NZ$25 to Ireland. Where we have an agreed exchange rate and just do the exchange between ourselves.

Would be fantastic!
But totally unsafe! :mad:

I thought this was a post from a currencyfair staff member for a minute - thats exactly what you do on their site. You can set your own rate, or go with their offered rate.

kiwipower

kdevitt wrote: »

I thought this was a post from a currencyfair staff member for a minute - thats exactly what you do on their site. You can set your own rate, or go with their offered rate.

No not in the "financial markets" (Though am considering looking into how do I print money?) But will check out currencyfair!

Was just a random thought.

kdevitt

Missy86 wrote: »

cheers for the replies guys..think i'm gona go with transfermate they've a slightly higher exchange rate - every little helps

Its a bit sneaky, actually totally misleading - but they quote interbank rate on their currency calculators with a little disclaimer that nobody reads, saying that this isn’t the rate they’ll actually get.

You can see it here:

http://www.transfermate.com/

Read the little bit called ‘About this indicative rate’ under the calculator, almost invisible.

The following rates are interbank rates. This is the rate at which banks buy and sell money from each other. These rates are not available to private individuals or small to medium companies. They are therefore provided for indicative purposes only. For a quote please phone our team

Missy86

Wow...sneaky russians at Transfermate!!! Just goes to show - always read the small print.

Kdevitt you've swayed me...currencyfair it is!!

Cheers for all the info guys