Need to send £5,000 to uk bank account - cheapest way?

Zascar

Buying a motorbike in the UK and need to find the cheapest way to get £5k into his bank account. Looking on AIB Exchange rates calculator, it seems very expensive. Their rate seems way more than other rates quoted when I google it..

Is there a cheaper way around it?

theyoungchap

Never used it but I've heard great things about currencyfair

banie01

Revolut.
Excellent service for FX transfers.

coffeepls

I honestly didn’t think I’d be answering your post, but I suddenly remembered reading this article on RTÉ news the other day - there’s a part about what you need to know down the end of the article - scroll down it.

https://www.rte.ie/news/business/2018/0510/962587-how-much-value-is-there-in-buying-a-car-from-the-uk/

theteal

Revolut is very handy. Currencyfair is better depending on how high the amount is.

I'd use Revolut for my trips over and back and transferring small amounts. When transferring a large amount e.g. deposit for house, Currency fair was a good bit better value.

Right now I can see that to get £5,000 over would cost €5680 (this fluctuates constantly as it's a live price) with Rev, and €5716.50 with CF - no contest there with that amount

mighty magpie

+1 for revolut. 5k is the limit in one month for no-fee transactions.

It's a great card for travelling abroad. Used it a lot to pay for foreign wedding.

GerardKeating

Zascar wrote: »

Buying a motorbike in the UK and need to find the cheapest way to get £5k into his bank account. Looking on AIB Exchange rates calculator, it seems very expensive. Their rate seems way more than other rates quoted when I google it..

Is there a cheaper way around it?

If you have the time, take a bus "Up North" and lodge it via a Bank there...

but it "SAFER" to pay in some non-cash means...

mighty magpie

GerardKeating wrote: »

If you have the time, take a bus "Up North" and lodge it via a Bank there...

but it "SAFER" to pay in some non-cash means...

I assume the OP doesn't have £5k sterling sitting about. Lodging in a bank up north in euro will result in a terrible FX rate.

Zascar

Thanks All. Only problem is the guy wants it into his bank account - so not surea Revolut card will work but I'll look into currencyfair.

mighty magpie

Zascar wrote: »

Thanks All. Only problem is the guy wants it into his bank account - so not surea Revolut card will work but I'll look into currencyfair.

You can pay directly into another person's account using Revolut.

Just need their IBAN along with sort code and account number. Done it 5 or 6 times this year.

Quackster

mighty magpie wrote: »

You can pay directly into another person's account using Revolut.

Just need their IBAN along with sort code and account number. Done it 5 or 6 times this year.

Yep, Revolut all the way for this. Used it to pay for a car a few months ago. Only takes an hour or two to hit the UK bank account you're paying into too.

Zascar

Thanks all I'l give that a go!

Zascar

About to do this now. I want to be able to send directly from AIB my savings account to the service to credit my account, and then send on to the UK bank account. Is Revolut the easiest? I have an account set up already but never used it.

It seems I have to send the money to a UK Account is that right?

anewme

I use Currency Fair all the time.

Never had any issues.

Pay it in in Euros. Then exchange the money. Then pay it out.

TomOnBoard

Zascar wrote: »

About to do this now. I want to be able to send directly from AIB my savings account to the service to credit my account, and then send on to the UK bank account. Is Revolut the easiest? I have an account set up already but never used it.

It seems I have to send the money to a UK Account is that right?

I used Transferwise a few times for sending funds to USA in dollars. Fast and easy. Worth a quick look before you push the button.

Zascar

Thanks, I dont want to send any more than necessary so can you calculate how many euro I need to send to get the exact UK£ amount? I think I'll give revolut a go...

gooch2k9

Revolut costs €5676 vs €5705 for Transferwise right now.

When it gets into higher values Transferwise becomes better value.

TomOnBoard

gooch2k9 wrote: »

Revolut costs €5676 vs €5705 for Transferwise right now.

When it gets into higher values Transferwise becomes better value.

Useful comparison, thank you. I must look into Revolut for the next time. At what point did they produce similar costs?

Zascar

Great thanks, yes I did a quick estimate and Revolut seemed cheaper. Also easier to add more small money via debit card if necessary. Just sent the payment there - hopefully it will show up tomorrow.

gooch2k9

TomOnBoard wrote: »

Useful comparison, thank you. I must look into Revolut for the next time. At what point did they produce similar costs?

I was looking at around £30k to euros, as part of a grand Brexit escape.

I just checked there now and Revolut are better value up as far as £40k(not checking any further). It was mid weekend I checked and Revolut cut their rate to cover any fluctuations whilst Transferwise held the rate from Friday, that's why they were better value at the time.

Revolut appears to be the way to go!

Zascar

Quick update, I sent the funds from my AIB bank to Revolut on Monday evening, hit my Revolut wallet on Tuesday morning. I sent the funds to the UK bank account on Tuesday afternoon, they just arrived now (wed morning). Very quick. I really like how they send email confirmations to you and the recipient to confirm the transfer, and also the app sends you push notifications when money arrives in your wallet.

mighty magpie

I haven't found any fault with revolut at all except for a returning hotel deposit so if you have another proper credit card, use them for those type of things.

+1 on the communication via app and email.