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Money transfer

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  • 08-02-2019 1:34am
    #1
    aaabbbb
    Registered Users Posts: 1,674 ✭✭✭


    Hi

    Just wondering what's the best way (and cheapest) of transferring money from an Irish Bank account to a Canadian one?

    I have revolut but wondering if there's anything better out there as I have a few grand to transfer?


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    #2
    jamesbondings
    Registered Users Posts: 2,201 ✭✭✭jamesbondings


    aaabbbb wrote: »
    Hi

    Just wondering what's the best way (and cheapest) of transferring money from an Irish Bank account to a Canadian one?

    I have revolut but wondering if there's anything better out there as I have a few grand to transfer?

    Loads of services out there! Transfer wise, transfergo, money mate.


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    #3
    ridonkulous
    Registered Users Posts: 528 ✭✭✭ridonkulous


    What's your issue with doing it via revolut?


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    #4
    aaabbbb
    Registered Users Posts: 1,674 ✭✭✭aaabbbb


    ridonkulous wrote: »
    What's your issue with doing it via revolut?

    They charge if you go over 5k a month just wondering if there's something out there that doesn't charge or has an even lower rate. The REVOLUT one isn't high I don't think but no point in using it if theres something better out there.


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    #5
    ridonkulous
    Registered Users Posts: 528 ✭✭✭ridonkulous


    aaabbbb wrote: »
    They charge if you go over 5k a month just wondering if there's something out there that doesn't charge or has an even lower rate. The REVOLUT one isn't high I don't think but no point in using it if theres something better out there.

    If you transfer over 6k per month they will charge you. 0.5% which is nothing. So you'd pay €100 on a €20,000 transaction which again is nothing and you get the interbank rate for the transfer which is pretty much unheard in traditional banks and has only become a recent offering with all the online operations. After a lot of research I use TransferWise as well as revolut for my international transfers and I've found revolut to be the cheapest but it takes a little longer so I use it when I'm not worried about exchange rate fluctuations but I use TransferWise for larger sums when I'm not willing to take the risk on the exchange rate dropping. TransferWise have a calculator you can use that will show how much you will actually receive into your account for a given transaction before you do it which is quite handy. They charge a small fee of a couple of euro per transaction and I think it's 0.6% of the total amount. If there is better than those two I haven't found it and I'll be keeping a keen eye on this thread to see if there is a cheaper way.


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    #6
    jme2010
    Registered Users Posts: 974 ✭✭✭jme2010


    I used CurrencyFair to send about 10K total over 3-4 transactions and used Revolut to send a few grand no problem with either and CF took less than 24hrs to receive the money.

    Not sure if I didn't notice the fee or it's not there with CurrencyFair but when I received money via revolut to my Canadian bank, they treated it as a wire transfer and slapped a hefty charge of $15 dollars.


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