The cheapest way to transfer money internationally from Australia To Ireland(Or the other way round).
Last updated: 14/02/2017
We get a lot of queries daily from Irish people living in Australia asking what is the cheapest way to transfer money on our Facebook page or what is the best way to send money from my Irish account to Oz.
- Typically, you have just moved to Australia and are looking for the cheapest way to transfer money from Ireland to your new Australian bank account.
- Or you have been in Australia for a while, and you need to find the cheapest way to send money from Australia to Ireland.
Either way what is the cheapest way?
We put together some very useful information to help you decide on the best and cheapest way to transfer money internationally to Ireland, UK or anywhere in Europe.
In this article we recommend you check out CurrencyFair as a great option to send money home. Below we explain why and give some other options.
Cheapest way to transfer money from Australia to Ireland:
- We don’t recommend doing direct transfers between your bank accounts. Please… please don’t do direct bank transfers.
- Especially if you have just arrived in Australia and are looking to transfer money from your Irish account.
- Why? It varies depending on how much you are looking to transfer, but you can expect to pay anywhere from AU$30 – $70+ in charges!
- Not only will you be paying this but you will also get a very standard exchange rate, meaning that you will be losing out in even more $s or €s.
- Banks can take anywhere from 4%+-6% on the exchange rate(and they don’t even tell you this!).
- If you make typically five transfers over the course of your stay of two years, it will cost you easily over AU$400 – $500 in unnecessary extra charges(crazy!).
- The extra costs go up or down depending on how much money you are sending back home.
- For example, when I landed in Perth I transferred €3000 to their new Australian bank account(Commbank) via online banking.
- I received the money in 3 -4 days but including the charges and low exchange rate I lost out in over $150+ AUD!
- We luckily got referred to Currency Fair by some other Irish people living in Australia as it one of the safest and cheapest ways to transfer money to Ireland.
- We have secured a special deal for Irish Around Oz readers and if you register with this link you get your first trade FREE(normally $5).
- Banks charge upwards of 4-6%% whereas CurrencyFair charges less than 1%.
- If you would like to share it with a friends or family just copy and paste this link with them: http://irisharoundoz.com/freetransfer
- They are also an Irish company, regulated by the (fully authorised) by the Central Bank of Ireland under the European Communities (Payments Services) Regulations 2009. So it is 100% safe, and we use them all the time.
Now CurrencyFair is not the only cheapest way to transfer money to Ireland.
There are many other international currency transfer companies out there.
What companies are the cheapest way to send money to Ireland:
The following have been the most recommended time and time again, ever since originally posting this article in 2013.
- Most recommended: CurrencyFair
- OFX(Previously known as Ozforex), who offer fast & secure, international money transfers and better FX rates than your bank. If you sign up with them here, you get no transaction fees over $1000AU for life, for all Irish Around Oz readers. Great deal and you get a personal broker!
- HiFx – They recently acquired XE currency and are certainly another very popular money transfer company. Another excellent choice for international money transfers.
- TransferWise – Another great option when sending money to Europe. They offer up to 90% savings when transferring money abroad.
MoneyCorp – Market leading foreign exchange dealing team on hand to provide your business with tailored FX guidance and services. Quite popular amongst PomsinOz recommended for outbound EU transfers by MTC.com
Personally, Irish Around Oz uses CurrencyFair; it is up to you on which service you decide best fits you and what you are looking for.
There are also plenty of review sites that you can compare the costs for and against each company. For example Currencies Direct
- If you are transferring money to any country besides Ireland, the above will also be perfect for some of the best and cheapest ways to transfer money from Australia.
- Interested in finding out how much money you would have saved if had you used them in the past? CurrencyFair has a calculator that you can check out here.
- Download the free PDF of this transfer money guide here
What is CurrencyFair and what do they do?
The video below will help you get a clearer understanding of what it is CurrencyFair do and why they offer one of the cheapest ways to transfer money from Australia.
CurrencyFair have their HQ is based in Dublin, but they also have offices in NSW and the UK.
How many times will you send money from Ireland to Australia?
Good question, the amount will vary from person to person.
But why not get find the cheapest way to transfer money from Ireland to Australia.
Imagine if you made even ten transfers a year which is the average amount over two years for Irish people in Oz.
You would save yourself a fortune by using one of these services.
So although you might think it’s just easier to transfer money through your online banking think again.
Why pay the bank?
By using CurrencyFair, you can easily Save 90% on international transfer fees!
What does that mean?
They charge less than 1% on the exchange rate compared to 4-6% with Paypal and banks.
How does CurrencyFair work?
Watch this short video explaining exactly how it works
Hope you enjoyed this article and saved yourself some money.
Share this on Facebook, Twitter or with any friends you know of. Just share the link IrishAroundOz.com/Money with them to bring them to this article.
At the end of the day if you can save money while transferring it why not do it.
Lastly, secure your free transfers and savings even if you are not transferring money today:
Here are our recommendations again:
There you have it, some of the cheapest ways to transfer money from Australia to Ireland.
Whichever international money transfer company you decide to choose from we only recommend services that we have personally used or have come highly recommended by other expats in Australia.
We have many additional resources you will find useful on our resources page.
We also just created this video of a real transfer from my Australian account(Commonwealth Bank) to my Irish account(Bank of Ireland) with CurrencyFair.
Pin the image below to your Pinterest board:
Thanks for reading this guide to the cheapest way to transfer money from Australia to Ireland.
Moving to Canada? Read this guide on the cheapest way to send money from Canada to Ireland
We are also affiliated with the above money transfer websites, which means we get a small commission at no additional charge to you if you decide to use the service.