Regular transfer from Irish euro account to uk sterling account

M

MichaelJ

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My son is gone to college in Uk. He has opened a UK standard sterling account. I want to transfer money, eg on a monthly basis or more frequent, for living expenses etc. I want to limit charges given that it will happen regularly and in smallish amounts eg €400 or such like. Ideally I'd like to do it by online banking for ease.
if so, is it better to send as euro and convert to sterling on arrival in UK account or convert to sterling here before sending. Or is there a better way? Any advice appreciated.
 
It might be worth checking to see if there is anyone you know from the UK studying in Ireland.

You pay them euro and their parents pay your son the equivalent in sterling.

Or if you know someone who wants to buy euro with sterling , then open a sterling bank account.

This could be an Irish person with a UK pension or other income from the UK.

Brendan
 
Banks will rip you off with FX fees.

Use a online FX broker such as Currency Fair. You will save a lot in FX fees by doing this. It is simple to use once set up.
 
Set up Transferwise borderless accounts. You get to decide the time of transfer to STG, maximising your rate.

As a side note, and probably needing a new thread, I assume these accounts should be notified to Revenue as offshore accounts?
 
You could open a Revolut account and give him the card. Simply top up the account using the app on your phone and he can use the card in the UK. Alternatively, I think Currencyfair is better value than Transfermate. I have used Transfermate in the past but they charge a higher fee, €10 or so.
 
Thanks to all for advice above.
I went with currency fair and, once set up, it's seems good - €2.50 fee on total amount and better exchange rate than being offered by AIB on same day. In as far as I can gather significantly larger fees with bank transfers. Now that set up with relevant accounts can simply do a debit card transfer through their app to my sons UK account whenever need to. Would recommend.
 
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