Transferring money from Ulsterbank NI to Ulsterbank ROI

Discussion in 'Banking, credit cards, etc' started by colin79ie, 27 Sep 2018.

  1. colin79ie

    colin79ie Frequent Poster

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    296
    I would like to arrange a regular transfer of money from our account in NI to our account in ROI

    The figures are not huge, about 250 per month. Looking online it appears that the bank themselves don't have a facility other than charging around 25 pounds to do it.

    Google shows me currencyfair but am unsure of the fees (I'm no financial wizard), but it looks like it would be cheaper but would have to do it manually each month?

    Any info appreciated
     
  2. Ravima

    Ravima Frequent Poster

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    2,373
    Currencyfair gives you close to the commercial published rate and they charge £2.50/€2.50 to transfer. Best option in my opinion
     
  3. Brendan Burgess

    Brendan Burgess Founder

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  4. RedOnion

    RedOnion Frequent Poster

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    1,759
    Is the NI account a current account that you have a card for?

    If it is, look into Revolut. You use the card details to get funds from your NI account (instantly) then convert to Euro at market rates, and transfer to your ROI account as a bank transfer (takes a day or 2).

    You can transfer up to £5k per month free of charge.

    I can't see a way to automate it though.
     
  5. TLO

    TLO Frequent Poster

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    206
    For £250 a month Revolut would be the way to go. But you must be comfortable using an app on a smartphone.

    1) Set up a standing order to pay £250 a month to your personal GBP current account that comes with your Revolut card. So this bit can be automated.
    2) Use the Revolut app to manually convert from GBP to EUR. Do this during working hours (Mon-Fri 9-5 etc) and you will get the best exchange rate.
    3) Use the Revolut app to create a recurring payment in EUR to your ROI account in Ulster Bank.
    4) Relax in the knowledge that you are:
    a) getting the best exchange rate
    b) aren't paying any fees
     
    Coldwarrior and CiaranT like this.
  6. colin79ie

    colin79ie Frequent Poster

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    Thanks.

    I have one (silly) question.

    How do I set up to take money from my UK bank account into the revolut account if the app sets me up in ireland using my phone number etc.

    I've looked at the help section but none the wiser
     
  7. TLO

    TLO Frequent Poster

    Posts:
    206
    The below link may help:

    https://www.revolut.com/ie/help/get...sfer/transferring-money-to-my-revolut-account

    Things to note:
    1) Make sure you've verified your ID.
    2) You may need to activate your Revolut UK current account first. Once you activate your UK current account the app will display your UK sort code and unique 8 digit account number.
    3) Suggest testing it by sending a nominal amount, say £10.00, from your UK Ulster Bank account to your Revolut account.