Transferring Money to UK Current a/c (Cheapest option)

M

Money bags

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Hi,

I'm soon moving to the UK.
I was just wondering if someone could tell me if generally it would be cheaper to transfer money electronically from an Irish Current a/c (NIB) to a UK current a/c (NatWest). Or alternativelly if it would be cheaper to withdraw the funds on a daily basis from a UK ATM machine and lodge it over the counter. NIB are on the UK Link ATM network so there are no cash withdrawal fees (but of course an exchange rate fee or commission I expect). I'd be transferring about 7000 Euro.

Any feedback would be appreciated!

Many thanks.
Brian.
 
Under EU regs you can transfer to UK bank accounts for the same cost as a national transfer, provided the amount is in Euro, less than some generous upper limit, and you have the IBAN, SWIFT and BIC codes for the destination account.

The only question is what the receiving bank will then charge to convert an incoming Euro amount into Sterling.

I've just done a Euro transfer to UK (free using AIB online banking!). The recipient told me to add EUR8 to allow for bank charges on their end. I think that may be an overestimate, we'll see.
 
my local credit union will transfer money from ireland in euro to a sterling bank account they charge 8E and the transaction takes 10 working days, you can get it across quicker if you pay more.
 
Many thanks both of you for those suggestions! That's good to know!
Thanks again!
 
anything less than £50 is converted free at the sterling bank (Barclays ) so one can send several amounts, but not on the same day.So if you wanted to deposit say £300, send six amounts in € but dont exceed the £50. I know it goes all round the houses but it works.
 
Another option to consider is going into NIB and buying a sterling draft, which you can lodge directly into your NatWest account. Not sure what the charge is for a draft but it might be worth comparing vs the other options mentioned here as it would be a fairly convenient method to use.
 
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