Look after your foreign exchange and your money will look after itself
If you find yourself regularly sending money overseas, it is well worth seeking expert help to manage foreign exchange rates.
While the eurozone has taken the foreign exchange hassle out of sending your money to maintain your property in most of mainland Europe, Ireland’s closest neighbour, the UK, has stuck to sterling. More than 400,000 Irish citizens live in the UK and it’s estimated that thousands more are temporary residents who keep a foot in both countries, many still with financial commitments back home. For them, having to deal with euro/GBP foreign exchange is a familiar challenge.
Traditionally, banks helped with foreign exchange and provided all international payments services, but an exchange specialist can provide better exchange rates, lower fees and bespoke customer service.
By opening an account with The Irish Times International Money Transfer Service, provided by exchange experts Moneycorp, your transfers could benefit from rates that are about 2 per cent better than those offered by a bank. You can enjoy free expert guidance for your transfer requirements from a dedicated account manager and dealer, who can help you create a transfer tailored to your needs.
For example, they might recommend a ‘Regular Payment Plan’, which is a great choice for overseas property owners with a local mortgage and regular household bills. Firstly, it offers some of the lowest fees on international transfers - as low as €5 - which can save you hundreds a year on your regular payments.
The process works by automatically taking money by direct debit from your Irish bank account to convert into sterling, or vice versa from your UK account to convert to euros. You can determine the payment schedule to fit perfectly around your needs.
You can decide whether you want to fix the amount of money leaving your Irish account each time, which means the amount of currency you receive will vary with the exchange rate changes. Alternatively, you can fix the amount you receive in foreign currency, meaning the amount in euros debited from your account will vary. Or you can fix the exchange rate for both for anywhere between six and 24 months.