Personal Finance

Transferring small sum to Ireland?

  • Last Updated:
  • Sep 13th, 2018 2:51 pm
[OP]
Member
User avatar
Sep 11, 2008
415 posts
200 upvotes
Quebec

Transferring small sum to Ireland?

I've been looking for something to transfer a small 80EUR sum to an Irish friend and was curious what's my options. Most of what I read is for big amount of money. Made an account with CurrencyFair, but can't seem to find a way to transfer the money to them. I believe that I need to make a special transfer which, from what I read involves paying a 20-25$ fee. Which kills the "freeness".

May RFD be at help here.
9 replies
Sr. Member
Feb 1, 2018
542 posts
538 upvotes
Montréal
Gr4v1ty wrote:
Aug 9th, 2018 7:14 pm
I've been looking for something to transfer a small 80EUR sum to an Irish friend and was curious what's my options. Most of what I read is for big amount of money. Made an account with CurrencyFair, but can't seem to find a way to transfer the money to them. I believe that I need to make a special transfer which, from what I read involves paying a 20-25$ fee. Which kills the "freeness".
Transferwise would be my advice.

Paypal if you value convenience over cost.
Newbie
Feb 9, 2018
74 posts
44 upvotes
Gr4v1ty wrote:
Aug 9th, 2018 7:14 pm
I've been looking for something to transfer a small 80EUR sum to an Irish friend and was curious what's my options. Most of what I read is for big amount of money. Made an account with CurrencyFair, but can't seem to find a way to transfer the money to them. I believe that I need to make a special transfer which, from what I read involves paying a 20-25$ fee. Which kills the "freeness".

May RFD be at help here.
Send via www.xe.com for free. Current rate below:
Capture.JPG
Deal Addict
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Nov 18, 2007
3396 posts
432 upvotes
Valleywood
Would your Irish friend be able to use an Amazon UK Gift Card?

It may be possible to send an eCard from the Amazon.co.uk website to their e-mail. (I have done this for Canada/US transfers.)
Deal Addict
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Jul 22, 2008
1541 posts
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Toronto
sunbat wrote:
Aug 9th, 2018 8:15 pm
Send via www.xe.com for free. Current rate below:

Capture.JPG
It won't be free to receive, though. OP's friend will likely get hit with international wire receiving fees. Transferwise will send from a local account.
Newbie
Feb 9, 2018
74 posts
44 upvotes
Rishi wrote:
Aug 10th, 2018 4:59 pm
It won't be free to receive, though. OP's friend will likely get hit with international wire receiving fees. Transferwise will send from a local account.
I have used XE to send money to my brother-in-law in Australia last year. He didnt need to pay anything nor did I pay anything. Received little over 400 AUD (due to CAD being higher than AUD). Offcourse, it would make sense for OP to compare the currency exchange rates for both sites before sending. XE's exchange rate change every 15 minutes though until you hit send button.

One disadvantage (might be a big one if OP's friend need money instantly) is that XE's free service takes 2 days to transfer money to recipient's bank.
[OP]
Member
User avatar
Sep 11, 2008
415 posts
200 upvotes
Quebec
Thanks all for your feedback.

Thought about the Amazon Gift Card, but he's travelling for 6 months so he won't be able to use the funds in the near future. Might think about TW or XE.

EDIT : Direct debit doesn't charge any fees from canadian banks?
Newbie
Apr 23, 2014
51 posts
13 upvotes
North Vancouver, BC
In my experience, Transferwise is the best option hands down. XE may be 'free', but there's still markup built into the exchange rate, and as far as I've seen means that you pay less surcharge with TW than with XE.

Direct debit is completely free on both TW and XE, though it's the slowest. Usually takes about 5 business days to a Eurozone account - 3 for the direct debit to clear out of your Canadian account, another day for the SEPA direct credit to arrive, and throw in some random processing time. Far and away the most cost effective though.
Newbie
Feb 3, 2009
32 posts
2 upvotes
Whitby
DebitsOnTheLeft wrote:
Aug 13th, 2018 3:05 pm
In my experience, Transferwise is the best option hands down. XE may be 'free', but there's still markup built into the exchange rate, and as far as I've seen means that you pay less surcharge with TW than with XE.

Direct debit is completely free on both TW and XE, though it's the slowest. Usually takes about 5 business days to a Eurozone account - 3 for the direct debit to clear out of your Canadian account, another day for the SEPA direct credit to arrive, and throw in some random processing time. Far and away the most cost effective though.
When you say Eurozone account, do you mean a Eurozone currency within TW? Or do you mean I could transfer CAD without conversion to a remote CAD account at a european bank at no cost?

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