29 Jan 2025
Do you know that according to the International Organization for Migration’s (IOM) estimates, the global diaspora comprises 281+ million individuals living in foreign countries? Among these international migrants and expats, more than 15,000 live in Ireland, typically seeking better career prospects and a secure financial future. According to the Central Statistics Office (CSO), the number of immigrants in Ireland was 632,000, the highest in April 2024 since 2007. Immigrants living and working in Ireland often send money back home to support their families financially. These remittances are crucial for maintaining a stable livelihood for their dependents in terms of education, healthcare access, and more.
While there are plenty of ways to make international money transfers, you must be conscious of how you send money online or through other more traditional channels. This blog will help you understand your options for international money transfers and suggest proper strategies to send remittances from Ireland through these channels.
All individual’s requirements and priorities vary. This means that one method of making an online money transfer might suit you more than the others. Consider carefully the options given below:
A traditional bank in Ireland is a secure option for money transfers, especially if you send large amounts of money regularly. With the advent of technology, you’ll find that most banks in Ireland now offer online platform services through which you can send money online. However, remember that the transfer fees charged and the exchange rates banks offer may vary.
Choose a bank offering competitive exchange rates and a relatively low fee. Although international transfers through banks can be rather costly.
An alternative to that is a remittance service provider, which is a private service, of course. These providers, such as ACE Money Transfer, often have extensive and secure networks worldwide. For instance, with ACE, you can send money online to over 100 countries, including Ireland. Remittance providers usually have lower fees and better exchange rates offered. Other than this, you can enjoy regular discounts and promotions they offer to cut down even more on your remittance costs.
Since most of our tasks are now done through our phones, money transfer worldwide is no exception. Many applications, such as the ACE Money Transfer mobile app, have become increasingly popular among immigrants worldwide. The charm is in the convenience this method of money transfer offers.
Sending money abroad can be essential to supporting loved ones or managing finances. Choosing a secure, reliable, cost-effective method ensures your hard-earned money safely reaches its destination. Understanding the available options and comparing fees can help you make informed decisions. Once you choose the best method and channel to send money from Ireland to anywhere in the world, you might want to keep these helpful tips under your belt.
Always compare the upfront fees and offered exchange rates before you choose a particular money transfer channel. Websites and certain dedicated remittance comparison websites can help you compare.
Since exchange rates fluctuate frequently, you should time your remittance transfer accordingly. Plan your transfer when the rates are favorable to maximize your remittance value. Choose from many mobile apps that give rate fluctuation alerts, making tracking easy.
Sending money frequently can damage your wallet over time. Instead, try sending more money less frequently, as consolidated transfers can help you save some money on transfer fees and exchange rates.
Verify their legitimacy before you share sensitive information and give a remittance service provider access to your funds. Only use the services of authorized service providers, and avoid clicking on suspicious or unfamiliar links.
Immigrants give their blood, sweat, and tears into the money they earn away from home. ACE Money Transfer realizes that value and works to ensure a customer’s good experience. With the ACE mobile app, you can send money online from Ireland to over 100 countries speedily and safely. Your data and funds are always safe with ACE, so send your first remittance today free of charge!
Online platforms like ACE Money Transfer often offer competitive rates and low fees compared to banks.
Many transfer platforms and currency exchange websites allow you to view and compare real-time exchange rates.
Each provider has its limits, so check with your chosen service. Banks and some online platforms may allow higher transfers than cash remittance services.
Yes, as long as you use regulated providers and follow security best practices, such as avoiding phishing emails and protecting your login information.
Most providers offer tracking services through their app or website, allowing you to see when your money arrives at its destination.
