The USA has long been one of the most popular destinations for the Irish diaspora and with large numbers still going, and indeed returning home, there is a huge requirement for international payments to be sent in both directions across the Atlantic. So, whether you’re sending money to family and friends, or you’re sending your salary home, you should make sure that more of your hard earned cash makes it overseas.
Ireland may no longer need bailout money as its economy emerges from recession, but a wave of emigration that began in 2008 is continuing. The top destinations are Britain, Canada, New Zealand, and Australia – but the USA remains a perennial favourite. According to the Central Statistics Office Ireland, 6,900 people emigrated there last year, compared to 2,400 in 2008. That’s not to mention the large number of temporary work permits issued to Irish citizens each year.
In addition to this, there is a staggeringly large established Irish population in the United States. Many of whom maintain strong connections with friends and family back in Ireland. For example, according to the latest American Community Survey, 22 million Americans — 7.2% of the population – say their “primary ancestry” is Irish. That number is, incidentally, more than four times larger than the population of the Republic itself (4.6 million – Central Statistics Office Ireland).
For this large Irish population based in the United States, as well as those back home wishing to transfer funds there, sending money overseas would traditionally involve making an international payment with a bank.
By opening an account with The Irish Times International Money Transfer Service, provided by exchange expert’s moneycorp, your transfers could benefit from more competitive rates than those offered by a bank.
moneycorp’s exchange rates are typically 2-3% better than the rates offered by the banks for international money transfers. This can mean savings on your transfers. If you exchanged US$5,000 into euros, you would typically receive or generate €200 more with moneycorp – if you did this every month that would equate to €2,400 saved over the course of a year.
And the transaction fees are often much lower; €5 compared to the €20-€40 a bank can usually charge to transfer money overseas. So, if you were making transfers every month with moneycorp, you could save up to €420 a year on transfer fees alone.
However, some of the biggest savings that moneycorp can deliver are on the foreign exchange market itself. Exchange rates are known to fluctuate, often in dramatic fashion. For example, the recent climate in the Eurozone, defined by Greece’s economic woes, led to the euro falling to an 11-year low against the US dollar. The euro slid from a high of US$1.39 at the beginning of May 2014 to US$1.10 at the beginning of March 2015 – meaning if you were sending money to America you could have seen an extra US$2,900 on a transfer of €10,000, if you had exchanged at the right time.
moneycorp assigns every customer a personal account manager who will be able to provide expert guidance on the market, to help you exchange at the right time. They can also offer you specialist exchange services, such as “market orders,” which can automatically target a better exchange rate not currently on the market for your transfer, or “forward contracts,” which allow you to fix at today’s exchange rate for a future transfer.