What is the best way to send money from Ireland to the UK for buying property?

Many Irish citizens and residents choose to buy a property in the UK either to live in, as a holiday home, or as an investment. Depending on the region, property prices in the UK can be lower on average than in many parts of Ireland but as it’s still a very significant outlay, you’ll need to make plans to limit the costs of transferring your money from EUR to GBP to pay your deposit or mortgage.

This guide walks through the best way to send money from Ireland to the UK​, including using your bank or picking a payment institution like Wise, which offers discounts on large transfers, helping you limit the costs of transferring money from Ireland to the UK for buying a house.

Send money with Wise 💷

Understanding your money transfer options from Ireland to the UK

If you’re transferring money from Ireland to the UK for buying property it’s worth taking some time to investigate your payment options to find the cheapest and most efficient method for your transfer.

Sending large amounts overseas for a property deposit, for example, can mean racking up high charges, including some costs which may not be entirely obvious.

Here are some common methods to send money from Ireland to the UK for buying property.

Send money with your Irish bank

The obvious answer may be to send your transfer using your Irish bank - but this may mean paying fairly high fees, as well as potential exchange rate margins which can push up the overall costs without you really realising it.

To give an example Bank of Ireland international transfers¹ to the UK have a fee of 0.2% of the transfer value (Min. €12.50 Max. €50), plus a foreign exchange margin.² This type of transfer will reach the recipient in 1 - 3 banking days. If you need a more urgent transfer you can also send an urgent payment to the UK for the standard fee plus an extra €25.

Sending a payment from EUR to GBP means that the costs must be shared. This has the downside that your recipient will pay fees, which can mean they get less than you expect - awkward if you need to ensure a fixed amount arrives in your solicitor’s bank account for example. The bank caps the amount you pay in transfer fees which means that any payment over €25,000 will still have a fee of €50.

However, another important cost to understand here is the exchange rate margin. This is a percentage fee added on to the rate you are quoted, which can amount to a far higher overall amount than the transfer fee itself.

Finally, it’s also important to check your bank’s transfer process. With the Bank of Ireland as an example, you’ll need to visit a branch to make a payment of over €20,000 which may not be convenient.¹

Use a specialist money transfer provider

Specialist digital providers can offer a good alternative to banks when sending high value payments from Ireland to the UK.

There are providers which normally have higher limits on the amount you can send, and as these providers may also not have a physical branch network, the payment is usually set up online or by phone with no need to go to a branch during working hours.

Some providers that you can check in Ireland:

• PayPal
• Western Union
• CurrencyFair
• Wise

It’s still important to shop around when selecting a specialist money transfer service. Some providers add exchange rate margins into the rates you’re quoted, which can make it harder to calculate what you’re actually paying.

That said, not all services will add a margin to the rate quoted. Wise, for example, uses the mid-market exchange rate (the one you’ll usually find on Google) and shows all the costs of your transfer for transparency and to make it easier for you to compare. And by making large transfers you may even get an automatic fee discount.

Key factors when transferring large amounts for buying a property

Buying a property abroad comes with some big costs. Here are some things to think about to find a good deal on your transfer.

Transfer fees and hidden costs 👀

Make sure you understand the true cost of your international transfer, as the upfront transfer fee may only be one part of the amount you actually pay. Check if your provider has any of these charges:

• Transfer fee: often a percentage, but can also be a flat fee
• Exchange rate margin: percentage added to the exchange rate you’re offered
• Third party costs: paid to intermediaries and the recipient’s bank, often resulting in less being received than you might expect

Shop around for services which limit these fees, to get a better deal.

Exchange rate impact on property purchases

As we’ve mentioned, exchange rate margins can be a huge cost when making a high value transfer. Even small rate differences affect large transfers in a big way, as the percentage cost mounts up very quickly.

To understand the impact of exchange rates on your transfer it helps to check the mid-market rate at the time of your transfer. Exchange rates change often but the mid-market rate is a good benchmark for a fair deal, as it’s the mid-point between the buy and sell rates used on global markets.

Many banks, for example, often take the mid-market rate and add an extra percentage to it to cover their costs and revenue. This can be hard to sport and may mean you’re paying more than you think. A margin of 3%, as an example, would add an extra €750 on a transfer of €25,000 for example - far more than the transfer charge itself.

Transfer limits and timing

Your bank or preferred provider may have daily and monthly transfer limits which can impact your ability to send high value payments.

Some providers may offer unlimited transfers or you might have very high limits from providers like Wise where you can send up to 20 million EUR from your Wise account, to make high value transfers more convenient.

As you’ll need to make sure you hit the completion deadlines agreed by your solicitor and the seller of the home you’re buying, you’ll want to plan transfers around property purchase timelines. Especially because high value transactions may be subjected to additional checks from your provider.

This may mean sending money in installments or sending the funds over well in advance to make sure everything goes smoothly.

Tax considerations

It’s important to understand both the taxes you may need to pay to the UK government, and the Irish tax implications of UK property purchases to build your property purchase budget.

When you buy a property in the UK you’re likely to need to pay stamp duty.³ The exact names of this tax - and the rates which apply - do vary depending on which country of the UK your property is located in and the price of the property.

It’s very important to check this detail as costs can be high, particularly if you’re an Irish resident, buying a property in England or Northern Ireland. In this case, as well as the basic rates of stamp duty which are set according to the value of the home, you’ll also pay an additional 2% of its value.⁴

🔎 Important: Seeking professional tax advice can make it far easier to navigate the rules at home and in the UK and keep you on the right side of the law in both jurisdictions.

Transferring money from Ireland to the UK for buying a house: Step-by-step guide

The process of sending a high value payment from Ireland to the UK can feel daunting but it’s not too tricky. Here’s an overview:

Step 1: Gather the paperwork needed for your transfer

There’s a good chance you’ll need some paperwork to set up your payment. The required documentation for large transfers is usually used to confirm the source of your money and to prove you’ve legally obtained it.

Your provider or bank can confirm what you need but this is usually things like bank statements showing your income, salary slips or an employment contract, or evidence of where the money came from if it’s from an inheritance or the disposal of other assets.

Step 2: Set up a provider account, or check your bank’s transfer process

If you’re using your bank for the transfer you’ll need to double check the process used, as you might have to go to a branch in person for example.

With digital providers everything can be managed remotely online, in an app or by phone. You’ll be able to set up an account with a provider like Wise using your personal and contact information, and upload images of your ID and proof of address documents for verification purposes.

Step 3: Create the transfer online or in person

Next you can set up the payment. You’ll need to enter the amount to be sent and your recipient’s details - be sure to enter the recipient’s bank details correctly so the money arrives safely.

Before you initiate the payment, check the exchange rates and fees and compare a few options to get the best deal. You’ll also need to choose the right transfer speed to make sure your money arrives on time.

Step 4: Track your payment and confirm receipt

After confirming the transfer you can track your transfer’s progress with your provider’s app. Banks may offer a tracking service but this is not always the case. Once the money has arrived you’ll need to confirm receipt with your UK solicitors so the purchase can proceed.

Don’t forget to keep records for tax purposes, in case you’re required to provide details of the purchase to either the UK or Irish tax authorities at a later date.

How Wise can help you sending large amounts to the UK

Take a look at Wise large transfers if you’re sending a high value payment to the UK. You can send up to 20 million euros from your Wise account, with fee discounts also available.

All your costs are shown upfront so they’re easy to see and compare, and your EUR will be converted to GBP using the mid-market rate with no margin built in. That can keep your costs down overall.

Wise has a dedicated support team for high value payments who can help you navigate the process, and offers secure and reliable transfers.

Open your Wise Account
for free 🚀

---

Common mistakes to avoid when sending large transfers for buying a property

Let’s finish out with a few pitfalls to watch out for when you buy your property in the UK:

• Consider transfer times well in advance: some banks may take 3 working days to get your money moving, so plan around your deadlines accordingly
• Check for holidays or other factors which may delay your payment: transfers will not be processed on days which are public holidays in Ireland or the UK
• Don’t underestimate transfer amounts needed: if your recipient’s bank will deduct fees from your transfer you’ll need to build this into the amount you send so everything runs smoothly
• Watch out for exchange rate margins: exchange costs can be the highest fee you pay. Find a provider which offers the mid-market rate, like Wise, to help manage the fees effectively.

Sources used:

1. Bank of Ireland international transfers
2. Bank of Ireland international transaction fees
3. UK stamp duty rates
4. UK stamp duty - non-resident buyers
5. Revenue Ireland - tax on foreign property

Sources last checked on date: 17th October, 2025