At Ireland FX, we can help not only with sending funds to suppliers abroad, but we can also assist with transferring funds from your own foreign currency account to your base currency account, or with converting money received from a purchaser abroad.
Because we have access to the “Interbank market” and we don’t have High street branch overheads, we therefore are able to offer you better exchange rates than you would normally get from a High street bank. By giving you a better exchange rate, we take less of your money that the High Street banks do and give you more foreign currency for your base currency. Basically, we give you more bang for your buck…Simple!
The process is very easy. Once you have opened an account with us, you phone one of our dealers and fix an exchange rate for the transaction. You then transfer your funds to one of our designated client accounts (similar to a solicitors escrow account). Once the funds clear into one of our accounts, we then transfer your foreign currency to your desired location from one of our foreign currency accounts.
We are registered and regulated by HM Customs and Excise as a money service business and thus have to follow the rules set out by the Money Laundering Regulations act 2012. We therefore will need to take some simple company and personal details in order to get the account set-up.
ABC Wooden Floor company, purchases hardwood floors from America. This means paying for stock in USD, when trading in EUR in Leinster.ABC Wooden Floors used to always trade with it’s local business bank. It was regulary buying stock from 15,000 USD to 500,000 USD. After comparing rates with Ireland FX, ABC Wooden Floor company now executes all it’s currency transactions with us.In the most recent transaction ABC Wooden Floors needed to send 230,000 USD to America. The local business bank was offering a rate of 1.2935 USD to the EUR, meaning ABC Wooden Floors would require 177,812 EUR. Ireland FX was offering 1.3050, meaning only 176,245 EUR would be required.