Ireland FX is the brainchild of two brothers from Bangor, Northern Ireland. Both brothers worked in London in the banking industry trading in foreign exchange and bonds day-in, day-out. It wasn’t until one went through the process of purchasing an overseas property in France and the sheer frustration of trying to get good service and a good rate from the bank that the idea was borne to provide a service that would make it easier to move your own money around.
This was back in late 2006 and after much research a business was formed in early 2007 and all licences, compliance and policies put in place. The business quickly grew from local contacts and focusing on cross-border transfers between the Republic of Ireland and Northern Ireland, in addition to a growing base of clients in the United Kingdom.
Unfortunately, one of the brothers suffered a ski-ing accident and once out of hospital felt it was no longer possible to personally manage the business. In May 2008 the business was passed onto Tejpal Thanjal, a computer scientist who quickly went to work upgrading the technology tools of the business.
After a year of maintaining existing clients, improving the on boarding process, dealing with the new regulation the banking crises that started in 2008 arrived on UK shores for us. Our banking partner decided to streamline many FX providers off their books by substantially increasing their fees. Although our banking partner mentioned that our business was well-run we decided to suspend operations as it was becoming difficult to turn a profit with the new fees. From May 2010 to September 2011 we remained offline till a suitable provider was found.
Talks began with FX Capital Services, a wholesaler FX provider in early 2011 and after much discussion went live in September 2011. The decision to use a provider dedicated to the foreign exchange market was a good one as they are able to get very good liquidity with the volume they do, in many cases better than what we were getting when we were working with a banking partner directly. So now it is the best of both worlds, Ireland FX still has the personal service it has always had and now with the robustness of a large FX wholesaler to back us up is a great combination.