Sending large sums of money to Australia from Ireland: A quick guide

1. The best way to transfer a large amount of money to Australia from Ireland >
2. What is the process involved in sending large overseas payments to Australia >
3. What details are needed to transfer money from Ireland to Australia? >
4. How long does it take to transfer money from Ireland to Australia? >
5. Why your high-street bank may not be the best choice for sending large cross-border payments >
6. Achieve the Best Exchange Rate for your EUR to AUD Transfers  >
7. How Fexco can help  >



Sending money to Australia from Ireland can be a straightforward process once you understand the steps involved and the associated costs. You now have more options beyond traditional banks, offering cheaper, easier, and often faster ways to send money internationally.  


Overseas payments to Australia can be made using these methods: 

MethodDescriptionSpeedAdvantagesDisadvantagesSuitable for large amounts
International Money Transfer Service Convenient services offering various payout options Quick- Lower fees and rates are often more favourable than the traditional bank.

- Often more accessibility to banks worldwide.

- Streamlined payment options.
Client is required to sign up to tradeModerate to Large amounts
ACH (Automated Clearing House) Using in country payment systemsSimilar to money transfers but through a network of banks. Requires bank-specific instructions.ModerateWide accessibility, lower feesSlower processing compared to some methodsModerate to large amounts.
Traditional Bank transfersDirect transfer between banks, requiring recipient's bank info. Quick, fees depend on institution.ModerateSpeed and reliabilityLittle transparencyLarge amounts.
Cash-to-Cash TransferDrop off cash for pickup at a transfer centre.QuickQuick access for the recipient, convenienceFees can be relatively high, limited to cashModerate to large amounts.
Prepaid Debit CardsTransfer funds via a debit card for recipient's use.QuickConvenient for recipient, versatile usageActivation or monthly fees may applySmall to moderate amounts.
Foreign Currency ChequeIssue cheques in foreign currency, sent to recipient's local bank.SlowSimple process, local bank accessibilitySlower processing, processing feesModerate to large amounts.

1. The best way to transfer a large amount of money to Australia from Ireland 

If you are looking to transfer a substantial amount of money to or from Australia from Ireland, opting for a money transfer specialist is often the best choice. 

The primary reason is that you are likely to secure a more favourable exchange rate compared to a typical high street bank. 

 A recent survey conducted by, involving over 4,205 consumers globally, found that personal customers value trust, security, and transparency when choosing an international payments provider for their overseas transfers. 

Specialist payment providers are often considered better for international payments involving large amounts due to their solution offerings that enhance security and reliability. 

They also provide dedicated and easily accessible support, a feature often lacking at digital banks and typical high street banks. 

When transferring large funds overseas, you need assurance that you have somebody at the end of a phone line in the event of a problem arising. 

Payment FX specialists leverage extensive relationships with banks and financial institutions to offer their clients competitive exchange rates and reduced fees, surpassing the services of traditional banks. 

Their in-depth knowledge of the foreign exchange market ensures clients can access personalised solutions, establishing them as the top choice for cost-efficient and streamlined cross-border transactions between Ireland and Australia. 



2. What is the process involved in sending large overseas payments to Australia:  


Step 1 ‚Äď Identity Verification ¬†

Before initiating the money transfer from Ireland to Australia, your identity needs to be verified to comply with global anti-money laundering regulations. Typically, verification is quick and easy. You may be asked to provide: 

  • A copy of your passport/driver‚Äôs license and a recent bill as proof of address It is advisable to complete this step well in advance even if you are not ready to transfer immediately. ¬†


Step 2 ‚Äď Lock in an Exchange Rate (EUR to AUD) ¬†

The next step involves locking in an exchange rate for converting Euros (EUR) to Australian Dollars (AUD). You will need to specify the amount of AUD you wish to purchase. 


Your money transfer specialist will then provide a live quote for the EUR/AUD exchange rate. Remember that no transaction will occur without your authorization. If you decide to proceed, the specialist will secure the agreed-upon exchange rate for your transaction. 


Step 3 ‚Äď Submit your Euros ¬†

Before the money transfer to Australia can take place, you will need to send in your Euros to the designated bank account of your payment processor. 


Step 4 ‚Äď Currency Conversion and Transfer ¬†

Once your bank or money transfer specialist receives your Euros, the converted funds will then be transferred to the Australian bank account you have specified. 



3. What details are needed to transfer money from Ireland to Australia? 

You will need the following recipients bank details to send a payment from Ireland to Australia:  

Recipient’s full nameThe recipient’s complete name as it appears on their Australian bank account
Recipient’s addressThe recipient’s full address in Australia
Recipient’s Banks name The name of the recipient's Australian bank
Recipient Bank’s SWIFT/BICThe SWIFT or BIC code that uniquely identifies the recipient bank and its branch
Recipients BSB Number (Sort code)A unique 6-digit code that identifies your bank, state, and branch location. You can put the BSB number ahead of the account number.
Recipient’s Bank account numberThe unique account number of the recipient in their Australian bank.

When you combine the BIC, BSB, and Account Number, there is a better chance that your funds will reach the designated bank account in Australia without any delays. 


a. What is a BSB number? 

A BSB, short for Bank State Branch number, is a unique 6-digit code that identifies your bank, state, and branch location.  

A BSB number is an equivalent to an Irish Sort Code. 

Some banks, such as Beyond Bank, utilize a single BSB code for all branches, while others, like CommBank, have distinct BSB codes for each branch.  

These BSB numbers are allocated by the Australian Payments Network, a governing body overseeing all BSB numbers in Australia.  

This standardised system guarantees that all Australian banks and their branches are easily identifiable, providing an organised method for financial transactions. 


The BSB code is structured as XXY-ZZZ. Here is a detailed explanation of the significance of each number:  


  • The initial two digits (XX) designate the bank or financial institution receiving the funds. ¬†


  • The third digit (Y) is the state in Australia which the branch is situated. ¬†


  • The final three digits (ZZZ) pinpoint the branch’s specific address.¬†



b. Are BSB numbers the same as SWIFT/BIC codes?

You might be wondering if BSB numbers and SWIFT/BIC codes serve the same purpose.   

BSB numbers are for domestic transactions, whereas SWIFT/BIC codes operate within an international network. International money transfers require both a BSB code and a SWIFT/BIC code to ensure seamless transactions. 

When you provide the BIC, BSB, and Account Number together, it ensures the accurate routing of your money to the correct destination.  

It is advisable to consult a currency broker or financial expert to double-check the details before initiating the transfer.  


Get a bank-beating FX rate for your EUR to AUD overseas payments

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4. How long does it take to transfer money from Ireland to Australia?  

As a general guideline, it takes around 3-5 working days for your AUD to reach Australia with traditional banks. 

However, the actual duration can vary depending on the receiving bank in Australia. Some Australian banks may have their internal checks on incoming international funds, which can slow down the process. 

Additionally, the time taken can be delayed by one working day if your funds are sent in the afternoon, rather than the morning, as the daily cut-off time is typically around 2 pm. 

Transferring money to Australia from Ireland is quick, secure, and cost-effective with Fexco. 

Some Irish high-street banks charge up to ‚ā¨25¬†extra if you need funds to reach the Australian account the next working day.¬†


At Fexco, we do not charge extra for same day/next day payment delivery. 


Once you have registered and locked in your exchange rate with Fexco, and we have received your cleared Euro settlement funds, your AUD can be delivered to Australia the next working day at no extra cost, provided funds are sent before the cut-off time. 

Please note, if you require the funds to be in Australia on a particular date, the instruction and your settlement funds needs to be with Fexco by 2.00 pm the day before. This is due to Time Zone differences.   

Speak to our support team who can advise you on transfer times and they will keep you up to date on your payment. 


5. Why your high-street bank may not be the best choice for sending large cross-border payments:

When it comes to sending money internationally from Ireland to Australia, opting for a high-street bank might not be the best choice when it comes to cost and efficiency. 


  1. Cost Comparison:

Provider  Average Transfer Fee   Exchange Rate Margin (%) 
High-Street Banks¬† ‚ā¨10 – ‚ā¨30¬† 4-6%¬†
International Payment Specialists¬† ‚ā¨5 – ‚ā¨10¬† 1-2%¬†

High-street banks often impose substantial transfer fees, ranging from ‚ā¨10 to ‚ā¨30 per transaction. Additionally, they offer less favourable exchange rates, with a margin as high as 4-6%. ¬†

In contrast, international payment specialists typically have lower transfer fees and offer more competitive exchange rates, reducing the overall cost significantly per transfer. 


  1. Transfer Speed:

Provider  Average Transfer Time (in business days) 
High-Street Banks  2-5 
International Payment Specialists  1-3 

High-street banks require 2 to 5 business days for an international transfer to reach its destination.  

On the other hand, international payment specialists can complete transfers within 1 to 3 business days on receipt of settlement funds.  



  1. Customer Support:

Provider  Customer Support  Dedicated Assistance 
High-Street Banks  Yes  Limited 
International Payment Specialists  Yes  Yes 

Traditional banks often fall short in providing adequate customer support for international payments. While they offer a variety of financial services such as mortgages and savings accounts, their assistance in international transactions can be limited. 

In contrast, international payment specialists excel in delivering dedicated customer support. They ensure immediate assistance in case of transfer issues and assign specialised FX transfer professionals to assist clients throughout the transaction process.  

For instance, Fexco’s team of experts actively monitors foreign exchange¬†markets, alerting clients when market conditions are favourable to optimise their payment transfers. This facility can be activated by using our Rate Watch system as requested.¬†


  1. Transparency and Tracking:

Provider  Transparent Fees and Exchange Rates  Transaction Tracking 
High-Street Banks  No  Limited 
International Payment Specialists  Yes  Yes 


International payment specialists are known for their transparency. They offer clear breakdowns of fees and exchange rates, ensuring customers understand the costs involved.  

At Fexco we keep our clients updated about each stage of the payment process, allowing senders to monitor the progress of their transfers in real-time. 

When making international payments for personal or business needs, the recipient may request an MT103 as payment verification.  

It’s important to note that high-street banks charge fees for documents like MT103. However, with Fexco you won‚Äôt incur any charges for such tracking documentation.¬†


Overall choosing an international payment specialist over a high-street bank significantly reduces costs, speeds up transfer times, provides superior customer support, and offers transparent, trackable transactions.  



6. Achieve the Best Exchange Rate for your EUR to AUD Transfers

Currency exchange rates, such as EUR/AUD, are constantly moving, changing every 2-3 seconds throughout the day. 

This highlights the importance of optimal timing for your financial transfers as an adverse movement in the exchange rate over a short space of time could result in significant loss for high-value transfers.  


Understanding the impact of Foreign Exchange movement: 

Consider a scenario: a 2% difference in the EUR/AUD rate on a ‚ā¨100,000 transfer equates to ‚ā¨2,000. Even small differences in an exchange rate can translate to significant loss when dealing with large sums of money for transfer. ¬†

The table below illustrates the effects of a strengthening Australian Dollar against the Euro: 

Suppose you planned to purchase a home in Australia priced at $300,000 in April 2023, with the closing date set for the end of June that same year. Without safeguarding yourself with a fixed exchange rate, the unfavourable currency movement would have resulted in paying almost ‚ā¨10,000 more in Euros. ¬†

  April 30th   June 17th  
Cost in AUD  $300,000  $300,000 
Mid-market exchange rate  1.67901  1.59414 
Cost in EUR¬† ‚ā¨178,676¬† ‚ā¨188,189¬†


A forward contract allows you to lock in an exchange rate at today’s price for a specific date or within designated dates in the future. This contract offers protection against unfavourable currency fluctuations.

Booking a favourable FX rate can lead to substantial savings. These savings can be used to furnish your new property or, in some cases, determine if you can afford the purchase at all.

Get the advice of a currency transfer specialist who will save you time and money compared to a traditional bank when making overseas payments.  


The role of a dedicated currency specialist: 

For many, currency trading is unfamiliar territory. A proactive currency specialist can guide you through the payment process.  

Unlike banks or online-only platforms, such as many neo banks, which are essentially ‚Äúdo-it-yourself‚ÄĚ services, a currency specialist provides a personalised touch.¬†


The value of tailored assistance: 

Having someone dedicated to monitoring market movements on your behalf offers peace of mind.  

A currency specialist not only observes the ever-shifting rates but also notifies you when the FX is favourable, ensuring you do not miss advantageous opportunities. 


Security is especially important:  

When sending money abroad, particularly large transfers it is important to make sure your money is secure.  

At Fexco all client funds are held in fully segregated accounts with tier-1 banks.  

This means that your money is held separately from the company’s operational funds, ensuring an additional layer of protection in the unlikely event of financial difficulties.¬†

Your funds are dedicated solely to your transactions, safeguarding your financial interests. 


Not all financial transfer specialists have the same regulatory security.  

For peace of mind that the payment provider is authorised, the Central Bank of Ireland webpage enables you to search through all Central Bank of Ireland registers to find specific information about a financial service provider.  

As a global payments business, Fexco International Payments (t/a Fexco Corporate Payments) is regulated by the Central Bank of Ireland (reference number C55083) and is regulated by the Financial Conduct Authority (reference number 513252) for the conduct of payment business in the UK. 


Why human interaction matters: 

We understand that when it comes to transferring substantial sums of money, nothing can replace the reassurance and security of speaking to a real person. 

 Unlike traditional banks, where you might often find yourself navigating a labyrinth of automated menus and chatbots, Fexco offers a truly personalised international money transfer experience that focuses on transparency security and open communication with our customers. 

When transferring a large amount of money, you need the assurance that you can speak to someone instantly in the event of any issue with the transfer. 

 Our dedicated customer support team is easily accessible by phone or email, ensuring that your concerns are addressed promptly by knowledgeable professionals  


7. How Fexco can help

We specialise in assisting individuals and businesses clients who require a secure and reliable service for transferring substantial sums of money to overseas bank accounts.  

Benefit from unbeatable FX rates, saving significantly on international transfers compared to traditional banks.  

Take the hassle and expense out of high value money transfers. Fexco specialises in cross border bank to bank transfers for property purchases/sales, repatriating salary /pensions/investments, regular transfers between bank accounts as well as commercial fx solutions for business clients. 

If you need to make a high value transfer to a bank account in Australia, our dedicated team will guide you through each step of the process. 

Additionally, if you need to make regular transfers to Australia, our user-friendly online payments platform PayDirect enables you to make transfers at your convenience, regardless of your location.  

Get a free EUR to AUD quote today


Check out similar articles in this series 

How to transfer a large sum of money to Canada from Ireland 




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