Moving money to the UK / BACS Transfer (Merged)

r3nu4l

Hi all,

I will be moving my SSIA to the UK once it matures, I am also likely to be moving cash I receive in wedding presents so I don't know exactly how much I'll be moving but it could be somewhere between €30-40 thousand.

Can someone tell me what is the best way to move this money? What taxes and charges will I have to pay in Ireland and the UK?

Anyone know of a UK bank that does not charge a fortune for Euro transfers?

All help appreciated:)

Hitchhiker's Guide to...

i'm similar to yourself. earning money in Ireland, but living in the UK. There isn't a particularly easy way to transfer money.

generally i just put it in my irish bank a/c, and then suffer the sterling withdrawal costs. Would a sterling draft drawn on your irish account be the cheapest option?

secret_squirrel

For those sort of amounts you should be able to negotiate a better than high street rate.

It may be useful to speak to the offshore banking dept of your current bank.

It may also be useful to shop around between the banks and other institutions that operate in the ForEx markets.

Its also worth picking your time to move the money, if possible, a small shift in the rates between here and the UK could make a serious difference.

The rate has changed from a low of .665 to a high of .698 in the last year.
€35000 exchanged gives a low of £23275 and a high of £24430 thats a difference of £1200!

r3nu4l

Thanks for the advice guys. I think some serious legwork is needed alright. I certainly won't be using my current bank!

Usually when I move money I watch the exchange rate so that won't be a problem, I'll just have to sit on it and try to pick a good time

I guess I'll talk to my current bank in Ireland but I always hate that initial bit where they try to offer you something else rather than just answer the question.:mad: My gf says that it's funny watching my face when they do that because she can see the colour rising and the steam coming out of my ears!

"Stop trying to sell me your products you bast*rds and answer the d*mn question!!!! Grrrr...."

In fairness, I know that's what they have to do so I am learning to relax a bit about it these days.

Hitchhiker's Guide to...

too true. when my gf rang up her bank to report a stolen card, she was offered a mortgage ... ehhh ... hello!!!

lostinsuperfunk

Talk to a currency broker, you'll get a much better rate and lower commission than from a bank. You also get more flexibility. For example, you can instruct a broker not to convert your money until the rate hits a certain amount. Just make sure they're reputable before handing over your cash.

SouperComputer

try xetrade.com

Ive used them to tranfer funds to the US. Good rates and no commision.

Supercell

Is it possible to do BACS transfers to a UK account in sterling from an Irish account in euro's?
Its my understanding that this would be cheaper than using SWIFT which is about 30 euro a pop ?

dermot_sheehan

I use the AIB internet paylink euro service, typing in my UK IBAN and BIC. AIB charges me nothing, the amount shows up in my account several days later automatically converted into sterling by my bank here (HSBC). I only transfer a couple hundred at a time so not sure if cheapest with larger amounts, but the rates HSBC give for the conversion seem close to the market rates and there are no charges and it's handy.

dermot_sheehan

Longfield wrote:

Is it possible to do BACS transfers to a UK account in sterling from an Irish account in euro's?
Its my understanding that this would be cheaper than using SWIFT which is about 30 euro a pop ?

As per my other post in this forum, I do it using the IBAN and BIC using paylink euro from AIB internet banking for free. HSBC also charge no fees and give a good rate converting into sterling.

Hitchhiker's Guide to...

merged the two threads - "BACS Transfers" and "Moving Money to the UK" - both dealing with the same thing...