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Exchange Rate

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  • 28-06-2007 6:17pm
    #1
    westie
    Registered Users Posts: 7 ✭


    I will soon be moving from Uk to Ireland and have opened an account with Ulster Bank. I will have £250,000 to send to Ireland when house is sold and I am told that my solicitor in Uk should send the money to Ulster bank using CHAPS and they will change to Euros. Does anyone know whether they will recognise the size of the deal in the exchange rate or will I get the same as someone changing a low amount. Any comments/help would be appreciated.


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    #2
    fintan
    Closed Accounts Posts: 647 ✭✭✭fintan


    ring around a number of banks and negoiate!


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    #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    For the amount involved Ulster Bank should be trying to get you the best deal possible. If not I would suggest opening an a/c with another bank TBH


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Get a chq for the ammount. Go into the UB and ask them to book at rate for the Chq, see what you getting for it and then go into or ring another bank and shop around. Or even just ring now pretending you've got the chq and see what sort of differance there is. You should not be charged for lodging it at the min.


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    #5
    Rashers72
    Registered Users Posts: 1,207 ✭✭✭Rashers72


    I would not recommend the cheque (it would actually be a draft) route, as while you price around, find a bank, fill out relevant money laundering/new account opening forms, you are not earning interest, which might wipe out any potential saving from a better rate.
    My recommendation:
    Ring the local branch of the 4 big banks - AIB, BOI, Ulster and NIB. Ask them for an 'indication rate' today to buy GBP250k for a new account holder, and see what rates you get. Whichever rate is best, seperately open up an account with them, and tell them in advance about the funds you are due in.
    When you are ready to actually do the transfer from the UK side, get a note put on it from the UK side, not to convert without contacting yourself.
    When the GBP arrives, the Irish bank ring you. Ask them for an 'indication rate' again. In theory, if they were competitive on the previous rate, they should be good, so once they quote you, tell them to go ahead with it.

    You could also open up a GBP account with an Irish bank, and keep the GBP in it, if you felt the rate was going to get better in a few months time = crystal ball time!


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