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Inherited money in GBP

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  • 26-02-2009 10:27am
    #1
    BlazingSaddler
    Registered Users Posts: 1,120 ✭✭✭


    Hi all.
    I have inherited approx £60,000 which is sitting in a UK bank account. However I live in Ireland. With the exchange rate as it is, currently £60,000 is worth about €68,000. I am in no immediate hurry to get my hands on the money. Should I leave it in the UK in the hope that the exchange rate works in my favour and the pounds gains strength against the euro? Any ideas would be appreciated.


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    #2
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    mattb74 wrote: »
    Hi all.
    I have inherited approx £60,000 which is sitting in a UK bank account. However I live in Ireland. With the exchange rate as it is, currently £60,000 is worth about €68,000. I am in no immediate hurry to get my hands on the money. Should I leave it in the UK in the hope that the exchange rate works in my favour and the pounds gains strength against the euro? Any ideas would be appreciated.

    You might have to pay tax on this inheritance, and the reveune will use the rate at the time of inheritance to calculate this, so leaving it in GBP might leave you with an exchange risk, or gain depending what the rate was when you got the money.


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