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Value of UK Pound against Euro

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  • 04-07-2011 9:21am
    #1
    jocotty
    Closed Accounts Posts: 338 ✭✭


    Hi,

    I worked in the UK for a number of years, and returned to Ireland.
    I have a substantial amount of pound sterling that i dont know what to do with. I want to change it to euro, but is the pound going to increase in value compared to the euro any time soon? Since i returned to ireland the pound has been falling against the euro.:(

    thanks,
    Jo
    Tagged:


Comments

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    #2
    stephendevlin
    Closed Accounts Posts: 1,307 ✭✭✭stephendevlin


    Keep it aside. always handy to have no point in changing it over. Spend it in the north any time your up


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    #3
    waffleman
    Registered Users Posts: 580 ✭✭✭waffleman


    I would agree with stephendevlin. Im in the same position. Have a lot of sterling cash but am goin to hold onto it for now. If you read many of the threads on this forum it seems there could be a crisis in the euro soon. Of course no-one knows for sure but I'd be sickened if I had to change it now at such a low rate.


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    #4
    jocotty
    Closed Accounts Posts: 338 ✭✭jocotty


    thanks very much for that lads.

    only thing is...its a very large sum . as in like - 4 years savings!!!!!

    is there any way i can save it in the bank as pounds?


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    #5
    stephendevlin
    Closed Accounts Posts: 1,307 ✭✭✭stephendevlin


    jocotty wrote: »
    thanks very much for that lads.

    only thing is...its a very large sum . as in like - 4 years savings!!!!!

    is there any way i can save it in the bank as pounds?


    Only if you have a uk bank account. You need to be a uk resident to do this though. (as far as Im aware)


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    #6
    waffleman
    Registered Users Posts: 580 ✭✭✭waffleman


    stephendevlin wrote: »
    Only if you have a uk bank account. You need to be a uk resident to do this though. (as far as Im aware)

    I live in the republic and have a uk current and savings account with Bank Of Ireland in an NI branch. It was opened a few years ago when I worked in NI so unless the rules have changed since I just had to provide the usual documents to open them (photo ID, utility bill etc.)... They might not do it since you dont have a UK wage going into the account but can't hurt to call into a branch and ask - if they hear you have a large sum to deposit they could be up for it


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    #7
    jocotty
    Closed Accounts Posts: 338 ✭✭jocotty


    thanks all for that.

    I just rang bank of ireland there , in the republic, and they said they can open a sterling account for me, so not soo bad. interest rate will be crap, about 0.05 % on a current, or up to 0.3% on a 3month savings account. and i can change it to euro when ever i want. so better then it causing a lump in the mattress...going grey over it!! ha ha!!

    will need every bit of it here in ireland. Cant save a penny here. :o

    if anyone has any other ideas let me know.

    THANKS,
    Jo


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    #8
    nesf
    Registered Users Posts: 27,645 ✭✭✭✭nesf


    Thread moved. Hopefully you'll get more help here OP.


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    #9
    daithijjj
    Registered Users Posts: 7,588 ✭✭✭daithijjj


    jocotty wrote: »
    thanks very much for that lads.

    only thing is...its a very large sum . as in like - 4 years savings!!!!!

    is there any way i can save it in the bank as pounds?

    I have a few accounts in Ulster Bank and Lloyds TSB. Lloyds send all correspondence to my ROI address as i live here now.

    What type of account is your savings in?, mini cash isa?.

    If you really want to you could just hold it in that mini cash isa (but you just couldnt add any more to it as not resident in uk anymore). Certainly more interest than an ROI based sterling account.

    Alternatively, a possibility is to change it to euro now, put it in a flexi saver or something similar. Ulster were doing a 4% for first 12 months (up to 20k), not sure if thats still on offer.

    Holding sterling in a .05/.03 account is just dead money in my opinion. Is there fee's with that account?

    If you want to play the waiting game in the hope the euro goes down v sterling, fair enough. Also, no real point holding in sterling if you need the euro asap. Thats a decision you need to make.


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