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Total waste of money?

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  • 30-09-2014 1:54pm
    #1
    Atola
    Registered Users Posts: 76 ✭✭


    Hello, Id like to know your point of view on this. I have a Bank of Ireland Current Account and I live in the UK.

    I have kept 3000 in the account for a long time to avail of the no charges fee and ive been transferring money between that and my account here to try and take advantage of the exchange rate for travelling back to ireland. The card is handy for tolls etc.

    Anyways should i close the account and move all the money to the uk to get interest of 3% pa, especially since the bank are charging 5e per quarter maintenance on it or am i better keeping it for going abroad? I am planning a wedding in euroland next year so it may be handy for that.

    Thanks for reading


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    #2
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    What is your long term base / principal currency? Is it GBP or EUR? Do you intent in living in the UK in the long term?

    If you are intent in living in the UK in the long run there is normally little point in keeping a EUR account open that incurs fees, exposes you to FX risk and leaves you with lost opportunity interest.


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    #3
    Atola
    Registered Users Posts: 76 ✭✭Atola


    Hi JTMan, Thanks for your reply. My principal currency is gbp and is is long term.

    I have been looking at the exchange rate closely over the past few years. When the exchange rate is really good (which it is now) or its time to go on hols i just transfer money into my euro account using transferwise and it only costs a few euro.

    I am also back and forth to ireland to see family about 4 times a year.

    With planning a wedding that i have to pay people in euros i thought a euro account was best but ive realised i can pay anyone in a foreign country in the eurozone through transferwise. So do i need a euro account?

    20euro pa fees verses £2400 sitting in a 3% account up here earning interest.

    Would the charges of using gbp accounts outweigh all that?


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    #4
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    Atola wrote: »
    With planning a wedding that i have to pay people in euros i thought a euro account was best but ive realised i can pay anyone in a foreign country in the eurozone through transferwise. So do i need a euro account?

    You do not need a EUR current account to make EUR payments. As you indicated, you can use an online currency broker, or other methods, to make a EUR payment.


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    #5
    Atola
    Registered Users Posts: 76 ✭✭Atola


    Yea so basically I'm paying 20e pa and the interest I would be earning on 3k, for the purpose of messing about with the currency market and having a euro card when I'm paying for stuff when I'm visiting.

    I also looked into opening a German account with no fees for the same purpose but u need a lawyer/ solicitor to verify ur identity.


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