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Moving to UK - Euro to Sterling

  • 06-08-2015 3:45pm
    #1
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭


    Hello,

    I am in the process of moving to the UK for various reasons in the near future. I have been saving for 18 months with about €20k in savings. I hope to continue saving in the UK with an aim to eventually getting enough to secure a first time mortgage in the next couple of years.

    What is the best approach to transfer this to £ (to UK bank account when I manage to open one) or would I be crazy doing this any time soon with the poor exchange rates?

    Cash?
    Electronic transfer?
    Leave in Irish acc hoping the FX rates improve?
    Invest somewhere?

    Thanks for any advice.


Comments

  • #2
    suburbanlegend
    Registered Users Posts: 4 ✭suburbanlegend


    I was in the same situation as you about 12 months ago - moved to the UK to start an MSc with about €20k in the bank.

    I've been using Transferwise almost exclusively, and have found the service to be very efficient and fair. Their commission fees are minimal, and you always seem to get the exact exchange rate, or very very close to it (I cross-check via XE.com)

    On a weekday, the money is in my UK account within about three hours, and their website is straightforward.

    I would caution against transferring all €20k over in one transaction. I've been transferring in €500-€1000 installments as I've needed cash, and although this means I've had to pay slightly more in repeated commission charges (usually only a euro or two), due to the recent volatility in the exchange rate I don't want to gamble on moving all my euro over in bulk, in case it goes back up again. (Then again, the euro may continue to tank - so that's a decision you'll have to make for yourself!)


  • #3
    SpaceTime
    Closed Accounts Posts: 9,088 ✭✭✭SpaceTime


    If I were you I'd hold off a bit. The Euro is still impacted by the recent Greek bailout which will inevitably quieten down.

    If you can hold your Euro until conditions are more favourable it might not be the worst idea.

    I'd suspect the Euro will probably rebound somewhat against sterling as 2015 rolls on.

    You need to keep an eye on the financial news and trends over the coming months though.

    A few % either way on 20k is significant enough money.


  • #4
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    Thanks for the advice guys. I was leaning towards holding off transferring the lump until(if) the FX become more favorable again.


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