Sterling to euro conversion

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philipb

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I want to transfer a significant amount of money from a UK bank account to an Irish bank account - availing of the best conversion rates, smallest fees etc. I'd be grateful for any advice. Thanks
 
It depends on how much you will be transferring....

Do you have a chequebook on the UK account??

Easiest way, if the amount is not too large, is just to lodge the cheque into your Irish account, day rates in the banks are better than trying to exchange the cash anywhere else and this saves on swift fees.

I doubt you will see significant variations between the banks on rates given.

Although if its V.large the bank will need to do an fx deal in the markets to sell the GBP, so you can negotiate on the rate.

Your best course of action is to ask your Irish bank.

if you feel brave, you could watch the trend in the rates and wait to deposit when GBP is stronger....
 
If it is a significant amount, talk to your UK bank to ensure that you get the commercial rate of exchange rather than the tourist rate. The difference could be 4-5 cents per £ sterling.
 
I transferred money a few years ago.
Treat it like car insurance.
Ring all the banks and you can run one off the other.
Significant savings possible.
 
Thanks guys for your help. I'm now considering two options.

a/ I can open a euro account with the UK bank, who will quote me a variable commercial rate for the exchange. If I like the rate at that time, I can make the exchange into euro and then transfer to the Irish account. The UK ban will charge a fee for this transfer, the Irish bank will not charge for receiving it.
b/ My Irish bank will excahnge and transfer the sterling at their variable commercial rate.

Of the two spot rates I was quoted today, I would get more euro through option b.

Any further thoughts???
 
I saw another post referring to xe.com, poster advised exchanging about $100k and got rates far better than the banks offered......worth looking into at least

Since I haven't worked out how to paste links, i'll let you search for it.
 
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