Which is most cost efficient means of transferring sterling inheritance into euro?

M

Miss Kitty

Guest
A dear old auntie has died and left me some money.
The solitcors dealing with it are in the UK and they can either issue a cheque that I can pay into my old UK bank account or do a bank transfer which will cost £40 + vat

My uk bank = First Direct still active
My irish bank = BOI

So my question is

Should I pay the cheque into my uk account and use a cheap money transfer company to then transfer it to my Bank of Ireland account?

Or just get them to do a direct transfer to BOI and take a chance with the exchange rate?

Its quite a bit of money, over 30k

Many thanks

Oh and which is the best transfer companies?
 
I have used currencyfair in the past and found them great. You tend to get a better rate as you are selling GBP to someone who want it and will give you EUR in return. I have no connection save for being a happy user.
 
depending on what you want to do with the money and the cost of exchanging the money . you could buy Euopean stocks or gold etc on the UK exchange in Sterling maybe with a view to selling them in Euro later and hence bypass a currency exchange fee but you'd end up paying a stockbroker fee. It kind of depends on your investment plans.
 
bullworth said:
depending on what you want to do with the money and the cost of exchanging the money . you could buy Euopean stocks or gold etc on the UK exchange in Sterling maybe with a view to selling them in Euro later and hence bypass a currency exchange fee but you'd end up paying a stockbroker fee. It kind of depends on your investment plans.
Click to expand...


This isn't entirely correct. If you buy shares denominated in £'s, the broker will charge a FX rate when you convert into €'s. And likewise if you buy in € using £'s. You might evade commision, but you'll probably get a lower rate. You also expose yourself to FX risks going forward, and potential share volatility. Don't invest in shares unless you know what you are doing.
 
Thanks, I dont want to invest, the money is earmarked for paying off debts and house/car repairs. It wont go far I'm afraid
 
You must log in or register to reply here.
Back
Top