Euro to Sterling exchange

Whatif · 21 July 2017 at 6:25AM

Hi all

Pleaee forgive me if this is in the wrong forum, however I am interested in currency exchange, however not for holidays, but for employment. I live in Northern Ireland and have just taken up a job in the Irish Republic. I get paid on a fortnightly basis, and for simplicity chose for my first payslip (in euros) to be sent directly to my UK bank account (Barclays). It appears that by allowing the bank to do the switch I got a rate of 0.8614 which I am wondering if is competitive or not.

Am I safer setting up a euro account in the Republic to transfer when it suits me via the bank, or alternatively using the best paying currency exchange website each fortnight as recommended by Martins exchange rate calculator?

Many thanks

antenna · 21 July 2017 at 9:09AM

Did you pay any conversion charges or commisions ?

eDicky · 21 July 2017 at 9:50AM

Exchange rates are constantly fluctuating, and you don't say when your payslip arrived, but Barclays will be taking ~3% on the conversion plus any charge to receive it. The mid rate is now 0.896 - you can check on xe.com

You need to receive your pay into a euro account and convert it yourself. With a bank account in the republic you can then convert and send it to your GBP account using a service such as TransferWise, perfect interbank rate and 0.5% fee, or with Revolut there is no fee up to £5k/mth and 0.5% thereafter. Alternatives would be the TransferWise 'Borderless Account' or Fineco Bank (UK) to receive your salary in euros.

Euro to Sterling exchange

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