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What is the best way to transfer my savings in Euros in Belgium to the UK?
DizzyLizzyfromDorset
Posts: 1 Newbie
As a newbie I’m not sure whether to post this under the currency thread or the banking thread so please excuse me in advance...
I have just returned to the UK after living in Belgium for 16 years and so am trying to understand the system here after so many years away. I have some significant savings in Belgium (c. €80,000) which I would like to transfer to the UK in the coming weeks/months in order to use as a deposit to buy a house.
My Belgian bank tells me I can transfer a max of €20,000 per week without incurring any charges. I know that I can make transfers within the euro-zone with no bank charges but what about from the euro-zone to the UK? How should I go about doing this in order to:
- Minimise any bank fees here in the UK?
- Get the best exchange rate (or should I open a euro account here and transfer the funds in euros?)?
- Put the money somewhere where it can earn the best interest but still be accessible for the house deposit (hoping to buy before November 2010)?
For info I have managed (with a lot of hassle!) to open 1 bank account here (Halifax reward account).
With many thanks,
I have just returned to the UK after living in Belgium for 16 years and so am trying to understand the system here after so many years away. I have some significant savings in Belgium (c. €80,000) which I would like to transfer to the UK in the coming weeks/months in order to use as a deposit to buy a house.
My Belgian bank tells me I can transfer a max of €20,000 per week without incurring any charges. I know that I can make transfers within the euro-zone with no bank charges but what about from the euro-zone to the UK? How should I go about doing this in order to:
- Minimise any bank fees here in the UK?
- Get the best exchange rate (or should I open a euro account here and transfer the funds in euros?)?
- Put the money somewhere where it can earn the best interest but still be accessible for the house deposit (hoping to buy before November 2010)?
For info I have managed (with a lot of hassle!) to open 1 bank account here (Halifax reward account).
With many thanks,
0
Comments
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So perhaps do it over 4 weeks, 1 transaction per week.Posts are not advice and must not be relied upon.0
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DizzyLizzyfromDorset wrote: »As a newbie I’m not sure whether to post this under the currency thread or the banking thread so please excuse me in advance...
I have just returned to the UK after living in Belgium for 16 years and so am trying to understand the system here after so many years away. I have some significant savings in Belgium (c. €80,000) which I would like to transfer to the UK in the coming weeks/months in order to use as a deposit to buy a house.
My Belgian bank tells me I can transfer a max of €20,000 per week without incurring any charges. I know that I can make transfers within the euro-zone with no bank charges but what about from the euro-zone to the UK? How should I go about doing this in order to:
- Minimise any bank fees here in the UK?
- Get the best exchange rate (or should I open a euro account here and transfer the funds in euros?)?
- Put the money somewhere where it can earn the best interest but still be accessible for the house deposit (hoping to buy before November 2010)?
For info I have managed (with a lot of hassle!) to open 1 bank account here (Halifax reward account).
With many thanks,
You need to use a specialist FX broker to get the best rate. Foreign Currencies Direct are good.RIP independent MSE.
Died 1st June 20120 -
Ensure that the funds that Halifax receives are in sterling, not Euro, or you will be hit for considerable conversion costs.
You might like to try to open a Euro account, perhaps with Citibank.0 -
I'd suggest up your jumper - then you can hold on to it in the UK and wait till the euro goes even higher against our crap currency!;)0
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Could you elaborate on 'jumper', as this may be helpful to me too. I have just posted under Euro Account Interest. I have a balance in Euros in a UK Bank Euro-account but lose out a lot when I transfer to Sterling and get no interest on my money when left in Euros. Thanks0
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paul_metcalf wrote: »Could you elaborate on 'jumper', as this may be helpful to me too. I have just posted under Euro Account Interest. I have a balance in Euros in a UK Bank Euro-account but lose out a lot when I transfer to Sterling and get no interest on my money when left in Euros. Thanks
Literally up your jumper. S/he is saying it's best to have it in cash and just wait for the pound to get weaker (it isn't necessarily going to do that though).0
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