What is the best way to transfer my savings in Euros in Belgium to the UK?

DizzyLizzyfromDorset

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,

richardw

So perhaps do it over 4 weeks, 1 transaction per week.

will-in-estoril

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.

Voyager2002

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.

SCROOGE

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!;)

paul_metcalf

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

MrTomato

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).