Inheritance Cheque in Euros

Bridget1972

Hello all, I am about to receive an cheque from Ireland for 26200 euros, what is the best way to deposit this in an account to get the best exchange rate or should I consider depositing it in a bank account / credit union in Ireland? Thanks in advance.

xylophone

Is it possible for the executor to convert the money to sterling and transfer through the banking system to your own bank account?

https://forums.moneysavingexpert.com/discussion/comment/48125099#Comment_48125099 an old thread but might be worth a look?

Porcupine

Accounts in Ireland are possible to open for non-residents, so it's an option. I might consider that if I wanted to keep the money in Euro for any period. AskAboutMoney.com is the Irish version of the MSE forum if you want to hunt for deals.

Otherwise, people get distracted by transfer fees but usually the biggest cost is the way banks and exchange companies bend the exchange rates in their favour. CurrencyFair as suggested on that thread is a good deal on paper (though I have no experience).

SliAbhaile

If the Executor does the conversion for you it is likely he will just instruct his bank - in which case you will be shafted on exchange rate.

When I faced the same scenario I asked the solicitors to electronically lodge the funds to my https://www.currencyfair.com account. Opening the account is very simple and they will give you the account details of where to lodge it.

Once the transfer appears in your account you simply trade the money for GBP (or any other currency) and transfer it out to your GBP current account.

Couldn't be simpler and you will get a great rate.

I've no connection with CF.