400k to 100k best income what to do

Paolo11

Hello,im new here, my question
i am moving to UK and in my first country in south america the GBP is very expensive 1gbp = 4BRL++tax
i have 400.000,00BRL in brazilian saving account it gives me R$2100 per month and converting to GBP is 500pounds
should i keep my money here and earn 500pounds per month easily or put my money (converted = 100hundred thousand pounds) in UK bank ?? how much can i earn % in saving account in uk ??
sorry my limited english !!
hope you help me
thank you very much
: )

Kayalana99

Based on what you have said don't move the money. You would not get £500 of 100k in interest over here ..or anywhere close. (Bank savings account wise)

whitelabel

maximum really you could get easily risk free with instant access is 3-3.5% per annum (£3000 per year/£250 a month)
so i would keep it there, if you dont need to have it in a uk account to have entry to the uk
and you can access it from here
there are safety limits of £85k on uk accounts for protection if the banks fail so if you do bring it over, dont put it all in one account/ with one institution, spread it 85k/20k with another

BabyBoots

The main difference is that Brazil's inflation rate is higher than the Uk, so although the number of BRLs you have in the bank increases more rapidly, so does the cost of goods in Brazil, compared to the cost of goods in the UK.

Brazil inflation rate was 6.5% in July, compared to 2.5% for the UK.

Think about where you eventually want to spend the money, if it's Brazil, and you won't need it while you're in the UK, then you'd be fine to leave it there. E.g. if you intend to eventually buy a house in Brazil with it, leaving it in Brazil, subject to Brazilian inflation & interest rates mean it should keep pace with the cost of housing there for example.