Getting money from parents abroad

Dutchdal

My mother is giving me part of my inheritance early and will be sending it from India-she is an EU citizen now, but is of Indian origin. The money comes from the sale of a property there, we have all the documents to show this.
I would like to use some of the money to pay off my debt and then save the rest. I am an EU national with permanent residency in the UK, but I am concerned about the effect that the Brexit confusion may have on the pound-could anyone advise me on the best Euro bank account to get here in the UK?

jonnygee2

How much money will it be? When you eventually come to use it, do you think you are most likely to need it in sterling or euros? What currency is it in now? What's your country of origin?

The problem you re going to have is finding something that is a) suitable for saving a lump sum and b) a UK based foreign currency account. Most foreign currency accounts are really just holding accounts, your savings/investment options will be limited.

greyteam1959

Why on earth do you need a 'UK based foreign currency account' ??
Just use somebody like Transferwise.
https://transferwise.com/

agrinnall

If you need or want to retain the money in Euros it would probably be better to open an account in a Eurozone country, which will offer you more options for earning interest (but watch out for account fees, which I believe are more common in other countries than they are in the UK).

colsten

If you search the board for Euro accounts, you will find plenty of discussion regarding Euro current accounts. Though I am somewhat surprised that you, as an EU national, are asking how to get a Euro account. In what currency you would hold your money would almost certainly depend on where you intend to live, and spend your money, in 6, 12, 24 etc months time. None of us have enough information about your personal circumstances to offer even any wild guesses. A big question you should ask yourself is whether you'd make financial decisions based on the "advice" of complete strangers on the Internet.

londoninvestor

greyteam1959 wrote: »

Why on earth do you need a 'UK based foreign currency account' ??
Just use somebody like Transferwise.
https://transferwise.com/

It's understandable to want an account protected by a national deposit scheme for a long-term holding though - which Transferwise isn't.