I want to exchange a large amount of pounds to euros after selling my flat. But when when and how?

danlewi2

SouthLondonUser wrote: »

That (the ring fencing) is true. However, has it ever been tested in real life? Do you know of cases where one such company went bust and the clients didn't lose a penny?

Think you are confusing a company going bust versus banking services some offer protection via FSCS as well as segregating clients money in bank accounts away from the money of the company.

lr1277

About 10-15 years ago, I wanted to transfer in excess of £75k to the US. As I banked with First Direct, I spoke to them. Due to the amount involved, they transferred me to HSBC currency transfer department, who quoted me a value not far from the actual exchange rate at the time. No fees etc except possibly a transfer fee. Can't remember all the details now. So if you bank with one of the larger banks, you could see what they could do for you.


HTH.

SouthLondonUser

I don't think I am confusing anything. I know what ringencing is. I asked if it has ever been tested. Has it actually happened that an fx broker which ringgenced customer accounts went bust? Did ever customer get their money? Did they have to pay fees to liquidators etc so got less than 100%? After how long did they get their money?

The FSCS protection has been tested. Has ringencing? Note I am not suggesting we should discount ringencing if it hasn't been tested - just asking if it has.

letsbetfair

Might be worth looking at a Starling euro account to save fees.

None of us can reliably predict currency movements. One thing to think about is how much you can afford to lose if the £ drops further. You may want to gamble on the £ rising of you can afford to see the value of your money in euros reduced significantly, but if a drop would see you unable to buy a house you may be best just accepting the current rate.

Nessie23

letsbetfair wrote: »

Might be worth looking at a Starling euro account to save fees.

None of us can reliably predict currency movements. One thing to think about is how much you can afford to lose if the £ drops further. You may want to gamble on the £ rising of you can afford to see the value of your money in euros reduced significantly, but if a drop would see you unable to buy a house you may be best just accepting the current rate.

A few thoughts:

I would also recommend Starling Euro account service, just note from September they will start charging a 0.4% comission if you want to move GBP to EUR or vice versa. By all means shop around just make sure you factor in that some might not charge comission but give you a poor exchange rate so check how much € you'll get for each £ whichever method you use.

You might also want to open an Irish account in advance. Ulster Bank (Ireland) you can apply by post, but the application process is slow (takes 4-6 weeks). For Ulster Bank application you can get original copies of documents certified at Natwest or RBS branches. KBC Bank (Ireland) apparently can do all your application electronically with them without having to send certified copies, but haven't tried it myself so can't confirm.

Final word of warning most Irish bank accounts charge you for the "privilege" of keeping your money.

maddy1234

Thank you so much for your advice guys that’s been really helpful! I appreciate it, this is not my thing! I’ll do it as you say in smaller parts.
Unfortunately there’s no HSBC in Ireland. But the bank I’ll be transferring into AIB is FSCS protected, Ireland have its own similar thing though as well I read.
I had thought of going with a smaller company but that sounds too risky now I’ll stick to one of the money transfer companies like world first who I’ve dealt with before, but much smaller amounts obviously, And I’ll transfer now! Your right I can afford for the rate to go down any further.
Thanks and have a good evening!

lr1277

There doesn't have to be a HSBC in Ireland.
In my case, HSBC were going to transfer the money to a bank in the USA.


So I was suggesting if your own UK bank can give you a good rate with minimal fees, then they could transfer the money for you as long as you can give them the SWIFT code or IBAN code of the destination account. Not sure of the details of what is required from the destination account, but whichever money conversion/transfer unit you use, they will need these kinds of details of the destination bank acount.