Inheritance money in Ireland - transferring to UK

maxsteam

bostonerimus said:

simply did an electronic bank transfer to me in the US.

It's a very safe way to proceed but you may have lost around 5% of the funds by virtue of the exchange rate.

For example, at the moment Barclays are publishing an exchange rate to buy Euros of 1.1179 while Fineco are offering a rate of 1.169874. If I changed £100k, Barclays would give me €111790 while Fineco would give me €116987.40, a difference of 4.65%. At the top of the list on the comparison site mentioned above is FairFX who would give me €117021.

It's possible, if you wish, to look up historical exchange rates and you can compare the middle rate to the rate used by the bank for your transfer. It's too late for you to do anything but grumble bostonerimus. The funds will have arrived promptly and safely but you will have lost some of your money in the transaction.

daniellejwilson

Thank you all so much, I really appreciate the time you've taken to give me advice, @maxsteam thanks for these options and comparison sites. I agree, it really is a life changing amount, i want to transfer it in the safest way whilst not losing too much on the exchange rate. More research today!

Daliah

you don't have to transfer it all in one go. 

bostonerimus

maxsteam said:

bostonerimus said:

simply did an electronic bank transfer to me in the US.

It's a very safe way to proceed but you may have lost around 5% of the funds by virtue of the exchange rate.

For example, at the moment Barclays are publishing an exchange rate to buy Euros of 1.1179 while Fineco are offering a rate of 1.169874. If I changed £100k, Barclays would give me €111790 while Fineco would give me €116987.40, a difference of 4.65%. At the top of the list on the comparison site mentioned above is FairFX who would give me €117021.

It's possible, if you wish, to look up historical exchange rates and you can compare the middle rate to the rate used by the bank for your transfer. It's too late for you to do anything but grumble bostonerimus. The funds will have arrived promptly and safely but you will have lost some of your money in the transaction.

Security and simplicity were my criteria and I was fine with paying a premium for that. There is so much going on when a parent dies that I just wanted it done. I don't have a UK bank account and can't open one as I'm not resident and frankly for such a large transfer I wanted to do a direct transfer so the solicitor's bank was responsible. The money arrived in a couple of days.

daniellejwilson

Daliah said:

you don't have to transfer it all in one go. 

Absolutely, think i was in a hurry to get it over but actually once it's out of the solicitors hands I can take my time.