Euro to sterling-large sum of money-how to do it, where to save it?

copper_pot

a family member is selling their house in Ireland and want to move here (England).

Once they have sold in Ireland they will take their time to buy a property in England.

We are talking about a figure of around 350,000 Euros. When it comes to changing this to sterling what is the best way to do it, so not to lose a big chunk of it to the bank in the process - due to the charge for it changing from euros to sterling etc

will the post office be a better idea than a bank

The money wont be used straight away, as a suitable home will need to be found - so for some months this money needs to sit somewhere where maybe it can grow a bit more. What about premium bonds?

all advice is welcome so i can inform my family of any ideas.

What would you do?

Thank you

almeja

Go to a money exchanger in the UK that gives better rates than the bank.
They usually guarantee the rate over the phone and do not charge you commissions. Let me know if you need the address of one.

lordgaino

https://www.cityforex.co.uk

tipsychick

Definitely use a money exchange, as the rate will be better.

I think I'm right in saying now is a good time to convert from euros into sterling because the pound is weak against the euro. Will have been helped by the BoE not dropping interest rates today.

Last time I went to Ireland (a couple of years ago), it was 1.47-ish euros to the pound and now it is 1.37-ish euros to the pound.

That should make a big difference on a large sum like 350 euros. (Sorry, don't have a euros sign on my keyboard as it's so ancient).

You might want to wait until someone confirms what I've just said is not complete rubbish but I think that's right!

Mikeyorks

Try the Bank of Ireland. As they have representation on both sides of the water - the money can be deposited in a standard Euro account over there. And they may be able to translate it into a Sterling account, relatively painlessly and cheaply, over here?

ManAtHome

tipsychick wrote: »

You might want to wait until someone confirms what I've just said is not complete rubbish but I think that's right!

Yes, you'd get over 10% more in quids now than you would have this time last year. Future moves are a bit of guesswork/witchcraft...

Jonbvn

Mikeyorks wrote: »

Try the Bank of Ireland. As they have representation on both sides of the water - the money can be deposited in a standard Euro account over there. And they may be able to translate it into a Sterling account, relatively painlessly and cheaply, over here?

BofI will shaft you on the FX rate if you do this. As mentioned by previous posters use a good FX broker.

GTG

I suggest your family member reads this before he/she does anything.

http://business.timesonline.co.uk/tol/business/money/investment/article3176408.ece