Moving money from Éire to the UK – which is best method?

Lugh_Chronain

My parents have €3000 in Allied Irish Bank in the Republic of Ireland and would like to move it to their current account in the UK. Does anyone know the cheapest and most affective way of moving this money?

My parents are presently in the UK and are hoping to move the money without having to go to Ireland.

Thank you

purch

Does anyone know the cheapest and most affective way of moving this money?

A suitcase :cool:

Lugh_Chronain

It's only €3000. Maybe a holdall?

Cheeky monkey!!

purch

It would probably be a sensible idea to leave the money as Euro, anyway.

Lugh_Chronain

Is that because the Euro is stronger than it has been in the past? Do you think it's a good idea to leave it were it is at the moment?

Any idea what the interest rate is for AIB in Ireland? I’m not sure but I think their standard variable rate is currently 4%.

purch

Yes as a pure currency move I'd leave it in Euro

I think savings rates in Eire are in the 4.5-5% range currently

There are obvious security issues with moving the money as Cash, but you would save on Bank charges, and EUR 3,000 as Cash shouldn't raise too many eyebrows if you opened an EUR account in the U.K and deposited it here

Lugh_Chronain

How would you go about doing that? How would you go about opening a EUR account in the UK?

I thought it would be a good idea for my parents to phone AIB and let them know that they'll be moving money from Ireland to the UK. Otherwise it would look like a dodgy transaction and AIB would then put a stop on it if they though it suspect. If that’s what you mean by obvious security issues.

runciblespoon

There are few decent Euro current accounts in the UK. Barclays have one that is fee-free but quite restricted in what you can do (no card, no interest, you have Euro cheques but only for use in the UK. I assume you can take out euros in branches).

If you want to keep it in Euro I'd be tempted to leave it in Ireland - if you register with Allied Irish as a non-resident you don't pay DIRT (tax on interest) but you'll have to declare it to HMRC. If you had a card you could do withdrawals from UK cash machines (which would incur a fee but might be easier). Any transfer out of Ireland will incur a transfer fee (£10-20 probably) as well as the bank's exchange rate (which might not be great).

You could try FX brokers (eg HiFX, Foreign Currencies Direct etc) but they probably won't be interested in such a small amount. Otherwise try finding a foreign exchange bureau on the high street who will give a good rate (try Marks & Spencer or the Post Office).

Greycrow

I use https://www.moneybookers.com/app/?l=EN for transfering currency between UK and Ireland, a good exchange rate and low commission.
You'll need a UK bank account to transfere the funds into.
All the info is on their site.

Lugh_Chronain

Greycrow, do you transfer money from Ireland to the UK too?

Thanks runciblespoon, I know of HiFX, Foreign Currencies Direct etc but wasn't sure if you could transfer money from Ireland to the UK. Thought this could only be done from UK to Ireland or wherever. Might give them a call but will wait ‘til I get reply from Greycrow.

Greycrow

Lugh_Chronain wrote: »

Greycrow, do you transfer money from Ireland to the UK too?

Thanks runciblespoon, I know of HiFX, Foreign Currencies Direct etc but wasn't sure if you could transfer money from Ireland to the UK. Thought this could only be done from UK to Ireland or wherever. Might give them a call but will wait ‘til I get reply from Greycrow.

No I dont, but should think procedure is the same.
However, if this is a one off transaction, some of the suggestions above might be more suitable.
Or leave it in Ireland. There isn't a lot between euro and uk interests at the moment and the "experts" seem to think that sterling will decline further against the euro, in the short term. Though, might be better looking at other options than AIB for a higher interest rates.
Good luck with your decission.