Advice welcomed

edited 30 November -1 at 1:00AM in How much have you saved?
13 replies 1.5K views
JeremyEJeremyE Forumite
4 Posts
edited 30 November -1 at 1:00AM in How much have you saved?
Hello all, my family and I have just been given [this doesn't happen often!] 15,000 Euros in cash from a relative as an inheritance. It's bought great relief because we have been struggling. We hope to use it as a deposit for a house in the future - with other savings 20,000 Euros in total.
But in the meantime, we are not sure what to do with the cash? Convert it into British pounds and put it in the bank? Convert and put into an ISA? Leave it in Euros due to the exchange rate.
Any thoughts would be appreciated - thank you!
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Replies

  • Not sure I follow you say you are struggling on one hand yet then in another part you say you have 20k in Euros - To me I believe any bank would question cash in this amount being put in and looking at 15k as a deposit will not work if it is gifted to you.
  • JeremyEJeremyE Forumite
    4 Posts
    Thanks Stevie - we struggled until being given this amount; now we are trying to work out what to do with the money to be sensible for the future. Cash seems to be a preferred method over bank transfers in mainland Europe. It seems unusual to me too but that's how they do things there, they don't always trust other methods. Why would a gift deposit not work for us?
  • enjoyyourshoesenjoyyourshoes Forumite
    1.1K Posts
    Sixth Anniversary Combo Breaker
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    All in S&S ISA- deposit and house purchase will be more than 2-3 years +


    or


    £5 K Lloyds (4%) conditions apply
    £2 k TSB (5%) conditions apply
    £20 K Santander 123 (3%) conditions apply


    Are you UK tax residents ?
    Debt is a symptom, solve the problem.
  • McKneffMcKneff Forumite
    38.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    How can you say you have been struggling but have 'savings' of 5,000 euros....


    Struggling, in what way....
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • JeremyEJeremyE Forumite
    4 Posts
    Thank you for that info enjoy your shoes. McKneff - I didn't say that. I said we have BEEN struggling before we were given the money. Hope that makes it clearer!
  • In the UK a gifted deposit will not work and still at a loss with your post tbh, as you say struggling or were struggling yet still say you have 20k plus 15k gifted so it does not read right here.
  • McKneffMcKneff Forumite
    38.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    You said you had 20k euros but you were given only 15k


    When I went to school, that means you already had 5....


    And what have shoes got to do with the price of teacakes lol
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • McKneff wrote: »
    You said you had 20k euros but you were given only 15k


    When I went to school, that means you already had 5....


    And what have shoes got to do with the price of teacakes lol

    I read it as 15 and 20 but may be wrong McKneff.
  • JeremyEJeremyE Forumite
    4 Posts
    I have not been on a MSE forum before and I was hoping to get some sound advice about how to use the 15000E in cash wisely but this thread seems to have become focused on whether or not I have been struggling which wasn't the main query. So there's not much point in carrying the conversation further. Thanks all for your time esp enjoyyourshoes [yes we are uk residents].
  • McKneffMcKneff Forumite
    38.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Well I always say if you put rubbish in, you get rubbish out.


    Not usually the word 'rubbish' but Im sure you get my drift.....
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
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