Moving to Ireland - Transfer of GBP to EUR

a4007035 · 25 January 2020 at 12:48PM

Hi All,

My wife and I will be moving to Ireland in the next few months. Most of our money is in GBP Sterling and we will need to transfer it to EUR Euro at some point when it comes to buy a house in Ireland.

Can anyone recommend what is the best platform to use in order to obtain the best possible exhange rate? We will be transferring about 100k so any deviation in exchange rate will have a significant impact.

In addition to this, I am sure I am not the first person on this forum to make the move from UK to Ireland (as a UK resident). Therefore, I was wondering if there is a checklist of things that I need to do/consider before we move e.g. tell utility companies, cancel mobile phone, etc.

Please accept my apologies if this post is not in the right place - I wasn't 100% sure where to post it.

Kind Regards
Gavin

[Deleted User] · 25 January 2020 at 2:07PM

a4007035 wrote: »

Hi All,

My wife and I will be moving to Ireland in the next few months. Most of our money is in GBP Sterling and we will need to transfer it to EUR Euro at some point when it comes to buy a house in Ireland.

Can anyone recommend what is the best platform to use in order to obtain the best possible exhange rate? We will be transferring about 100k so any deviation in exchange rate will have a significant impact.

In addition to this, I am sure I am not the first person on this forum to make the move from UK to Ireland (as a UK resident). Therefore, I was wondering if there is a checklist of things that I need to do/consider before we move e.g. tell utility companies, cancel mobile phone, etc.

Please accept my apologies if this post is not in the right place - I wasn't 100% sure where to post it.

Kind Regards
Gavin

I'm using TransferWise to transfer GBP into AUD. It's works with most currencies and I find the rates competitive and the fees modest.

zagubov · 25 January 2020 at 3:38PM

I've posted a list elsewhere of who needs contacting when you move house, so you could start with this, and someone who has emigrated could add a bit more.
Water Board – OLD and NEW
Sewerage (if different) – OLD and NEW
BT
Cable company/Sky
Long Distance company (e.g OneTel)
Mobile company
Electricity – OLD and NEW e.g npower
Gas (if different) – OLD and NEW e.g npower
Contact http://www.houseweb.co.uk/house/listings/utilities.html to see about switching any of the above.
Credit Card(s) e.g. RBS, Amex
Store Card (s)
Bank/Building Society e.g Nationwide, Santander (are they holding any items for you?)
Savings Bank
Pension
Life Insurance e.g Legal & General
House Insurance
Contents Insurance (if different)
Motor Insurance
Breakdown Service e.g Autonational
Click on http://www.moneysavingexpert.com/articles/ to see about switching any of these financial things.
Employer/s (including part-time etc.)
Home Faults repair service – OLD and NEW
Kids schools (also ask new council for education and schools pack for future reference)
Kids childminder
Kids After school/breakfast club
Sports club/Gym
Vehicle Registration Complete the relevant section on the reverse side or at the bottom of your registration document and send it in, or ring 0870 240 0010. Failure to notify DVLA could result in a fine of £1000.
Professional association
Doctor – OLD and NEW
Dentist – OLD and NEW
Orthodontist – OLD and NEW
Optician – OLD and NEW
Vet – OLD and NEW
Pet insurance,
Accountant
Window Cleaner
Milk deliveries
Newsagent (deliveries etc.)
eBay
Paypal
Internet Service Provider
Local Council(s) Council Tax – OLD and NEW – need a bill for school acceptance.
Library – OLD and NEW
Local Council(s) Refuse Collection (ordering wheeliebins)
TV license http://www.TV-L.co.uk
Drivers License: Complete section 1 & return to DVLC, Swansea, SA99 1BN
Loyalty Card (Clubcard/nectar etc)
Loyalty Points scheme (e.g.Nectar, Clubcard)
Savings/Premium/ Family Bonds & National Savings, General Correspondence, Blackpool, FY3 9YP, quoting your bond number.
National Savings Bank - Notify Boydstone Road, Glasgow, G58 1SB using an addressed envelope supplied by the Post Office.
Save as You Earn and National Savings Certificates Write to: Savings Certificate and SAYE Office, Milburn Gate House, Durham, DH99 1NS (quote contract number).
Old School alumni
Magazine/periodicals subscription services (e.g Private Eye) etc.
Union
Tax Office; Your Salary Office knows the address
Mail Order Companies
Stocks and Shares (registrars or via your broker)
Remember you need to already have a new utility bill (or two) to change some of these.

knightstyle · 25 January 2020 at 7:51PM

We have moved money to and from France many times and have found Currencies Direct to be very efficient and a good rate.
BUT be aware that only a bank will have 100% protection, read about Crown Currencies, So use a well established company and move your money in several batches then if, (unlikely but...) it goes wrong you have only lost one batch, not the whole sum.

SusieT · 25 January 2020 at 8:11PM

I use transferwise, they are registered and have protection, so just keep the amount you are transferring under that amount.

poppy10_2 · 25 January 2020 at 10:05PM

OFX are another reputable company, I've used them many times. Large international corporation.

If it's large sums of money might be better to split your transfer between different platforms to reduce the risks if one goes bust

melanzana · 25 January 2020 at 10:19PM

Glad you have received great information. I wouldn't have a clue as to how to advise you regarding your OP. Sorry!

Hope you will be very happy in ROI. If you care to mention... what part of that country are you settling in. It's a great place. I know this from old.

a4007035 · 26 January 2020 at 4:12PM

Thank you for all the great advice.

I've done some initial comparisons and it looks like Transferwise looks to give the best rate.

Essentially, Transferwise use the mid market spot rate. Mid market is the middle of the buy and sell rate. And then they apply a transaction percentage (think its 0.37%) to the whole transaction.

I have an account with Currencies Direct and for large amounts they use an agent to negotiate the price/rate. Therefore, when it comes to making the transfer I will be sure to obtain a quote to see how it compares.

Thanks for the advice on doing it tranches and also using several platforms.

Simby · 26 January 2020 at 4:44PM

Don’t forget you also need an Irish bank account to transfer it into

I think bank of Ireland has a moving to Ireland team, and you can use the uk address docs as the proofs then when you move change the address to your new one..

Otherwise you may need documents address etc.. to open your Irish bank account in Ireland that you won’t have for a bit e.g utility bills.

a4007035 · 26 January 2020 at 6:13PM

Thanks - Yes, we've already opened an account with AIB. Had to get loads of ID, proof of address, bills, etc. They didnt mind that we have a UK addres.

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Moving to Ireland - Transfer of GBP to EUR

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