Money accumulating, no savings, Ireland to UK question

Kai123

Registered User
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Hello,

I have around 2k sitting in my current account (4k in total at the moment, but like to keep 2k as a safety net). I have roughly around 400 euro a month of disposable income a month.

I have a 2 year plan which will evolve me moving into a cheaper apt in August, as well as a potential raise in work, but basically trying to increase my disposable income as much as possible before a move to the UK in about 12 months time.

If I was staying put in Ireland, I'd just open a savings account and be done with it, but with the move to the UK, are their any smarter options such as saving money into a UK account, or even any potential long-term investment services from Ireland where I can access the money as pounds once I move back?

My main concerns are the exchange rate and charges for transferring money across from an IE account to a UK one. Would it be more prudent to save as much as I can here, and when possible just transfer money over in lump-sums when the exchange rate is favorable?

I am researching into this, but in-case there are any well-known ideas or practices that I am not aware of, it would save me alot of time.

Kind Regards,

Kai.
 
One should generally keep savings in the currency they are going to spend the savings in.

It sounds like you will spend your savings in GBP and hence you should save in GBP.

It is easy to open a GBP account in Ireland. KBC and Nationwide UK (Ireland) offer some of the better GBP rates.

There is no point in speculating on the future direction of FX rate, you are likely to get it right as wrong.

The only open question is how frequently should you convert your savings into GBP. Monthly is one option using an online currency broker, such as Currency Fair, or you might choose to do it less frequently.
 
Thank you Ciaran,

I think Currency Fair was what I'm really after. I'm going over in August for a few days and will open up an account there. Once its set up, I can just start transferring money when I can.

Kind Regards,

Kai.
 
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