# Transferring money to the North



## yenom (24 Nov 2011)

I’m moving 20% of my savings to a Sterling deposit account in Northern Ireland.
The cash is in a current account in AIB in the Republic.
What is the cheapest and best way for converting from Euro to Sterling in this instance and transferring it to my account in the North?


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## ClubMan (24 Nov 2011)

Any use?

http://www.askaboutmoney.com/showthread.php?t=162826


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## yenom (24 Nov 2011)

Say I want the transaction to just take place between the two banks.
Is it as simple as ringing up AIB and saying I want to transfer my cash to my sterling account and quote me know much I would end up with in Sterling.
And also asking Ulster Band how much Sterling I would get if I did the conversion with them.


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## ClubMan (24 Nov 2011)

That sort of transfer should be an option I guess. You may need the _IBANs _for both accounts to do a cross border transfer. Check out what charges and exchange rate might apply and shop around for a better deal if justified.


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## Slim (24 Nov 2011)

yenom said:


> Say I want the transaction to just take place between the two banks.
> Is it as simple as ringing up AIB and saying I want to transfer my cash to my sterling account and quote me know much I would end up with in Sterling.
> And also asking Ulster Band how much Sterling I would get if I did the conversion with them.


 
I think they would fleece you on the rate. As per the thread Clubman linked I have used Transfermate, good rate, fairly speedy transfer. No connection to them.


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## Lightning (24 Nov 2011)

+1. They will fleece you on the rate. Use Transfermate.


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## OLD MONEY (24 Nov 2011)

I have used Transfermate twice in recent months, and found them to be very good  + a better exchange rate than my own bank.


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## oliver1975 (28 Nov 2011)

You can also open an account with HSBC in Belfast in Euros. It is a straightforward process; only passport and proof of address required.

The benefit of it being in Euros is that there is no exchange rate exposure right now.

Of course, they couldn't tell me what would happen to my money if the euro ceased to exist. The presumption is that it would become sterling, but this is not 100% clear.

If anybody else has any insights into this they would be welcome.


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## Pope John 11 (30 Nov 2011)

CiaranT said:


> +1. They will fleece you on the rate. Use Transfermate.



Can I ask if I use the above company, to transfer money into UK pounds or Oz dollars, where is my account held in the event of a breakup of the euro


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## bemmi (30 Nov 2011)

Re: HSBC: Their Euro account is of limited usefulness - there is a €5 per month charge, you cannot access it via Internet banking - only telephone banking, and they won't sort out your interest tax exemption for you - they will pay it to the UK tax folk and you have to claim it back from them, as well as pay DIRT here on it.  Personally, I'd look at other options.

Re: Transfermate: what's the legal situation if Transfermate goes out of business while they hold your cash in transfer?  This is what's put me off using them to date...


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## Pope John 11 (30 Nov 2011)

bemmi said:


> Re: Transfermate: what's the legal situation if Transfermate goes out of business while they hold your cash in transfer?  This is what's put me off using them to date...



My thoughts too, perhaps someone could answer this....and why does Transfermate not have this question in their FAQ. Is it not an obvious question that Clients would be concerned about their funds in a transfermate account


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## Lightning (30 Nov 2011)

Pope John 11 said:


> Can I ask if I use the above company, to transfer money into UK pounds or Oz dollars, where is my account held in the event of a breakup of the euro



You mean between trade date and settlement date (T+2 ???)? If so, that is a short window to be worried about.


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## Pope John 11 (30 Nov 2011)

So, If I have an Ulster Bank account in the South already.

The steps are

1. I phone Ulster Bank or call in directly to open up a sterling account in the North. I bring in the usual documentation to do so - Passport, Bill etc.

2. Having opened the sterling account in the North. I then use Transfermate to transfer euro money from say, 

My euro Ulsterbank account in the south
My euro AIB account in the south

to my sterling account in the north.

3. This will take two working days to transfer across the funds


Is this correct?


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## KoxeyTY (30 Nov 2011)

*Trnasferring Money to the North*

I too am very worried about the safety of my savings in euros. I have approx 20K in bank, all in euros. I am afraid if the euro falls it will be worth nothing. Can someone advise if its worth transferring this amount to sterling account as I am worried that for this amount the fx risk may be greater than the euro falling. Can someone advise?


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## yenom (1 Dec 2011)

I am moving 20% of my deposits to Sterling next Monday.
Unfortunately no one really knows if it’s the correct thing to do and essentially every choice you make is a risk.
My thinking is that moving a percentage of you money gives you a few more options.
If we revert to the Punt I would like access to some Sterling.
If Sterling loses value against the Euro, I’m taking the chance it will regain value over the long term.
My major decision is that I have access to Northern  Ireland  and I can make any major purchases in Sterling if it’s in my favour
If I hold other currencies like the US/Aus dollar I don’t have access to their markets.
I would also like to get another 20” out of cash but I really don’t know what to do as of yet.


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## Slim (1 Dec 2011)

Pope John 11 said:


> So, If I have an Ulster Bank account in the South already.
> 
> The steps are
> 
> ...


 
Pretty much. You may have to call the bank in NI yourself as you may find UB in the south not very helpful.


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## bemmi (1 Dec 2011)

CiaranT said:


> You mean between trade date and settlement date (T+2 ???)? If so, that is a short window to be worried about.



True but it wouldn't be the first time it had happened - did a quick google search and found this example: http://en.wikipedia.org/wiki/First_Solution_Money_Transfer.  To what extent are these companies regulated in Ireland?


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## Ceist Beag (1 Dec 2011)

Pope John 11 said:


> So, If I have an Ulster Bank account in the South already.
> 
> The steps are
> 
> ...


That's about it alright - see http://www.askaboutmoney.com/showthread.php?t=157301 for more details. If you have an UB account in the south already you won't need to provide documentation for proof of address, you simply need to sign and return the form they send out.


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