# Sterling debt, payed in euros



## stoptheclock (27 Oct 2009)

Hi all

 I have a 12,000 sterling loan. I get paid in Euros. I want to pay off a lump sum against the sterling debt. What is the best way to do this? Check my bank and credit union rates and physically take the money from my euro bank account and exchange it over the counter?  


 Anyone know where to get the best exchange rate? Any advice welcome. I can give more details if necessary. 

 Thanks


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## suzie (27 Oct 2009)

you could try the likes of www.currency.ie (or similar)

People have used them when buying UK cars was cheaper back in the days of dec 2008. seems people save 100's of euros in the transaction

S.


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## Yorrick (28 Oct 2009)

If the loan is with a British bank what you can do is transfer from your bank in Ireland to the U.K. bank
You will need the UK Banks IBAN number, The BIC/Swift  number, Bank Branch Address, Loan Account Number. ( These should be on the top of any statement you have from the UK)
The transfer may cost you 10 Euro depending on what bank you are with.
I had to do this recently and the Irish Bank Clerk could not tell me the exact exchange rate I would get as the rate applicable is the one current when the funds reach the U.K. account. The Bank will tell you that this will take 4/5 working days but usually the electronic transfer is done within 24 hours.
With the exchange rate as it is now there is not a better time to pay off UK loans ( Of course Sterling could continue to deteriorate against the Euro but thats the gamble you take)


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## stoptheclock (28 Oct 2009)

Thanks for the advice. 

My debt is a student loan, so i don't think it can be transferred. 

I might give www.currancy.ie a go.


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## mooney76 (29 Oct 2009)

currency.ie will tell you exactly what it costs so you can check that they are cheaper, more transparent


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## so-crates (30 Oct 2009)

stoptheclock I think that Yorrick is not talking about transferring your debt. The process outlined would be how you would do an interbank transfer to your English bank to pay a lump sum off your deposit.


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## Boros (4 Nov 2009)

might be looking for ROPS (regular overseas payment service) normaly charge €10 ish for every payment, but can set up a direct debit to the currency broker and they pay the required account with the required reference


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