Advice on moving lump sum from UK to Ireland

[galgal5003]

Hi,

I am moving home from the UK within the next few months (hopefully!).

I want to transfer approx GBP£15,000 into my Irish bank account. I've read some other threads on this and CurrencyFair seem to be the most recommended company.

However, my question is more along the lines of when is the best time to do this? The Euro has been strengthening against the Sterling over the last few months - am I best to take the rate on whatever date I decide to make the transfer or hold off with the transfer and see what happens to the rate?
I am not very clued up on what's predicted to happen to the rate so would like any informed opinions.

Thanks in advance.

 

[Lightning]

It is pure speculation as to when the FX rate will be best. Nobody has a crystal ball, it might move in your favour or against you.

Don't try to play speculative FX games unless you have expertise in the area.

 

[moneybox]

The Euro has been strengthening against the Sterling over the last few months - am I best to take the rate on whatever date I decide to make the transfer or hold off with the transfer and see what happens to the rate?
I am not very clued up on what's predicted to happen to the rate so would like any informed opinions.

Thanks in advance.

Currencyfair offer a good and efficeint service and they only charge a £3 transfer fee. If I were you I would just exchange the money as and when you require it. If you move it today you will receive €19254 at an exchange rate of 1GB = 1.283, yes its gone down a bit in recent months but I wouldnt worry too much about it as £15000 isn't a huge amount to be worrying about making a few cents more in the exchange rate.

 

[Username2012]

Complete gambling to try time it - you can win or lose but no one knows what way currency markets will go. I've friends in same situation as you who have a wedding to pay for here and are moving who decided they were experts at FX and not to move their money in December at 1.45 or so under their wisdom that it will go higher. Obviously it didn't! It could have but the point is if you're moving don't try time it, move it when it makes sense for you.

CurrencyFair is cheaper for bigger amounts and transfer wise useful for smaller(also slicker!)