Lump sum transfer from UK

[FlippedOut]

Afternoon all,

Probable not the right place to post, so please move if need be mods.

I have a sterling lump sum coming from my mother in the UK to me here in Ireland, as a gift. Can someone tell me the best/cheapest way to transfer it?

Also, Do I need to declare it to the revenue? Its not going into savings, it is paying off debts

Thanks,

 

[Lightning]

Do you want to transfer the GBP savings to EUR?

What bank is the GBP currently with? Have you asked about their wire and currency conversion charges?

 

[Boros]

i would advise using a currency exchange specialist to exchange the currency as you are likely to save a percentage compared to using a bank.

check out this site that details common questions

 

[kildon]

I use HiFX quite regularly....easy and defn one of the cheapest ways to do it

 

[ccraig]

Your parent is allowed to gift you approx 400k tax free in their lifetime.

if you are receiving funds it will be the bank in the uk that determins the exchange rate unless you have a sterling account.

you can use currency.ie in ireland also, they bank in the uk and can do same day transfers, cheaper too