Moving from UK to Ireland-should I move back my savings? How?

[Maryclaire1]

Hi all! First time poster but I'm hoping someone can help as I am a bit clueless with financial matters that extend beyond 'save-build good credit-repeat'. I'm due to move home with my partner from the UK this week after three years working there. We have a bit of savings-nothing amazing but in the 4 figure category. Should we move it to Ireland? If so what is the best way to do it? Will it be taxed?
Thanks in advance!

 

[Lightning]

Will you be living here long run? Will you be spending your savings in euro?

If you will be in Ireland long run, then you should have your savings in euro. You should not be taking on FX risk.

If you do switching you savings from GBP to EUR, use an online FX currency broker.

 

[Maryclaire1]

Hi Ciaran!

Yes we intend to relocate permanently and will probably be using the savings towards a mortgage/wedding in Ireland in the not too distant future (2-5 yrs). Would you mind elaborating on what an online FX currency broker is? How do I know I'm choosing a reputable one? (Again, apologies for my utter ignorance).

 

[blured]

When I moved back in 2015, I used Transferwise - found them to be very good price wise and the transfer done very quickly

 

[Lightning]

Would you mind elaborating on what an online FX currency broker is?

An online currency broker will conduct the FX from GBP to EUR at a far more favourable rate than a bank.

Examples include Currency Fair and Transferwise.