Selling house UK and converting profit to Euro-how to get best value?

C

cl3

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I've recently moved back to Ireland from UK and am selling my UK property. I'm wondering how to bring this money/profit home. Is it best just to wire it to your irish bank account or go through a middleman who might offer competitive exchange rates? Any hidden extras in doing either way?
 
There are lots of existing threads about getting the best foreign exchange deal in such circumstances. Try searching them out using Google as per my signature below. Perhaps www.xetrade.com might be one option?
 
I would work out how much you need to keep you going in euros for 6 months+ first of all - and leave some in uk bank savings a/c ( higher interest rates ).
Definitely shop around the different fx companies for the best quote ( and ask about any "hidden fees" such as charges for wire transfer, commission, etc ).
One firm to try is rationalfx. Be sure not to exchange your money through the banks' foreign exchange, as you will not get as good a rate !
Good luck.
PS Incase you are unaware, Bank of England are forecast a good chance of lowering rates this week, and ECB holding. This would more than likely make sterling weaker - so the sooner you exchange sterling, the better IMO.
Do not take this as gospel - but, as i say, be aware of it, if you aren't already.
There are different variables which can alter exchange rates. This info may help you....
http://www.fxstreet.com/fundamental/economic-calendar/
 
Could you afford to wait before selling? You're selling at a time when your Sterling receipts will be worth about 12% less than 12 months ago? If you could wait and rent your home, then you might get a better price and currency return in a couple of years time.
 
Thanks for your replies. I will check those sites and threads. I realise it is a bad time to be converting sterling to euro. Unfortunately have my eye on a house in Ireland that won't wait for the sterling to recover :-(
 
moneycorp.com are good, i have used them many times (but no axe to grind, just a customer).

They are usually about 1 cent less than the inter bank rate, however the bigger the amoun the better the rate.

MUCH better than going to a high st bank.

About 15 pounds fee on top per txn, which is fine

Agree its a bad time to convert but equally it could get worse.
 
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