Transfer house deposit from sterling to euro,?

Mocame

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A friend has sold up in the UK and moved back to Ireland in recent weeks. She has some money from the sale of her UK in sterling in her bank account over there. Should she move it into Euro now just in case Boris crashes out if the EU without a deal? What is the cheapest way to transfer the money to Ireland?
 
Million dollar question. Unless she really needs the money, I would be inclined to leave it be, to see how things will pan out in next few weeks.
 
Sterling has lost just over 1% a year vs the US$ since 1955 so the long term prognosis for the currency isn’t exactly rosy!!

The only thing we know for sure is that currency risk is an “empty” risk in the sense that you don’t get paid a dividend for taking it.

You should never judge a decision by the outcome but by the process used to make it.

Sterling will either be lower or higher in the future.So this is a coin toss. Most people would not bet their home on a coin toss so the best decision is to change to Euro now - irrespective of the future exchange rate outcome.

Your friend would do better seeking good advice in cross-border pension and investment planning like closing ISAs before the end of the year etc than gambling on the exchange rate
 
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We're moving the other way next month (back to the UK). We've used https://www.currencyfair.com/ for many years to transfer GBP/EUR between accounts. They are reliable, easy to use and have fast processing times as well as better rates than a bank. We'll be using them again for our own requirements.
 
You cannot as an amateur predict currency movements with any precision. If you call it right it will only be pure luck.

Just focus on getting the lowest fees possible when you make the transfer.
 
I know someone in Dundalk who has been doing currency dealing on an amateur basis. He started off with a 5000 sum in the late 90s and now has managed to bring it over 20,000. Luckily he didnt need the money so can afford to wait until exchange rates are favourable
 
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