Transferring a deposit abroad

S

settlement

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Hello,

I have a deposit of about 28k in an Irish bank. I am now resident in Australia for tax purposes. The interest rates are better here and so I am considering transferring it over.

What do I need to consider? Firstly is it wise?

Secondly, if I do decide to proceed, what factors do I need to consider? All I can think of is getting the cheapest broker. Should I monitor xe to wait for a favourable rate?
 
One should generally keep savings in the currency that they intend to spend the money in. This avoid FX risk.

If you will spend the money in AUD, convert. If you will spend in EUR, keep in EUR.

If you convert, use an online currency broker, price a few online currency brokers to get the best rate.

Don't speculate on the future direction of the FX rate.
 
Thanks ciaran. I don't intend to spend the money in either currency yet so don't know the answer to that. It's all about saving it.

I think the fees even with a broker may make the benefit of transferring this minimal if any benefit at all
 
I must say I am now very tempted to convert my money to Australian dollars. With the current strength of the euro I could get quite a few dollars. €0.66=1$AUD
 
.66 may be the OFFICIAL rate, but you will only get about .63 from bank. Try currencyfair or some other agency to see if you can get a better rate.
 
Another new option is Revolut who claim to offer market FX rates with no margin. They also offer a multi currency debit card.
 
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