Transferring money from uk to Ireland

C

claddagh

Registered User
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Hi
Husband has an inheritance from UK parent and executor looking to transfer. The money will be transferred from a mainstream UK bank.
Trying to work out the easiest and most cost effective way to transfer (approx 60k sterling).

We have ptsb current account, credit union account and revolut account with a sterling account used for holidays.

Any advice would be really appreciated as I haven’t a clue how to do this.
 
I'd investigate the possibility of opening a sterling account either here, in Northern Ireland, or in Britain, with a view towards depositing and holding the sum there and transferring bits of it as you need it and the bulk of it whenever you consider the exchange rate to be optimal or near-optimal.
 
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If you have a sterling wallet on your Revolut account click on “details”. Use this UK sort code and account number for the transfer from the executor.

It will appear in your sterling wallet on Revolut. Convert to euro during working hours for their best rate.

Setting up a sterling account with a high street bank is hassle and unnecessary.
 
Well, if you think the rate is optimal you are implicitly forecasting that in the future it will be sub-optimal
 
"If you have a view of optimality of FX rates you’re making a forecast whether you think so or not."

And???

If Sterling is currently in a slump relative to the Euro, the OP would be a fool to convert the entire £60k sum without considering other options (unless they had other reasons for doing so, such as needing the money immediately).
 
T McGibney said:
If Sterling is currently in a slump relative to the Euro,
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What if the euro is in a slump relative to sterling? If you or I had a material insight here we’d be working for hedge funds in Piccadilly and we are not.

OP should focus on fees and convenience not trying to guess the markets.
 
"What if the euro is in a slump relative to sterling? "

In that event, the OP should consider the implications of that.

This is basically common sense.
 
I have done that a few times as I'm working in the UK but plan to return to Ireland.
Banks give a poor rate. Revolut is good if you use their card/app and switch btw currencies. I'm cautious so I transferred the funds via 3rd party. I used keycurrency and seen good reviews about Lumon.
 
Thanks all .. the key post was over 10 years old and recent posts were transfers out of Ireland rather than in hence new post .
Trying to minimise effort required by executor as well as relationships not the best!
 
T McGibney said:
Who mentioned forecasting?
Click to expand...
T McGibney said:
"What if the euro is in a slump relative to sterling? "

In that event, the OP should consider the implications of that.

This is basically common sense.
Click to expand...
Making a judgment that the euro is in a slump relative to sterling is a forecast, surely? It means that the euro has declined against sterling in the past and you expect it to rise against sterling in the future. Without the future expectation, what you have is not a slump, just a decline.

If you reframe matters to talk just of a decline, the advice to "consider the implications of that" suggests a belief that, because the euro has recently declined, that has implications for the direction of future movement. So you're still engaged in forecasting.

The mere fact that one currency has recently declined against another in itself tells you nothing, nothing at all, about what will happen in the future. If you can discern the reason for the recent decline, that might provide a rational basis for forecasting future movements. Mind you, depending on what the reason is, your forecast could be "further decline expected" just as readily as "rise expected".

And, either way, what you are doing is, unquestionably, forecasting future exchange rate movements.
 
@TomEdison I live beside the border and there are always surges northwards or southwards in cross border shopping, especially for expensive non-routine items whenever sterling respectively weakens or hardens

It's not particularly complicated to gauge individual currency movements and whether or not the position on a given day represents good value relative to the norm.
 
It's one thing to nip across the border to take advantage of today's exchange rate.

It's entirely another to forecast exchange rates at a future date, and act now to take advantage of the future rate. People who can reliably do that are not nipping opportunistically across the border to buy cheap ciggies; they are sitting on vast piles of gold in their villas in Monaco, quaffing champagne and nibbling quails' eggs that they had brought down fresh this morning on a special train from Paris.
 
No, if you have a large sum of money in a particular denomination, wish ultimately to convert it into another, but are in no particular hurry to do so, and exchange rates are currently unattractive relative to the norm, it's perfectly feasible to postpone the conversion until exchange rates are more favourable.

That's why businesses with cross border sales will often hold significant sums in foreign currency accounts, periodically converting these sums to their home currency when it is relatively attractive to do so.

This may or may not be practicable in the OPs case but I respectfully submit that it's something they should at least consider. Do you disagree?
 
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