If you are moving from the UK to Ireland or anywhere else in the Eurozone you will probably need to exchange a large amount of Sterling to Euros. Opening a Euro bank account in Ireland is your first step.
You might assume that you have to carry out this currency transfer exchange through your own bank – but theymight not give you the best exchange rate and they will probably also charge a fee and/or commission too.
Instead – there are specialist currency exchange brokers that you can use – and their exchange rates will usually be better than the major banks.
One UK based company that we recommend that specialises in Foreign Currency Exchange is called Currency Solutions.
They are regulated and authorised by the UK Financial Services Authority and HM Revenue.
They will carry out exchange from Euros to Sterling – Sterling to Euros – as well as most other major currencies. You can make a no obligation enquiry about your currency requirements online here
If you prefer – you can call the Irish Links contact: Ernie Enver on 0044 207 740 0000 or if you are calling from Ireland you can dial a Dublin number 01 4311344
Ernie will be able to help you with all your currency exchange questions. Mention “Irish Links” when you call.
On paper – the rates may look very similar – but a difference in the exchange rate of just 1 pence on a £100,000 Pounds transaction would save you a £1000 Pounds – not bad for a few minutes effort. Why let the banks have it?
You will need to have both a Sterling bank account and a Euro bank account available to transfer the money. You just need to register your details with them – and provide some proof of identity.
You can even reserve an exchange rate up to a year in advance. So when rates are in your favour – but your money is tied up in a house for example – you can reserve the current exchange rate today. This takes away the uncertainty of not knowing what the exchange rates will be when you sell your house. (A 10% deposit is required.)
Contact Ernie Enver at Currency Solutions on 0044 207 740 0000 to find out more about this – mention the “Irish Links website ” when you call and he will do his best to help you.
Of course – check with your own bank to see what rate they will offer you first. Remember to calculate the total amount after conversion – including any fees they add. If you just compare the basic exchange rates – the difference will look really small and you may feel it’s not worth the hassle – but when you see the total amount you will get after the exchange – the difference may run into several hundreds of pounds – enough to buy some furniture or to cover your removal costs!
Irish residents may be thinking of moving to the UK – or might want to move some of your Euros into another currency . See our page about Opening a Sterling Bank Account
Tip – if you are moving to Ireland from the UK don’t close all your old UK bank accounts or hand in your old credit cards when you move.
You should still be able to use them – just inform the bank and credit card company of your new address. They should not have a problem with you moving to or from Ireland. The sterling accounts will come in handy for paying in any sterling you might recieve or for paying any remaining UK bills etc. Also – they will be useful for any visits back to the UK or Ireland .
In the short term it is possible to use your UK cashpoint card at most Irish ATMs to withdraw money from your UK account – but the exchange rates wouldn’t be that good and there may be ATM fees.
Also you can use UK credit cards to buy goods at most shops in Ireland – with no problem. But again this would only be for short term spending because of the transaction charges and poor exchange rates from Sterling to Euro.