Sending money to a British bank account

danyosan · 10-11-2005 4:29pm #1

I am planning on sending a significant amount of money (15000 euros) into a Scottish bank account in the next few weeks to clear loans, credit cards etc. I moved over to Ireland last year and I have been maintaining these payments since them with quite a bit of cost every month. Anyway, I've decided to just clear these debts, does anyone know of the most cost effective to do this? I've been monitoring the exchange rates cos I know even just one cent difference is going to be cost me hundreds which I cant afford. Any help would be greatly appreciated.

daveirl · 11-11-2005 8:39pm

This post has been deleted.

BuffyBot · 11-11-2005 8:58pm

IIRC there is a limit on the cheaper transfers (€12500 I think). OP - go to your bank and discuss your options with them.

Creamy Goodness · 11-11-2005 9:00pm

*off topic*
interbank transfers take a week to go through, dammit i'll be waiting for my laptop for ages then.

Blackjack · 11-11-2005 10:43pm

Sterling Draft, couriered or registeded post to the bank, unless you can lodge it in person. Cheap, you'll know the rate, very easy.

kazzer · 11-11-2005 10:43pm

I just did one to the UK on Tuesday (AIB telephone banking). Was there today.

pcwares · 11-11-2005 10:47pm

by far the cheapest way to pay off that loan is to save for weeks with the credit union. Then you can double your loan depended on proof of earning with minimal interest rates. It has to be the credit union in your area also.

danyosan · 12-11-2005 9:21am

pcwares...thats not an option. I have to send over money every month into my Scottish account to cover the monthly payments. any interest I'd be earning with credit union would just be covering the interest and bank charges I'd be paying maintaining the loan.

thanks for the ideas folks, I was aware of all of them already though. Just thought someone might have known of some way of getting the best exchange rate and not charging too much. the banks charge 30 euro a payment no matter how little youre transferring. Havent checked but i wonder if that would apply to this amount of money as well??? Very much doubt it.

danyosan · 12-11-2005 9:24am

whoops sorry pcwares, misread your mail. That still isnt solving my problem though. I'd still be getting charged for changing money when I did send it over. I have the money to pay them off just now, just looking for the cheapest way of doing it.

BuffyBot · 12-11-2005 10:31am

Havent checked but i wonder if that would apply to this amount of money as well??? Very much doubt it.

Very likely.

STW · 08-12-2005 12:34pm

As I also moved back home from the UK I used to send my loan repayments by cheque(AIB). Towards the end of the repayments I started to use this site www.moneybookers.com - works really well and is useful if you need to send money anywhere else in the EU.

JasperKat · 10-12-2005 3:38pm

I too send money each month to a UK a/c, differing amounts each month.

After a lot of research I found the cheapest & quickest was to have an Ulster bank a/c, costs €9.00 per month & you get €300 overdraft.

When you send money, as long as you have the IBAN & full details of where it's going it only costs - wait for it ! - 51 cents !!! & it's there usually within 3 days !!

Now, I know you're paying €9.00 but it's still cheaper than paying €20 or €30 with other banks....

Jasper

Lump · 10-12-2005 5:13pm

Best thing to do is get a bankers cheque and register post it to the UK.

John

Sending money to a British bank account

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