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Paid in € spending in £

  • 16-10-2008 10:54pm
    #1
    Billybong
    Closed Accounts Posts: 9 ✭


    I'm hoping someone out there can give me some advice.
    I'm in a situation where i'm employed by an irish company and paid €'s into an irish bank account. I'm going to be living in London for a while. Work can't transfer my salary into a UK bank account or pay me in £

    Has anyone had experience on what is the best way to manage money in this circumstance. If i use my irish bank card in UK then i get charged a transaction fee and i also loose out with currency conversion!!

    It would all be so much easier if the Brits took on the Euro!

    Any advise or experiences would be appreciated


Comments

  • #2
    Mylow
    Registered Users, Registered Users 2 Posts: 802 ✭✭✭Mylow


    Get them to pay your bank charges.


  • #3
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    You could open an english bank account. Then when your salary is paid to your Irish bank account transfer the money from this. It wont cost anything to transfer across if you use a SEPA payment. If you are in England ring the bank in Ireland give them the BIC and IBAN and they should be able to do it over the phone.
    I am not sure about the rates of conversion on this though.


  • #4
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    Mylow wrote: »
    Get them to pay your bank charges.

    Thats if you are in London on work related business.


  • #5
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Make sure you have a clause in your contract regarding currency fluctuations- a few good days on the market in London could mean your Euro are worth 5-10% less than they previously were.......


  • #6
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Credit card perhaps?


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  • #7
    I.S.T.
    Registered Users, Registered Users 2 Posts: 893 ✭✭✭I.S.T.


    Billybong wrote: »
    I'm hoping someone out there can give me some advice.
    I'm in a situation where i'm employed by an irish company and paid €'s into an irish bank account. I'm going to be living in London for a while. Work can't transfer my salary into a UK bank account or pay me in £

    Has anyone had experience on what is the best way to manage money in this circumstance.
    If you do a bank transfer directly into a UK bank account it costs a flat rate of €10 with NIB. Takes about 5 days for the transfer. Whatever you do, don't cash an Irish cheque in the UK, they will fleece you on charges and the first (and only) time I done it it took a month for the cheque to clear!!
    Billybong wrote: »
    and i also loose out with currency conversion!
    I don't get how you lose out. It works out better to be paid in euro than sterling as the exchange rate is very favourable at almost 78p for a euro. A year ago it was about 67p. That means if you are getting a €40K it works out at £31,200 whereas a year ago it would have been £26,800.


  • #8
    Billybong
    Closed Accounts Posts: 9 ✭Billybong


    Thanks for your replies so far
    Thing about the whole "contract" and having work pay bank charges etc is that i asked for the relocation - they didn't want to loose me so are happy for me to do my work remotely.

    hopefully it will be short term till i do get a job out there

    Hopefully an IBAN transfer will work - fingers crossed its not costly.


  • #9
    Billybong
    Closed Accounts Posts: 9 ✭Billybong


    IrishSpeedTraps wrote: »
    I don't get how you lose out. It works out better to be paid in euro than sterling as the exchange rate is very favourable at almost 78p for a euro. A year ago it was about 67p. That means if you are getting a €40K it works out at £31,200 whereas a year ago it would have been £26,800.

    On the exchange the euro is good, but recently when i've been withdrawing money in the UK using my irish pass card i'm getting 74p to the Euro - not a big difference, but its the principal of it


  • #10
    I.S.T.
    Registered Users, Registered Users 2 Posts: 893 ✭✭✭I.S.T.


    Billybong wrote: »
    On the exchange the euro is good, but recently when i've been withdrawing money in the UK using my irish pass card i'm getting 74p to the Euro - not a big difference, but its the principal of it

    That's a bt of a rip off alright! Try the bank transfer, do it through your internet banking if possible. As I said I get charged a flat rate of a tenner so do large transfers rather than lots of small ones.


  • #11
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    Billybong wrote: »
    Thanks for your replies so far
    Thing about the whole "contract" and having work pay bank charges etc is that i asked for the relocation - they didn't want to loose me so are happy for me to do my work remotely.

    hopefully it will be short term till i do get a job out there

    Hopefully an IBAN transfer will work - fingers crossed its not costly.


    If its the SEPA payment its free. I worked for a bank, just left and have transfered money about 50 times from Irish bank accounts to different banks in england. Every one of the payments have gone through without a problem. I still cant find the rate online for it though.


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