Cheapest/best way to convert and lodge Euro to Sterling?

Schorpio

Hi all,

I just have a query which hopefully you guys will be able to help me with. I'm moving to Scotland soon and I need to pay my rent over there into my landlord's account. Currently I only have my Irish account. So I need to convert my euros into a fixed sterling amount and lodge the sterling into my landlord's account. Does anyone know the best/cheapest way of doing this.

I know the post office give commission free Sterling, but I doubt that's any good to me? If I just transfer the money directly then I'll get hit for the conversion charge and I also won't know how much to transfer so that the landlord gets his money (and not a penny more!! )

Any help would be much appreciated!

coylemj

If you're moving to Scotland then won't you be paid there in sterling and won't you therefore need to open an account with a local bank and won't that solve the problem as you'll then be able to set up a standing order in sterling to your landlord's account?

Schorpio

coylemj wrote: »

If you're moving to Scotland then won't you be paid there in sterling and won't you therefore need to open an account with a local bank and won't that solve the problem as you'll then be able to set up a standing order in sterling to your landlord's account?

Nope, I'm going there for a full time masters so I won't be getting a job (well, not for the time being anyway).

coylemj

Ask your own bank if they will allow you to open a sterling a/c, then transfer the rent to the landlord in sterling via standing order from that a/c.

Schorpio

Would an Irish bank allow sterling accounts? That'd be great for me.

TopTec

I use Currencyfair to transfer my monthly pension from sterling to euro, very small charge, couple of euro only, but a far better exchange rate. You can do it the other way, directly into the landlords account I think.

A few months ago my bank offered me a 1.16 rate but I got 1.24 from currencyfair.

TT

Marty09

Think it would still be worthwhile setting up local UK account overtime,
a friend of mine went over to UK recently to work and said it took ages to get bank account set up so any thing that can be done in advance should be done if possible.

Schorpio

Yeah, I have heard alright that opening a bank account can take a lot longer over there. Dealing through the Irish account in the meantime is a pain because you're stuck with whatever your bank's conversion rate is plus the conversion charge on top of that. The other annoying thing is that, as I'm a student, the currency conversion fee would be waived if I was in the bank in person, but not online.

Marty09

Think it's just difficult to get any decent online conversion / transfer system that gives a good exchange rate / low fee's.