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Transfer of savings to UK from Ireland

  • 14-12-2015 3:08pm
    #1
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,501 ✭✭✭


    I have some savings in Ireland that i want to move to the UK. I live in London.

    The current exchange rate is 1GBP = EUR1.3768
    12 months ago the exchange rate was 1GBP = EUR1.25

    I don't have any immediate need for the money in London but i don't really like it sitting in Ireland where i don't have any easy access to it. Its in a credit union.
    Ill be back in Ireland over the Christmas period which is why im trying to decide if i should transfer the money when im back.
    I can transfer the amount using transferwize.com for €58

    How likely is it that the rate will get back to 1.25 or better in the next 12 months or is it inevitable that it will get worse.
    More importantly, are there any large economic decisions by either country in the near future that are likely to dramatically alter the rate in either direction?


Comments

  • #2
    mcardler
    Registered Users, Registered Users 2 Posts: 77 ✭✭mcardler


    What you're proposing is effectively a "punt" on GBP rising v Eur. You should only do that if your firmly believe that will happen over the next 12 months. Experts will give you differing views on that one but the truth is nobody knows - the current rate reflects current expectations. You may get a better interest rate on savings in the UK but you're paying more for sterling to get that return. I don't think many financial advisers would recommend you gamble with your savings but that would be your call.


  • #3
    Brussels Sprout
    Registered Users, Registered Users 2 Posts: 7,836 ✭✭✭Brussels Sprout


    mcardler wrote: »
    Experts will give you differing views on that one but the truth is nobody knows

    This.

    If you want to hedge your risk of exchange rate erosion, you could take half of your savings out and convert them to sterling and leave the remainder there.


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