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Advice on lump sum savings?

  • 01-04-2018 9:52pm
    #1
    pesy
    Registered Users, Registered Users 2 Posts: 17 ✭


    Hi,

    I've been fortunate enough to accumulate a lump sum of about 50k STG from when I worked in the UK for a number of years, the problem is that this money is lying in my Bank of Ireland UK current account. I would hope to withdraw a mortgage within the next 2-3 years, could anyone give me any advice what to do with this money?

    Should I transfer it via transfer wise to my euro account or, or are there any options for me to transfer this money a savings account in the UK an wait for exchange rates to increase?

    Any advice is welcome.

    Pesy


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,566 ✭✭✭JTMan


    If you intend to spend your savings in GBP, you should keep your savings in GBP.

    If you intend to spend your savings in EUR, you should convert your savings to EUR. If so, convert now. Do not engage in currency speculation. It is too big a risk.

    Use an online FX broker such as Currency Fair to convert for a good rate.


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