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Euro wages monthly to sterling NI Account - exchange

  • 12-10-2020 11:03am
    #1
    CBear1993
    Banned (with Prison Access) Posts: 1,397 ✭✭✭


    Hi all,

    In a bit of a predicament. Getting a mortgage in the north, but I have a dublin job and salary (working remotely). The monthly amount being transferred is in the €4K region.

    Mortgage lenders are limited to me at the moment to about 2 max in NI, who'll consider a euro salary.

    My company last week said they would pay my euro salary monthly into my NI AIB account, and I've now contacted my NI bank AIB to see what the exchange rate would be, bank manager confirmed I'd get circa £70 less letting them handle the exchange vs the various apps. Rate 1.13

    I have accounts with Transferwise, Revolut and CurrencyFair. Looking at those 3, there isn't a big difference, but . Revolut charging €18 by looks of things, whereas currencyfair are €2.

    On the app of one of those, it says typical banks will cost £100, meaning I'll be losing out on £100 per month, big money, as you can see above it's £70 this time around confirmed by NI bank manager. It's a fair bit when you count it across the year, if it was £70 less than what the apps would do each month, it would be £840.

    There were 2 banks willing to look at me and accept a euro salary no problem. One has now pulled out, It's just if I am not successful I will need to look at this option to talk to the other UK Banks.

    Anyone had something similar?

    i believe the best option is to just plough on with the lender that will accept my euro salary at the moment, and transfer it myself each month into NI account.


Comments

  • #2
    Greenlights16
    Registered Users, Registered Users 2 Posts: 273 ✭✭Greenlights16


    Would AIB from ROI transferring to an NI AIB account not be free? Or so you would think...

    I believe a friend of mine uses Ulster bank both north and south and he uses that to transfer his ROI salary to NI each month where he lives

    Otherwise I am told TransferWise or Revolut Premium is worth looking at


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