How to get best rate bringing Euros back?

[Woodsey]

You poker lads swilling money back and forth will probably know this.

My bro has just sold his house in Ireland and is bringing money back to the UK, how do you get the best rate?

Needs to be via a bank or official institution.......

[Rupert]

Transferwise is pretty good

[mikeymike]

If he does not need sterling yet it might be a good idea to hold on to the Euro as sterling could well weaken over the coming months against the Euro.

[MintTrav]

Don't let him leave it too long. Tell him that Sterling will recover once the second Referendum becomes apparent, so he should take advantage of the currently-damaged UK currency.

[Woodsey]

Don't let him leave it too long. Tell him that Sterling will recover once the second Referendum becomes apparent, so he should take advantage of the currently-damaged UK currency.

I won’t tell him such bullshit....

[Woodsey]

Honestly I don’t think he’ll use anything other than a mainstream bank and it would be hard for me to recommend otherwise also as it’s several hundred grand, so he’s not going to skirt with anyone he does not know. A friend suggested set up a HSBC euro account (he has a HSBC £££ account), he could maybe then transfer from his Irish bank account to the HSBC euro account then from there to his HSBC £££ account. I didn’t even know you could set up accounts in other currencies, anyone any experience of this? Assuming the rates are agreeable this sounds like a plausible option if it’s possible.

[mikeymike]

Open an Allied Irish Bank account - put the Euros on the overnight deposit rate - set up online account and then when ready he can transfer to sterling, AIB branches in London, Birmingham,Bristol and Liverpool if I remember correctly.

Though we have voted to leave Europe - it is still plausible that we end up remaining (only because the negotiating team do not seem to be able to negotiate) if we did stay in the European Union it would then make economic sense to join the Euro - big business would push for it.

There will be plenty of twists and turns in the coming months.

 

[TightEnd]

Open an Allied Irish Bank account - put the Euros on the overnight deposit rate - set up online account and then when ready he can transfer to sterling, AIB branches in London, Birmingham,Bristol and Liverpool if I remember correctly.

Though we have voted to leave Europe - it is still plausible that we end up remaining (only because the negotiating team do not seem to be able to negotiate) if we did stay in the European Union it would then make economic sense to join the Euro - big business would push for it.

There will be plenty of twists and turns in the coming months.

 

lets be realistic,its a sub 10% chance we stay (more likely to go without a deal than stay, so sterling would be lower again) and then an infinitesimal chance that we would then join the euro. would be riots on the streets from leave voters.

i wouldn't be giving "sensible" advice on the basis of a multi-thousand to one double!

[mikeymike]

I voted for Brexit - the MPs will have a final vote on the terms of Brexit - they are a fickle bunch - (as the majority of people said "Trump he will never be president")

I did a bet on two horses recently - 40/1 & 25/1 double - the odds of me winning (astronomical) but I won - you never know whats going to happen until its happened.

The AIB is a sensible move though.

[mikeymike]

Also it would be unlightly to see riots in the street as most young people voted to stay - and in the main it is young people that rebel not oldies.

[DropTheHammer]

There would be riots because all the oldies would demonstrate and then the anarchists/criminals turn up (like at most mass-demonstrations) and it turns into a riot.

[4KSuited]

There are a few high street banks that offer accounts in Euros. Santander is one that I'm personally aware of, but I'd be surprised if the other major players didn't offer the same.

I agree that this is probably the best solution; your brother can convert when he needs £s and leave the rest in €s until the Brexit situation nears resolution. Without getting into whether or not there'll be riots, I'd err towards keeping as much in € as he can manage. Meanwhile, I'm in the market to buy €2k's worth if he's in the London/West London area

[mikeymike]

4K I concur

[Doobs]

There must be close to zero chance people here are punting big chunks of their net worth on the Euro/Sterling exchange rate.  Pretty reckless to be advising complete strangers whose circumstances they are unaware of should do just that.   

[kukushkin88]

There must be close to zero chance people here are punting big chunks of their net worth on the Euro/Sterling exchange rate.  Pretty reckless to be advising complete strangers whose circumstances they are unaware of should do just that. 

Agree about being conservative in that spot but it's OK to suggest the Euro side might be the better place to be atm? Unless you intend to live the rest of your life in the UK I suppose?