The financial turmoil in Ireland and other countries in the
Eurozone has resulted in some Irish people withdrawing Euros
from their Irish bank accounts and transferring it into other
currencies. It appears that many are are transferring money
to UK banks operating in Ireland or to UK banks in Northern
Ireland or other parts of the UK.
Concerns about the security of the Irish Bank Guarantee and
the future of the Euro have made people more worried about their
savings. Thesituation in Cyprus in March has not helped much
If you want to open a Sterling bank account in the UK
while you are living in Ireland it should be fairly easy.
In Northern Ireland you will find that most of the banks there
will allow you to open a Sterling Bank Account if you are resident
in the Republic Of Ireland. It is probably best to ring around
the various banks before you go just to check (Try Bank of Ireland,
Ulster Bank and Allied Irish )
We recommend opening the new account with a small amount of
Sterling in cash to begin with. Don't go drawing out loads of
Sterling in cash from your Irish account from an ATM and don't
ask your Irish bank to exchange all your savings into Pounds
in cash. You could pay heavily with poor exchange rates and
Once you have the UK sterling account set up - then you can
arrange for the currency exchange and transfer from your Irish
Euro account to the Sterling account in the UK. You might assume
you have to do this currency exchange through your own bank
in Ireland - but you don't have to use your bank.
There are specialist currency exchange brokers that you
can use - and their
exchange rates will usually be better than the banks. On paper
- the actual rates may not look much better at first glance
- but a difference in the exchange rate of just 1 cent in the
Euro on a €100,000 Euros transaction would save you a £1000
Euros. Not bad for a couple of phone calls and a bit of form
One company that we recommend that specialises in Foreign Currency
Exchange is called Currency
are regulated and authorised by the UK Financial Services
Authority and HM Revenue. They will carry out currency
transfers from Euros to Sterling as well as most other major
currencies. You can make a no obligation enquiry about your
currency requirements online
If you prefer - you can telephone the Irish Links contact:
Ernie Enver direct on 0044 207 740 0000 .
Ernie will be able to help you with all your currency exchange
questions. He will call you back. Mention "Irish Links"
website when you call.
Another currency exchange company we also recommend is Transfermate.
They are based in Ireland and are regulated by the Central Bank
of Ireland . You can check out more details on the Transfermate
website or call them on 01 6353776
Of course - always check with your own bank first to see what
exchange rate they will offer you.
Get the bank to confirm how much Sterling you will get after
the conversion - after all fees have been deducted. If you
just compare the raw exchange rates - the difference in those
figures may look really small and you may feel it's not worth
the bit of extra hassle - but when you see the difference in
the total amount you will get after the exchange - it
could amount to several hundreds of pounds.
If you are worried about the Euro weakening even further against
Sterling - you can reserve an exchange rate up to a year
in advance. So - when rates are in your favour - but your
money is tied up in a fixed rate account or in property - you
can reserve the rate and make the exchange weeks or months in
the future .