Moving Euros to Sterling
Opening a Bank Account in the UK

The financial turmoil in Ireland and the Eurozone has resulted in some Irish people starting to think about 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 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.

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 while 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 account with a small amount of Sterling in cash to begin with. Don't go drawing out loads of Sterlingcash from your Irish account from an ATM and don't get your Irish bank to exchange all your savings into Pounds in cash. You could pay heavily with poor exchange rates and comissions.

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.
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 centin the Euro on a €100,000 Euros transaction would save you a £1000 Euros

One company that we recommend that specialises in Foreign Currency Exchange is called Currency Solutions.

You might assume you have to do this currency exchange through your own bank in Ireland - but you don't have to use them. You need to be aware that the banks might not give you the best exchange rate and they will also probably charge some additional fees or commission too.

Currency Solutions 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 here
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. Mention "Irish Links" website when you call.

Of course - check with your own bank first to see what exchange rate they will offer you.
Get the bank to confirm how much Sterling that you will get after conversion - after fees have been deducted. If you just compare the raw exchange rates - the difference in those figures will 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 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 . (A 10% deposit is required.)

Feel free to contact Ernie Enver at Currency Solutions on 0044 207 740 0000 to find out more - mention the "Irish Links website " when you call and he will do his best to help you.

Currency Solutions Website