Are you working in the UK? If so, make sure more of your money makes it home
With many Irish citizens working in the UK, but living in the Republic, foreign exchange conversions between pounds and euros is needlessly hitting too many pay packets.
It's now easier than ever before to work anywhere in Europe. One currency, freedom of movement and the right to work in any member state has made it possible to extend the commute to work anywhere in Europe.
But with a shared language, close cultural ties, geographical convenience and an economy showing signs of recovery, the UK is the EU country of choice to work in. According to the last census data, there are over 400,000 Irish citizens permanently residing in the UK and many more working in the country on a temporary basis.
But added to these are the uncounted commuters, notably a sizeable chunk of ROI citizens working in the six counties of Northern Ireland, but living in the Republic. There are also many who head to the UK on either a weekly or monthly basis.
This might seem like a long commute, but those doing it are often working in the lucrative City of London. The City's streets are not quite paved with gold, but the salaries and bonuses on offer in London's global finance centre can be particularly impressive (in 2012 there were over 2700 bankers earning over €1m each) and can more than justify the journey.
However, whilst there is freedom of movement and work within the EU, the UK is one of the few major EU economies to not have embraced the single currency. This can make life difficult for Irish-UK commuters earning in sterling but living in eurozone Ireland.
In the face of unfavourable exchange rates worse than the market rate, not to mention the bank fees for overseas money transfers, which can cost as much as €40 euros each time, the ever shifting EUR/GBP exchange rate can also cause earnings to evaporate, with rates shifting between lows of 0.8750 (£1=€1.14) and highs of 0.81800(£1=€1.22) over the course of the last year; a difference of well above 5%.
If you are one of these commuters, there is a way to make sure that more of your hard earned sterling makes it back home into euros: the Irish Times International Money Transfer Service, provided by Moneycorp.
If you transfer your money home with Moneycorp, you can receive better exchange rates than from your bank. Typically, the savings on a transfer of £10,000 can be as much as €300. The payment fees are substantially lower, as little as €5, meaning that anyone making regular transfers, such as salary payments, could stand to save hundreds a year on fees alone.
In addition, a great advantage is the free guidance on the foreign exchange market that you can receive from professional currency dealers at Moneycorp. Every customer has their own dedicated expert dealer to help them make the most of their money. Your dealer will be able to help you time your transfers to maximise the value of your money.
If the market rate is volatile they can help you target a better rate, or if the rate is good, they can lock it for you for a transfer you wish to make in the future. You can even set up a regular payment plan to automatically transfer your sterling at a schedule that fits your needs.
With Moneycorp you can enjoy online access to manage your money transfers, watch live exchange rates and receive notifications when the rate reaches a specified level, 24 hours a day, 7 days a week. If you want expert help during business hours, the Irish office and your dedicated dealer is only a phone call away.
To see how much you can save open a free account today. There is no obligation to send any money and Moneycorp's helpful customer service team will be able to answer any further questions you might have.