Euro Sterling Exchange Rate Update

Euro Sterling Exchange Rate  : June 20th  2017 10am

GBP = 1.135 EUR

1 EUR = 0.8808 GBP

See Latest  Exchange Rates Here

After the UK election results , Sterling fell against the Euro, recording a 5-month low, with the exchange rate going as low as  €1.13 at one stage .   It still looks like the Ulster Democrats will be supporting the Conservatives to allow them to remain in Government.

There was some recovery of Sterling , but today the British currency dropped  when the BoE’s Governor, Mark Carney, said in a speech at the Mansion House in London that it’s not the right time to raise the Bank of England’s benchmark interest rate.

Five weeks ago a  EURO was worth  £0.8453 GBP.  Today , the Sterling to Euro exchange rate was  closer to  £0.88

Over the past several months Brexit has cast a cloud of uncertainty over the currency markets. If you think that the last 9 months were volatile for the currency markets, brace yourself, as the next 2 years are likely to be even more so.
With so much  uncertainty in the currency markets at the moment –  it could get very stressful for people or businesses planning large Euro / Sterling exchanges in the next few months.   We are likely to be entering a period of heightened volatility which, depending on your timescales and budget, could cause problems if you are not properly prepared.

Using a Currency Exchange specialist  can remove some of the uncertainty by allowing you to fix an exchange rate as much as 12 months in advance of your transfer.  For good deals on large amounts of currency exchange –  for personal money or  for businesses – see our page on how to get the Best Exchange Rates

You might also be interested in this information about Transferring  Money from Ireland to a UK Bank

If you are just looking to buy some Pounds , Dollars  or other foreign cash for a holiday  – take a look at our page about the best place to buy travel currency in Ireland

 

euro sterling exchange rate ireland

 

Cheapest Electricity Prices Ireland

Electric Ireland  (formerly ESB)  used to be the only supplier of Electricity in Ireland – but since deregulation in 2011 many thousands of households have switched to suppliers such as  SSE Airtricity , Energia or Bord Gais Energy  in order to get cheaper electricity prices.  Many  many thousands more have never switched – and  could save around €200 in just 12 months on electricity bills if they changed supplier.

The electricity switching market is competitive,  with companies regularly doing special offers, discount codes or other promotions such as free thermostats or cashback.

Who has the Cheapest Electricity Deal in Ireland in June 2017 ?

We carried out a quick comparison of Electricity prices in Ireland for new customers in mid June 2017 and this is what we found:

For medium sized homes that use gas , oil  or solid fuel to provide heating and hot water ,  an annual electricity usage  of about 4200 Kwh a year would be typical. This is the usage we have used in this comparison.

If you have never switched supplier and you are still with Electric Ireland on standard rates – then you could save as much as €207 in just one year.

Energia have a special offer only available online through the Energia website. You need to enter the promo code CHEAPESTELEC and this will get you 33% off their standard electricity rates for 12 months and  €30 cashback . This would work out at €740 in the first year. (Paying by Direct Debit). 

Staying on Electric Ireland’s standard rates and paying by cash/card or cheque would cost you €947 over the next 12 months. (An extra €207)

If your electricity supply is not already with Electric Ireland – then switching back to Electric Ireland will currently work out as the cheapest overall deal. They are currently giving all new/returning customers  €175 cashback and a 5.5% discount – resulting in a total cost over year one of €733.  You can easily switch online at the Electric Ireland website.

See a Summary of the cheapest Electricity  prices here

If you also have gas – take a look at  our  Dual Fuel Price Comparison 

Be wary of  adverts and sales people offering  the “cheapest rates” or a ” 12% discount ” and “14% savings”  . These  discounts the energy suppliers are referring to – are usually discounts on their own standard rates. Also be aware that standing charges are not the same across all providers – and they could be higher than other suppliers.  Just because a supplier has the cheapest standard rates – it doesn’t mean there are not lower priced discounted offers from other supplier.

Cashback offers are not included in comparison sites calculations – but we include them. So don’t assume the cheapest deal shown on the comparison sites are actually the best available. Cashback offers can often make a big difference to the overall cost.

Figures correct 20th June  2017

electricity comparison

 

Lowest Mortgage Rates in Ireland

We always  try to keep potential homebuyers  or mortgage switchers up to date on the lowest mortgage rates in Ireland. Doing a comparison of Irish mortgage interest rates  is easier in 2017  than it was a few years ago –  because there are fewer lenders operating in Ireland and a lot less mortgage products.

See our full  list of the Lowest Mortgage Rates here.


Fixed Rates

Currently the best looking deal on a 3 year fixed rate is 3% from Bank of Ireland –  with a maximum LTV of 80% –   BOI are offering upto 3% cashback too.

The  interest rate of  3.2% is the lowest three year fixed  rate in the country at the moment  on LTVs up to 90%  –  from Bank of Ireland 

Variable Rates
One of the best  variable mortgage rates for new customers is from KBC at  3.1% with a maximum LTV of 80%.

If you can only manage a deposit of 10% – the lowest variable rate is  from AIB  , Haven or KBC at 3.5%.
 

If you are thinking of switching your mortgage to get a lower rate – you should take account of the fact there will be  legal costs and valuation fees involved (around  €1,300  in total)  But many lenders are offering cashback to new customers to help with switching costs.  See some calculations on mortgage switching here.

See the Lowest Mortgage Rates here

More about the Rules on Mortgage Lending Limits in Ireland Here .

 

Best Deals for TV and Broadband Bundles in Ireland

If you are looking for the cheapest  “triple play bundle” of TV , Broadband and Home Phone there are usually some good deals available from both Sky and Virgin Media .  These two companies are the two biggest digital TV subscription providers in Ireland.

Firstly –  apologies if you don’t live in an area covered by Virgin Media – because this comparison is not going to be any use to you. Virgin Media  (previously UPC) provide their TV , broadband and phone services via their own cable network – which is available in Dublin, Cork City, Galway City, Limerick City and many areas of County Dublin. (You can check if Virgin is available where you live here )

Sky provide their TV via satellite dishes  and their  broadband and phone via the national telephone network. Sky Fibre is only available in some areas of the country – but it should be available in all the places where Virgin Media is available.

So – how do Virgin Media and Sky Ireland compare on price – and what do you get for your money?

We did a comparison of the deals on offer in  mid June  2017 from Sky Ireland and Virgin Media Ireland.   We looked at packages with unlimited broadband, inclusive anytime phone calls and TV with around 50 channels.

Cheapest Bundles

We found a  package on Virgin Media – with  broadband with speeds upto 240Mb , Unlimited data, free calls to Irish landlines 24 hours a day and 50 TV channels on their Horizon box. The price is €85 per month with the first 12 months at just €49 a month. Total cost in the first year: €588. More Here

We found a similar bundle  from from Sky on Switcher.ie  including fibre broadband with speeds upto 100Mb (where available) , unlimited data and free calls to landlines all day as well as 55 TV channels.  The total cost of this in year one would be €954. (€67 a month for 6 months then €92 per month) . (Sky are giving away a free laptop to all new customers.)

The Virgin deal costs €366 less over the first 12 months.  You can switch again after 12 months if there is a better deal available.


What are the differences between the Virgin Media and Sky bundles ?

Broadband :The speed on the Virgin Media deal is faster , upto 240Mb compared to a maximum of  upto 100Mb with Sky. Sky uses the same phone lines  as Eir/vodafone while Virgin use their own cable network . The Virgin speeds should be better in the majority of cases.

TV: The difference in TV channels is negligible.  The main differences we could see is that with Sky you get Sky Atlantic and with Virgin you get a few more of the HD channels , Film 4 and Discovery. Virgin throw in FREE Netflix for 6 months.

Phone – Both bundles include anytime calls to Irish landlines.
With Virgin you also get 400 minutes per month of calls to landlines in 22 countries and USA mobiles.
With Sky you get unlimited free calls to landlines in the UK, USA and 18 other countries – which could come in very handy if you have friends or relatives overseas.

Overall there is not too much difference :-   But Sky works out at a good bit more expensive when comparing over  over the first year .
These prices were correct on June 19th 2017.

You can go for an upgrade with Sky to the “Variety” package with 103 channels – for an extra  €144 in year one .  ( Total €1098 ) If you want to see the full range of Sky TV and broadband bundles – you can see them here and order online.

An upgrade with Virgin Media to their  “Full House” TV with 100 channels would work out at  €648 in the first year.  This beats the almost equivalent Sky bundle on price by more than €450 over 12 months. You can  find out more about Virgin Media TV and broadband deals and even order your bundle online at Switcher.ie

You might also want to take a look at our comparison of Broadband and Phone bundles where  Pure Telecom  come out as the best priced option .