Euro Sterling Exchange Rate News

Sterling Euro Exchange Rate Today : January 23rd 2019 3.00pm

1 GBP = 1.14768 EUR

1 EUR =  0.871 GBP

As expected we are seeing volatility in exchange rates as the UK Parliament resumes the Brexit deal debate.  After the “May”  deal was rejected  – the pound initially dropped but quickly recovered on the realisation that the chances of the UK crashing out of the EU with no deal at all at the end of March have receded.  Today the Pound has risen again against the Euro  on hopes of a second Brexit referendum and strong UK wage data.

According to a recent Bank of England Brexit analysis,  if the UK goes through a “disorderly” Brexit , Sterling could fall by 25% under a worst-case scenario.  This could see the Pound  fall to parity against the Euro.

See Today’s  Exchange Rates Here


With so much  uncertainty in the currency markets at the moment –  it could get quite stressful for people or businesses planning large Euro / Sterling exchanges in the next few months.   We are in a period of high 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 currency exchange for large amounts –  for personal money or for businesses – see our page on how to get the Best Exchange Rates

 

money transfers

You might also be interested in this information about  Transferring  Money between Ireland and the UK

If you are just looking to buy some Pounds for a holiday  – take a look at our page about the best place to buy Sterling in Ireland

 

Cheapest Broadband Deals in Ireland

Broadband Price Comparison
Prices checked January 22nd 2019

A survey of fixed broadband usage in Ireland by COMREG published in 2018, found that the average spend on a landline and broadband bundle in 2017 was €59 a month ( €708 a year) .
Comreg also found that over 26% of households were spending more than €71 a month on phone and broadband bundles. (That is €852 a year)  .


There are substantial savings to be made by switching to a cheaper broadband provider.

  • Someone paying the average price of €708 a year could save as much as €288 in 12 months by switching their broadband and landline to the cheapest provider (cost €420).
  • The 26% of people in Ireland who are paying at least €852 a year could save  €432 in 12 months by switching.

We have compared the prices of broadband packages to help you find the Cheapest Broadband Deals in Ireland.

cheapest broadband ireland

These are the current six cheapest fixed line broadband and phone bundles with unlimited broadband data and unlimited anytime phone calls to landlines . (All speeds are at least  “upto” 100Mbs  –  actual speed will depend on your phone line in most cases). Any caps on “unlimited” data are shown below.
These deals are usually only available for new customers and may not be available in all areas of the country.

Prices Checked  January 22nd 2019

1.   Pure Telecom have a fibre and phone bundle costing €420 in year one.  This is a saving of €179 in one year compared to the most expensive option on our list. The normal monthly charge is €50 , but it is reduced to €35 for the first 12 months. (“Bill Save” bundle) . Pure Telecom  use the Eircom fibre network – so the availability and connection quality etc. should be the same as Eir . Anytime landline calls are included. Speeds of up to 100Mbs depending on line and location. 12 month contract.

2. Vodafone have a broadband and phone bundle priced at €450 for the first year . With broadband speeds of upto 100Mb  and unlimited downloads ( 1 Tb fair usage cap) and unlimited calls to Irish landlines . Vodafone’s bundle costs €50 a month (reduced to €25 for first 6 months). It is an 18 month contract.  More details can be found on Vodafone bundles at Switcher.ie

3.  Sky have a broadband and phone bundle (TV subscription not required)  – with speeds of upto 100mb , unlimited downloads and free anytime calls to Irish landlines and several international destinations. It costs €62.50 a month  with the first 12 months at €37.50 (works out at €500 in year one including equipment charges).

4. Eir – currently have a phone and broadband  bundle working out at €509.75  in year one .  With unlimited downloads (Fair usage cap of 1000Gb ) and free anytime calls to Irish landlines and mobiles.
The usual price is €69.98 a month,  reduced to €39.98 for the first 12 months. This Eir bundle also includes free calls to UK landlines and mobiles .   You can see more details of  this bundle and compare it to others from Eir HERE

5. Virgin Media  (only available in larger cities and towns )  have a broadband and phone bundle with upto 240Mb speeds , anytime calls to Irish landlines and Irish mobiles, plus 400 minutes to 22 countries abroad . Priced at €59 a month (reduced to €35 for first 6 months) . This would cost €564 in the first year. (12 month contract).
Full Details and option to Sign Up Here

 

6. Digiweb – have a fibre broadband bundle with speeds upto 100Mbs and  “unlimited” anytime calls to Irish landlines and mobiles as well as UK landlines and mobiles. It costs €49.95 per month which works out as €599.40 in year one.  (There is a limit on calls – but it’s pretty big – 6,000 to Irish/UK landline numbers and 1,500 minutes to any Irish/UK mobiles per month. Anything over that will be charged for.) More Here

 


Broadband Price Comparison Summary (All listed bundles include anytime calls to landlines)

Broadband
Provider

Total
Cost in 1st Year
Normal Monthly Charge Max
Speed
Monthly
Data  Limit
Pure Telecom €420 €50 100Mb “Unlimited”
(1000Gb)
Vodafone
€450 €50 100Mb “Unlimited”
(1000Gb)
Sky *
€500 €62.50 100Mb  Unlimited
Eir
€509.75 €69.98 100Mb “Unlimited”
(1000Gb)
Virgin Media
€564 €59 360Mb Unlimited
Digiweb ++
€599.40 €49.95 100Mb “Unlimited”
(350Gb cap)

Note:All above bundles include anytime landline calls. There may be cheaper bundles with off peak calls – but we have limited our comparison for now to those with anytime calls.

You can check current broadband prices and availability in your area on the very useful Switcher.ie site

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Buying a Car in the UK – Best Way to Pay

There can be some big savings to be made by buying a used car from Northern Ireland or Britain and bringing it to Ireland .

Buying a car in Northern Ireland , England, Wales or Scotland will usually end up costing a lot less for Irish residents when the Sterling/ Euro exchange rate favours the Euro . Since the vote for Brexit – the value of the Pound has fallen quite a lot   – making used UK car purchases even better value at the moment.

But be aware – a no deal Brexit will result in VAT being charged on UK used car imports – which will increase prices by 23%. Customs duty will also apply  (around 10%) . So – if you are thinking of buying a car in the UK – you might want to do it before the end of March.
Even if there is some sort of a deal – there could still be VAT and customs duty on UK imports.

See more about the  latest Euro Sterling Exchange Rate Here

Buying a used car from the UK and importing it into Ireland can sometimes save buyers several thousand Euros – even after you factor in the expenses of travel , VRT etc.

It is much easier – and less time-consuming – to buy a car in Northern Ireland than it is to  travel to Britain, and potentially spend more money on things such as accommodation, food, and other travel expenses.

The rest of Britain is a bigger market than Northern Ireland so there is more scope for getting a good value car with a higher spec. But the extra travel costs – such as ferry and fuel and maybe a hotel will take a chunk out of any savings .

The number of used (imported) private cars licensed in Ireland rose by 7.5% to 99,456 in 2018 compared with 92,508 in 2017.


Paying for a car in the UK  in Sterling – what are the options?

Your Own Bank : If you just ask your own bank to do the currency conversion and send the money to the car dealer  – you will probably not get the best exchange rate.
The majority of the major banks will typically make between 2% and 4% margin on the exchange rates they use .  Getting a better deal on the EUR/GBP exchange rate could easily save you enough money to tax your imported car for a year.  For example on a £15,000 car purchase  – a difference of just 2% on the exchange rate would save you £300 . (Probably enough to pay for the car on ferry back to Ireland.)
Below – we have listed some of the other options for paying for a car in the UK


Other Ways of Paying for a car from the UK

Fexco  is based in Ireland and is a multinational financial and business solutions provider, with operations in 29 countries worldwidefexco . They can offer car buyers more competitive exchange rates than the main banks .  You can quickly  request a quote online on their dedicated page for UK car imports . Once a figure has been agreed – you just transfer the Euro amount to Fexco and the seller will receive the Sterling into their account. (Same day if necessary)
Fexco have been around since 1981 and are regulated by the Central Bank of Ireland, and by the Financial Conduct Authority for the conduct of payment business in the UK.


 


You could choose to use a fully online currency exchange marketplace such as Currency Fair. They are based in Dublin and are are regulated by the Central Bank of Ireland.  You can pay in your Euros to CurrencyFair with an Irish debit card or by bank transfer. Many other exchange firms won’t accept debit cards.   You can check their current live exchange rates below.


FairFx are London based foreign exchange specialists – and they also have an office in Dublin . You can arrange international money transfers for UK car purchases with FairFx  online or over the telephone.  They deal with personal customers as well as businesses such as car dealers .  You can call FairFx on their Irish number 01  5665546 or on their UK number (0044) 20 7858200 . Ask for Niall – and he will make sure you are looked after.


TransferMate  is an Irish currency exchange company with plenty of experience in dealing with UK car purchases by Irish drivers and also businesses such as car dealers . Once you have set up an account with Transfermate you can just contact them to confirm the amount in sterling you have to pay and who to pay it too . Transfermate give you a rate and tell you how much you will need to pay in Euros. Once you transfer your Euros to their client account in Ireland the car dealer in the UK can be  be sent the Sterling on the same day – usually in a couple of hours . You can also reserve an exchange rate for a small refundable deposit and do the transfer when you are ready to buy.


What are the other options?

Paying with a Debit Card –  There are daily spending limits on almost all Irish debit cards  – (not BOI)  so this method may not be a viable option for many UK car purchases. Also , some sellers might have limits on how much they will accept by debit card.

Irish Debit Card Daily Limits are …

  • EBS: €2,000 ;
  • PTSB: €2,500 ;
  • KBC: €2,500 ;
  • N26: €5000 ;
  • AIB: €7,100 ( €5,000 max per transaction) .
  • BOI is the only one without a daily limit.

There will usually be a small “non euro” transaction charge from your bank for using a debit card to buy in Sterling – but it won’t be more than €11.43 whatever you spend.
The exchange rate used will be the Visa or Mastercard Rate (which you still might be able to beat by using one of the currency exchange specialists mentioned above.)

If you get a debit card from a new online bank called N26 –  they don’t apply any extra charges when making purchases in non Euro currencies. N26 is an “online only” bank , based in Germany and licensed by the European Central Bank  See N26 Bank Account.


Bank Draft –   not really a viable option. This involves getting your Irish bank to convert your Euros to Sterling and write a banker’s draft in Sterling payable to the car seller. Many UK dealers won’t take a bank drafts because of forgery problems. Also – the exchange rate you get from your bank is likely to be a lot worse than the other options above and there are usually extra fees


Cash:  Paying in cash is not really a viable option either. On larger value purchases most reputable car dealers won’t take cash . Even if they do – you probably won’t get the best exchange rate on cash and there’s also the worry of theft or loss of the cash.


Credit Card – using your Irish credit card to pay for a car in Sterling (assuming your credit limit is big enough) is not really a good option. The exchange rate might be fOK – but the credit card company will charge between 1.75% and 2.25% on a foreign currency transaction. Based on an average of 2% – this would mean a charge of about €500 on a £20,000 purchase.


Other Costs to Consider when importing a car from the UK.

VAT:  For VAT purposes – cars are considered not to be second hand  if less than 6 months has passed since the date of first registration or there is mileage of less than 6000 km.
Secon Hand Cars are usually sold by dealers  inclusive of UK VAT  .  The sale  not liable to VAT if the seller is a private person.
Second hand cars sold by a UK dealer to a dealer in Ireland  can qualify for zero VAT if

  • the seller has the buyer’s  VAT number and displays it on the  invoice, and
  •  there are commercial documents showing evidence of the car leaving the UK.

Buyers in Irleland currently don’t have to pay Irish VAT  on a second hand imported car from the UK. (Things willchange after a no deal Brexit though – VAT will probably be charged in full at the time of import.)

New cars exported from the UK to Ireland cars are currently  sold without UK VAT. But Irish VAT is due on it when you import it.
A car is considered new if no more than 6 months have passed since the date on which it was first registered or if its mileage does not exceed 6000 km.


VRT:- Before you purchase any vehicle in the UK, ensure that you  use the  Revenue VRT Calculator in order to find the potential VRT charges that you will have to pay here when registering the vehicle here.
The VRT  due  is based on a percantage of the car’s ” Open Market Selling Price” (OMSP) as determined by the Revenue Commissioners.  This percentage varies, depending on the car’s CO2 emissions.  (VRT Rates Here)   Lower emissions means lower VRT. The lowest rate is 14% – rising to 34% for high CO2 emissions

 

Water Charges in 2019

 


What is happening  with Water Charges in 2019 ?

The first “excessive usage” water charges are supposed to start around July 2019.

  • Water charges were introduced in Ireland back in January 2015 – but they didn’t last very long .
  • After plenty of protests and political bargaining –  the Water Charges were eventually suspended in July 2016 for 9 months while an “expert group” looked into what to do next.
  •  In April 2017 – the suspension of charges  was extended until July 2017 so that the recommendations of the “experts” could be considered by the politicians .
  • A third extension of the suspension of water charges until 31st Dec 2017  was put in place in July 2017.

Water Charges are no longer suspended from January 2018.

Under the new legislation –  ongoing domestic charges for “normal” use of water have stopped – but any household using  amounts of water over a specified threshold will be charged for water usage that exceeds that threshold.
*
See below for the threshold figures

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