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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

AIBU to move some savings to EU

3 replies

smalalalalalala · 12/09/2019 14:46

This is my first post, please be nice.

I'm EU national and I have some savings on a UK bank account. I don't have any other bank account (wish I had a big fluffy one in Swiss though).

We are planning to get married next year in my country of origin and to buy a house in UK (this latter is Brexit dependent obviously). There is enough money to pay for the wedding and some for the house deposit.

I want to open a bank account where I'm from and move some money from my saving account. The reason is to move money while the pounds is still worth something.

My partner thinks it's risky, the money could be blocked in EU after Brexit. He also questions if it's legal (couldn't see why not, I haven't hidden it from tax, it's just savings) and there are probably a lot of things I haven't thought yet.

I read you for a while and you have really good advice. Would you move money? Would you move more than necessary to protect the savings at the risk of the money being unavailable? Or just enough to pay for the wedding?

Anything I should take into account?

OP posts:
loutypips · 12/09/2019 14:55

Really you need to speak to a financial advisor. They will be able to tell you any benefits and pitfalls of having an account in a country you're not living in.
You'll need to check things like tax etc.

Usernumbers1234 · 12/09/2019 14:57

Yeah whenever I want forward currency trading advice the denizens of mumsnet are the first people I turn to......

pointythings · 12/09/2019 14:58

I am looking into this myself, but it may not be possible. In a lot of countries there is a requirement to be a resident and there are usually tax implications too.

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