Should be fine. An RX 480 + I5-4460 rig while gaming should not go past 200W. Under a stress test it could reach 240W about. Overclocking the GPU or an aftermarket could make the system reach 250W while gaming or about 290W under stress test.
No reason to replace the XFX TS 430 (also known as XFX Pro450S).
There is no reason to replace his PSU. Any 32 euro PSU you find will be only more sucky. There is more to a PSU than just whatever wattage number they slap on the label. In the UK the XFX TS 430 is always one of the best buys. Almost every single-GPU gaming system today, should not require more than a 450W PSU. There are exceptions, such as heavy overclocking of the CPU or GPU, or something like an MSI 390X, but his case is...