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Money Transfer - Euros to Sterling

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Tricky Tree
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Money Transfer - Euros to Sterling

Post by Tricky Tree »

Ok, selling my place in Spain so will have a largish lump sum paid into my Spanish account next week (hopefully)

They will charge me 1% to transfer across so £500 approx. (not sure of interest rate)

Barclays will charge £60 (again unsure of interest rate)

Changing this amount means even a small rate change is fairly big...working with the Barclays change back rate of 1.31 it worked out about £4k difference to some online converters!

(unless I'm wrong of course)

Anyone changed large sums and advice the cheapest way?

http://www.xe.com/fx/" onclick="window.open(this.href);return false;

https://www.currenciesdirect.com/la-zenia" onclick="window.open(this.href);return false;

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NeilP126
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Re: Money Transfer - Euros to Sterling

Post by NeilP126 »

Hi Tricky

I have used HIFX (http://www.hifx.co.uk" onclick="window.open(this.href);return false;) 3 times in the last 12 months for smallish transfers from Germany back to UK. Their rate today is around 1.22 (from € to £). Registration process not too complicated and I have been happy with the service. They do not charge a separate fee & the money reached my UK account very quickly

I also looked at Moneycorp, but they kept calling me after the first enquiry...

Cheers
NeilP

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Re: Money Transfer - Euros to Sterling

Post by admin »

Have used Moneycorp before but now use http://www.currencyfair.com all the time as it's very fast (my transfers now happen same day if I start before midday) and very cheap (tiny difference with inter-bank rate - under 0.5% - currently 0.8207 versus interbank rate of 0.8231). Just checked now and 60,000 euros would get you £49,241 less a £3 transfer charge.

CurrencyFair use client accounts they've set up in each country and match you with people wanting to transfer money the other way - so after you've moved your Euros into their Spanish client bank account and you done their 'quick trade' the £GBP will be transferred to your UK bank account from their UK Client bank account (and the person in Spain that wanted Euros gets the funds that you had in their Spanish client account). This way they avoid costly international bank transfer fees as funds never leave the country. Also you get the same rate for a small transfer as you would a large transfer. Only works if you have a bank account in each country.

Edit: See later forum topic as well on the subject:

best-fx-companies-t112554.html" onclick="window.open(this.href);return false;

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Brightwater
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Re: Money Transfer - Euros to Sterling

Post by Brightwater »

If you phone XE they will trim their spread on request for larger deals. I have used them a few times for £5 - £10k GBP to USD transfers.

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Tricky Tree
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Re: Money Transfer - Euros to Sterling

Post by Tricky Tree »

Ok, balance has now cleared in currencyfair so the next question is I must exchange now before I can transfer....do I do this now or is the rate in my favour the way it is tracking and exchanging Euro -> GBP may be better in a few days (don't want to wait long!)

55,385 euros so small changes means a few hundred quid quite easily

From yesterday the rate has varied £200 (not in my favour)

Reading reports it appears the is pressure on the euro so the sooner the better?

http://www.eurorateforecast.com/" onclick="window.open(this.href);return false;

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