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Transfering Sterling to Euro

#1
Anybody had dealings with this. I want to transfer over 50,000 Sterling oveer to Euro.

I know its not the best of times with the drop below 1.20 but needs must.

Does anybody know a good way to transfer while minimising the costs? i.e I do not want to use my UK Bank.

Thanks
 
#2
Several ways. Open an account with an exchange company like Moneycorp or HIFX or similar. They will give you a better exchange rate than the bank and there will be no charges made by the receiving bank in the country you are sending it to. Probably a one off payment of ten quid on top.
Banks aren't that bad and charge ten quid for a non urgent transfer (which only takes a couple of days) or 25 quid for an urgent, next day, transfer. They will, however, be a couple of cents lower than the currency houses and the receiving bank may add a charge if it's over a certain amount (in Spain it's generally 0.5% over 20k unless you already have an account with regular payments in which case they don't usually charge.
I used Moneycorps for a lot of payments when I was buying a house and it worked out less costly than the bank though not by a massive amount.
 
#3
If you have GBP/USD/Euro accounts in the same "offshore" bank, there are usually no charges to move currency between denominations.

I have UK Lloyds, and it didn't cost anything to open Lloyds Offshore accounts. The accounts themselves do have monthly charges if you fall below a minimum balance but, as you get the first month or so free, you could easily do a quick in-and-out.

That should be possible with any high-street bank, but may be worth the hassle.
 

Grumblegrunt

LE
Book Reviewer
#4
a seperate euro account in the same bank should do it, straight exchange at their current rates. otherwise you pay a transfer fee which is usually a couple of quid
 
#5
Thanks for all the help.

I have both UK and Euro accounts in Barclays. Quick call to their Euro team for help was not initially helpful..Quick request for todays rate got 1.5401 as at now O'clock !.

Asking about a negotiable rate as I know that Business customers and preferred customers can haggle got a "please wait for 2 minutes" reply.

30 seconds later the operator is back with a better rate of 1.1805.

Saving a load of dosh.

Thanks again.
 

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