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    • hiddenmission
    • By hiddenmission 4th Dec 17, 8:02 PM
    • 6Posts
    • 2Thanks
    hiddenmission
    0 WOW
    Large sum foreign exchange
    • #1
    • 4th Dec 17, 8:02 PM
    0 WOW
    Large sum foreign exchange 4th Dec 17 at 8:02 PM
    Not sure if this is the correct forum, but grateful for any advice on the best way to exchange 40k in euros which is currently sat in a bank account, into sterling. If I transfer bank to bank, then I am going to get what I imagine will be a poor rate. Would I be better off going through someone like FairFX? Thanks for any tips.
Page 1
    • dj1471
    • By dj1471 4th Dec 17, 8:50 PM
    • 952 Posts
    • 635 Thanks
    dj1471
    • #2
    • 4th Dec 17, 8:50 PM
    • #2
    • 4th Dec 17, 8:50 PM
    Have a read of the MSE article, but in short: yes, you definitely want to use a broker:
    https://www.moneysavingexpert.com/banking/foreign-currency-exchange#larger
    • hiddenmission
    • By hiddenmission 4th Dec 17, 9:16 PM
    • 6 Posts
    • 2 Thanks
    hiddenmission
    • #3
    • 4th Dec 17, 9:16 PM
    • #3
    • 4th Dec 17, 9:16 PM
    Thanks for the tip, very helpful. My situation is slightly different as the money is in a euro account in this country. I guess the best thing is to get a few quotes.
    • Voyager2002
    • By Voyager2002 4th Dec 17, 9:23 PM
    • 11,717 Posts
    • 7,937 Thanks
    Voyager2002
    • #4
    • 4th Dec 17, 9:23 PM
    • #4
    • 4th Dec 17, 9:23 PM
    Would you care to post details of the account, and what options the bank itself offers? And do you have (or could you open) an account in a country that uses the Euro, and then transfer it there?

    The best option for changing money within a bank account that I have found is the account offered by Fineco Bank. However, you might be charged a stupid amount moving the money into a Fineco Euro account.
    • J B
    • By J B 4th Dec 17, 9:33 PM
    • 2,374 Posts
    • 768 Thanks
    J B
    • #5
    • 4th Dec 17, 9:33 PM
    • #5
    • 4th Dec 17, 9:33 PM
    I have used https://www.currencyfair.com/ for several years now.
    Decent exchange rates and a flat £/€3 fee
    • brianposter
    • By brianposter 4th Dec 17, 10:48 PM
    • 148 Posts
    • 34 Thanks
    brianposter
    • #6
    • 4th Dec 17, 10:48 PM
    • #6
    • 4th Dec 17, 10:48 PM
    Opening an Interactive Brokers account might save you a few pounds.
    • eDicky
    • By eDicky 5th Dec 17, 3:51 AM
    • 2,961 Posts
    • 1,303 Thanks
    eDicky
    • #7
    • 5th Dec 17, 3:51 AM
    • #7
    • 5th Dec 17, 3:51 AM
    For a large amount the exchange rate, its percentage spread from the mid-rate, becomes much more important than the fixed fee charged by the bank to move it. So your bank will charge a fee to send it to a broker or another euro account such as Fineco, but that's not really significant and you will escape having your bank convert at their rates, taking 3+% of your money.

    You can ask the best choice brokers if they can accept payment from a euro account in the UK, many can't. Compare their rates and fees for that amount against the mid-market rate shown on xe.com - call the broker to negotiate a better rate for that amount if they don't give the interbank (mid-market) rate.

    Those that do give the mid-rate and charge a percentage fee, such as TransferWise, may not be as good for a large sum as those who put a small margin on the rate, with little or no fee involved, such as CurrencyFair.

    I don't think it's a good idea to keep a euro account with a UK bank, being both hard to access your money (no card) and to escape their terrible rates when you need to convert.
    • alwaysskint96
    • By alwaysskint96 5th Dec 17, 10:16 AM
    • 880 Posts
    • 593 Thanks
    alwaysskint96
    • #8
    • 5th Dec 17, 10:16 AM
    • #8
    • 5th Dec 17, 10:16 AM
    cant you get a revolut card- upload from euro account, use app to change to sterling and withdraw to sterling account, Although i dont know the limits
    • hiddenmission
    • By hiddenmission 5th Dec 17, 8:19 PM
    • 6 Posts
    • 2 Thanks
    hiddenmission
    • #9
    • 5th Dec 17, 8:19 PM
    • #9
    • 5th Dec 17, 8:19 PM
    Thanks for the replies folks. The cash is in a Lloyds Isle of Man account in Euros. They charge no fee to transfer to a Lloyds account. So I guess it's just a question of comparing with a transfer via a broker on exchange rates (and any fee charged by the broker). Although I'm waiting for the exchange rate to improve, as it's not too great at the moment.
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