Best way to do foriegn currency transaction

moatmeister

Hi
I am selling a car to France, buyer wants to pay in euros, part direct transfer into my account (abbey) and part cash on delivery. Whats the best way to deal with the exchange rate?

stephb34

Unless you are saving the euros to spend on holidays etc, then really you need to check out what the buy back rate is for euros at where ever you are going to change it. The best change rate you are going to get is about 1.15 to the £, whereas if you were buying euros in this country it would probably be about 1.09 to the £. The lower the rate the better for you dont get confused and take the highest rate.

Voyager2002

Have a good look at https://www.xe.com

Your best option would be to get your purchaser to open an account with them, and use them to take the funds from her/his account in France and send the equivalent in sterling your UK bank account. No fees, and just about the best exchange rate that is possible.

However, since there is a time-lag involved you would need to agree on the different steps, and what documentation you would require before handing over the car, and what assurances you can give before the purchaser transmits the money.

spike1210

I came across a excellent site to help sendmoneyhome.org

bridiej

I use these guys all the time https://www.tranzfers.com/Home.mvc/money-transfer-login

they have a £7 fee but are ideal when dealing with smaller amounts :beer: