exchange rates

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
66 replies 18.6K views
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  • boxer_2boxer_2 Forumite
    4 Posts
    Yes thats true, but Natwest has historically been awful.
    I am going to open accounts with as many as possible, there has been one mentioned here that seems to offer slightly better rates than the others, and if you move money fairly regularly like myself it could pay.
    No reliance should be placed on the above.
  • SystemSystem Forumite
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    I work in the UK, but spend a fair amount of time in Portugal. Whilst I did use one of the large currency brokers to purchase my house there I have transferred my current account to Nationwide, and draw cash via ATMs:
    • No charge to withdraw cash
    • No loading on the exchange rate
    • Their Delta (Visa) Card can be used for purchases, with the same benefits
    100% recommended!
  • boxer_2boxer_2 Forumite
    4 Posts
    the trouble with that Bill as I understand it, is the actual exchange rate they offer, they can't be giving you the interbank rate so they must load the rate. The problem with using brokers is there seems to be a minimum amount you need to exchange. So maybe you need to find out what you are paying.
    No reliance should be placed on the above.
  • SystemSystem Forumite
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    As a rule of thumb:
    - Under £500 use your cashcard (about tourist rate, but it makes little difference)
    - Up to £3000 use your credit card (about 2.5% below interbank)
    - £3000 to £5000 use your bank or a broker (only a couple of quid in it)
    - £5000+ use a broker (starting to make a decent saving)
    - £20000+ use a broker and consider more advanced strategies like forward contracts, limit orders, etc - the rate is really starting to make a difference!
    - £100000+ have a full strategy and think about splitting your transaction into tranches to reduce the risk of fluctuation

    That's what I'd do anyway!!
  • SystemSystem Forumite
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    Has anyone used moneybookers.com as a way of changing sterling to euros abroad? I need to transfer regular sums to Spain and am trying to find out the cheapest and fastest way.
  • SystemSystem Forumite
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    I need some advice here, I have 250,000 euros that ii need to transfer to my bank account in england.
    Anyone got any ideas on the best rate, coupled with the most reliable company!!!

    On this amount of money obviously a small difference in the exchange rate is suddenly a lot of money!!!
  • SystemSystem Forumite
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    Bill,

    I have signed up with a number of companies, and have found ISX FX to be the most competitive. They are very relaible and it took only 1 day for my funds to be credited to my bank in spain.

    I hope this helps!
  • DiggingOutDiggingOut Forumite
    770 Posts
    Wow, Bill! 250K euros? I think WE'RE the ones who could use some advice from you! :)
    I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.

    If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.

    Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?
  • Robin00Robin00 Forumite
    56 Posts
    I need some advice here, I have 250,000 euros that ii need to transfer to my bank account in england.
    Anyone got any ideas on the best rate, coupled with the most reliable company!!!

    On this amount of money obviously a small difference in the exchange rate is suddenly a lot of money!!!

    As per my previous post, get accounts open (important) with a couple of brokers, then compare their rates and check out their credentials before committing.

    Repeating what I said slightly... but there are lots of new companies springing up in this sector and I think you're better off using a well established one - they're more likely to be speedy and efficient, and safer too.
    No Unapproved or Personal links in signatures please - FT3
  • SystemSystem Forumite
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    Try ISX FX (https://www.isxfx.com), they provide the most competitive rates. They offer 0.4% of interbank, and no charges.
    please could you tell me were is the best rate for buying euros
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