cheapest way to receive euros payments?

samwillis77

hi there all - first post!

I work with quite a few european clients, and as such need to receive bank transfers - I always end up losing quite a bit of money due to charges, and was wondering if anyone has knowledge on the cheapest way to do it? Paypal obviously charges you, as does your bank..

thanks in advance for any help!

best,

sam

Penelope_Penguin

Welcome :beer: As you've had no luck here, I'll move your thread to the currency board.

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

CountryGoose

I've used hifx.com for personal transaction with no problems.

You may look at opening a euro account with your bank and then initiating transfers with hifx into £.

However, First Direct offered me a better rate for $ to £ than hifx, so be prepared to shop around.

Alternatively, could your customers pay by card and do you take cards?

xchangecash

You should try a money transfer specialist for your requirements. They give you better exchange rates than the banks and tend to have lower fees.
It’s best to compare the foreign exchange rates quoted by a few providers, as they can be a bit flexible about the rates, but once you chose someone you can set up a corporate account with them. I recently used this site, currencyexchange-uk, which compares a few different providers. It had the rates, the fees and I found it a good starting point!