Transfer from € bank account to UK bank account

lilbird1981

Hello,

I am not sure if I'm posting in the right forum, but I hope someone is able to help.

I am planning to transfer a large sum (€200 000) from a German bank account into my UK bank account. I phoned several banks and they all gave me different quotes for today's rate. The quotes differed between £172000 - £ 182000!!!! I think from most banks I have been given the wrong advice - some couldn't even tell me the exchange rate.

Anyway, is there a good way to transfer a large amount of money without paying extra fees?

Thanks,
Lily.

mike88

Did you phone the banks for a quote on the same day and was that recently? The exchange rate at 12.25am today was 1 euro for 88.4p = £176800 for 200000 euros and I can't see how you could receive any more than that.

However, this is only an opinion so you will need to check and double check rates before making your transfer.

property.advert

You need to get a quote from the money market which will be live and you'll have to accept there and then so you'll need to be prepared and have done your comparative homework beforehand.

gordylad

You should use HIFX who will provide you with a better rate than an bank. If you want further info pm me your e-mail address and i will give you more info as I have used them

Generali

2nd vote for HiFX. Not used them but know plenty that have.

lilbird1981

mike88 wrote: »

Did you phone the banks for a quote on the same day and was that recently? The exchange rate at 12.25am today was 1 euro for 88.4p = £176800 for 200000 euros and I can't see how you could receive any more than that.

However, this is only an opinion so you will need to check and double check rates before making your transfer.

I know, this is weird!!! I did check online, and it said that I would get £176800. But when I phoned the banks I got lots of different quotes. Lloyds wanted to only give me £172000!!! Are their fees that high? The woman in Nationwide was completely confused by my request and wanted to give me £182000. I wonder, is it THAT strange to ask for a quote of how much money I will get if I transferred €200 000 Euros today?

Nationwide told me that the rate depends on my bank in Germany, but my German bank told me that I can either exchange the money in Germany first and then transfer it... or transfer it in € and then have the UK bank exchange it.

Also, what is the best way to transfer the money? I was told to wire it to the UK through a dedicated wire. Is that necessary?

Thanks,
Lily.

calypso_rhapsody

Don't know anything about HIFX but do take care that you send your money via a regulated route - or you could end up like the poor folk on the interchangefx thread .... there but for the grace of god went I!

I used HSBC for my most recent euro transaction - rate not great (but also not too bad) and the fee was low.

mike88

Have you had a quote from your German Bank? If your UK Bank is Nationwide I would insist that you speak to somebody who knows what they are talking about given the large sum of money involved.

Why don't you ask your German Bank and Nationwide for advice as to how best such a transfer can be effected and the correct rate. You need to ensure that your Nationwide account is actually able to receive such a large sum via bank transfer.

The exchange rate changes by the minute so you should be ready to deal. The problem using FX dealers is the process and mechanics of paying for your £s in euros.

gordylad

so far I have used hifx in the past 7 years with excellent service so drop me a pm and I will give you the name to contact If trading today you should receive upwards of 174716 if trading online

mike88

With respect redundantfx anybody who risks dealing 200000 in euros from somebody advertising their business on an internet forum would be completely off their trolley. If you were able to provide an internet link so that credentials could be checked and verified that would be different matter but even then I would be very careful.

Infidel

I sometimes wonder if not being in the Euro is just another sly way for banks to fleece all the travelling and upwardly mobile Brits