How to get as many £££ for my Euros?

CautiousMale

Hi all

I've got some Euros stashed away abroad, but now need them transferred to my UK bank account and converted into Pound Sterling.

By the looks of it, if I would simply ask the foreign bank to transfer the money over to my UK one, I would get a terrible exchange rate...

Anyone here who can advise on how to get the best rate possible? :huh:

THANKS!

CautiousMale

Anyone...?

srcandas

CautiousMale wrote: »

Anyone...?

I frequently ship pounds to Euros. For amounts up to £10000 I'd use the dealers in London using cash. If the rate is 1.25 you can get 1.235. For example Thomas in Victoria Street. I take a heavy mate with me and take care (a money belt).

While you can say there is a risk I've seen terrible costs and had money stuck in the spanish bank while they ask stupid questions.

Above that cash is too bigger risk and I go to the expat forums and ask who is giving the best rates at the time. It does vary. I did years ago get a good rate from LloydsTSB but you have to ask for a special rate. But times move on.

:beer:

Voyager2002

I take it that your Euro are in a bank account, so don't even think of withdrawing them as cash. There are costs to the dealer involved in handling cash, so you will always get the best possible rates by exchanging the money as bank deposits. Just use a currency broker: my experience has been with xe.com but there are plenty more:xe are good for small amounts since they don't charge commission and make their money on the exchange rate, but for larger amounts you would do better with someone who had a fixed service charge and a tighter exchange rate.

srcandas

Voyager2002 wrote: »

so don't even think of withdrawing them as cash. There are costs to the dealer involved in handling cash,

Voyager you are saying you can beat 123.5 for a mid of 1.25? Thomas charges no commission, just straight spread. At times I've been offered one cent up, one down. The banks when I've tried can't get near it even with large sum rates. Be very interested in other options to try :beer:

martyn4764

Hi

In my experience, I doubt you'll get a better rate than http://www.currencyfair.com (and their customer service is excellent).

srcandas

martyn4764 wrote: »

Hi

In my experience, I doubt you'll get a better rate than http://www.currencyfair.com (and their customer service is excellent).

Martyn that seems interesting. Had to laugh when they say "holds all client funds separately in a highly-rated, global (not Irish) financial institution"

I'd need to check on the security and transfer costs but could be useful. Anyone else used them for larger amounts?

:beer:

martyn4764

srcandas wrote: »

I'd need to check on the security and transfer costs but could be useful. Anyone else used them for larger amounts?
:beer:

Hi

I pay a single €3 fee for a withdrawal to my French bank account, regardless of the amount.

I've never used them for anything over about £5k (they didn't exist when we bought our French house), but judging by a couple of forums I visit, currencyfair seems to have pretty much taken over from the currency brokers, at least for Brits living in France.

Voyager2002

srcandas wrote: »

Voyager you are saying you can beat 123.5 for a mid of 1.25? Thomas charges no commission, just straight spread. At times I've been offered one cent up, one down. The banks when I've tried can't get near it even with large sum rates. Be very interested in other options to try :beer:

Rates they have just offered me:

to exchange Euro 1,000 to sterling, 78052 pounds, or Euro 1.2812 per pound.

to exchange 1,000 pounds sterling to Euro, 1,234.26 Euro or 81 pence per Euro.

Mid-market is 1.25759

I'm sure that you could beat these rates for large amounts, but they are not bad, particularly from an organisation that provides decent customer service and is user-friendly.

srcandas

Voyager2002 wrote: »

to exchange 1,000 pounds sterling to Euro, 1,234.26 Euro or 81 pence per Euro.

little in it. Thomas is offering 1235.0 this morning so 15 Euros better - not a lot if you have to go out of your way. To be fair I walk past the Thomas exchange in Victoria St on my way to Gatwick so it may not be as convenient for many.

I know Thomas will offer better rates for larger amounts but a few years back I remember them telling an American in front of me that $20,000 was not a large amount.

I will have a look at Martyn's currency fair thing though.

Guess most of us just don't want to be ripped off. Makes me ill watching tourists changing money inside Gatwick

CautiousMale

Thanks everyone - some great tips here!

Not planning to go abroad to take out the cash and exchange it on the high street (got no friends who are heavy enough !), but I'm certainly going to look into it all and save myself some £££ :beer: !!