Is there a way to convert my € to £ with a low commission?

scoopter

I have several tens of thousands of euro in a Spanish bank which I want to bring to the UK. For logistic, legal and tax reasons, given the amount, I can't just bring them in my suitcase and change them in the postoffice. So I'd have to go with a bank, but in the average high street bank I can lose up to 10% on the exchange rate.

My idea is to buy some shares in the stock market once I get them to the UK. I know some bank offer euro account, so maybe I can buy stock directly from my euro account ??

Can anyone offer some help on what could be the cheapest and safest option ( as in easy to proof the new money legitimately belonged to me if the taxman asks) ?

Thank you

saintalan

Open a Euro account in the UK and a sterling account in the same bank, you should get as good as it gets on a transfer.


You also may not then need to exchange in one go, you could do the equivalent of Drip feeding (cost averaging) over time to hedge against wild currency swings.

Alan

mgdavid

assuming you have an account at both ends then check the transfer cost and exchange rates with somebody like https://www.currencyfair.com.
No connection just a satisfied customer.

Porcupine

saintalan wrote: »

Open a Euro account in the UK and a sterling account in the same bank, you should get as good as it gets on a transfer.

Sadly not - eg Citibank's exchange rate load is about 2-3%, while you can get down to about 0.5% with a specialist broker. Also see TransferWise as another peer-to-peer exchange rate site. None of the brokers are regulated, so make sure they have your money for the shortest length of time in case they go bust.

buffman

Try opening accounts with Nationwide International. Providing the currency conversion is more thabn £5000, their rates are quite competitive.

jabba42

http://www.purefx.co.uk/ used this guy a couple of times. Very good service. If you know what the exact mid rate is you can haggle a bit too. I usually ask for 20 pips above spot.

IronWolf

There are some uk trading accounts that allow holdings of foreign currencies. I think TD do but they have a 2% levy on FX

scoopter

Thanks guys, great suggestions. I will look into these.

saintalan

http://www.lovemoney.com/qanda/question/205532/i-have-85000-euros-in-a-spanish-bank-and-would-like-to-know-the-best-way-of-transfering-this-money-i?source=1000485

jamesd

You might try TransferWise. I've used them for Pounds to Euros. Exchange is at the mid-market exchange rate (mid between buy and sell prices in the market) with £1 commission for up to £200 else 0.5%. Transfers can sometimes take a few days because they work by matching money exchanges in each direction, not doing live market trades.

jabba42 wrote: »

http://www.purefx.co.uk/ used this guy a couple of times. Very good service. If you know what the exact mid rate is you can haggle a bit too. I usually ask for 20 pips above spot.

What sort of amount to get that cost for say Pounds to Euros? Interestingly inexpensive compared to most if the amounts work for me.

jabba42

"I have several tens of thousands of euro in a Spanish bank" Judging by this in your original post I am sure they will be happy to do a very good deal.