best way to convert EUR to GBP

swbird

I'm looking to convert 1000 EUR to pounds. The Euros are now in my Barclays Euros account. Barclays is quoting me £705.92 GBP at today's rate if I transfer the money online from my Barclays Euros account to my Barclays bank account. There are no other fees.

Transferwise is quoting me £718.01 GBP for the same amount, but Barclays charges me £15 (SEPA euro transfer flat rate) to transfer Euros out of my account to the Transferwise Euros account, so there is no advantage in using Transferwise.

Is there a cheapest way? Thanks.

colsten

WOW. a £15 charge for transferring €1,000. They know no shame.

You are probably stuck with this for now but if you have future dealings in Euros, it would be worth finding a bank that is more reasonable than Barclays.

grumbler

swbird wrote: »

Is there a cheapest way?

Check http://travelmoney.moneysavingexpert.com/buy-back/euros/1000#results and consider withdrawing € cash from Barclays.

colsten

grumbler wrote: »

Check http://travelmoney.moneysavingexpert.com/buy-back/euros/1000#results and consider withdrawing € cash from Barclays.

Why do you think you could get buyback rates from travel exchange agents if you haven't bought your currency from them in the first instance?

swbird

Thank you. I'm actually now unsure about the £15 charge to transfer out Euros to Transferwise's euros account. UK is a SEPA country and the 15 is for 'SEPA credit transfers' but I think this fee is for cross-border/intl transfers, not for a transfer in Euros from the UK to UK... I couldn't find anything clear on Barclays' website.

grumbler

colsten wrote: »

Why do you think you could get buyback rates from travel exchange agents if you haven't bought your currency from them in the first instance?

Because 'buy back' is just a word and nowhere do they say that you have to buy currency from them first. Neither do they offer any other rate for buying currency despite definitely buying it regardless of selling it first.

Because, e.g., "THE RATE WILL BE AGREED ON THE DAY ACE-FX RECEIVE THE CURRENCY", not fixed when someone buys currency from them (that some agencies offer to reduce your exposure to the risk of the rate changing).

grumbler

swbird wrote: »

Thank you. I'm actually now unsure about the £15 charge to transfer out Euros to Transferwise's euros account. UK is a SEPA country and the 15 is for 'SEPA credit transfers' but I think this fee is for cross-border/intl transfers, not for a transfer in Euros from the UK to UK... I couldn't find anything clear on Barclays' website.

No, cross-border fee can't be bigger than for a local € transfer fee, but there is no any restriction for the latter.

CKhalvashi

Santander don't charge (I use them and Transferwise together, both for personal use and the company)

If you're regularly going to be receiving international payments, this may be the way to go.

colsten

grumbler wrote: »

Because 'buy back' is just a word and nowhere do they say that you have to buy currency from them first.

There seems to be a difference between 'buy back' and 'buy back'

E.g. Travelex guarantee:

If you choose to purchase Buy Back Guarantee at the time of your order, Travelex will buy back your foreign currency bank notes commission free, at the original exchange rate that you bought from us.

You must bring your original Buy Back Guarantee receipt with you when you are returning your unused bank notes to one of our UK Travelex stores to enable the redemption of your Buy Back Guarantee.

grumbler wrote: »

Neither do they offer any other rate for buying currency despite definitely buying it regardless of selling it first.

Really?

grumbler wrote: »

Because, e.g., "THE RATE WILL BE AGREED ON THE DAY ACE-FX RECEIVE THE CURRENCY", not fixed when someone buys currency from them (that some agencies offer to reduce your exposure to the risk of the rate changing).

ACE-FX don't provide a buy-back guarantee: "We reserve the right to refuse any transaction." They might also require proof of source of funds and certified ID, and you need to send them your cash by post. More hassle/risk than it's worth IMO.

swbird

grumbler wrote: »

No, cross-border fee can't be bigger than for a local € transfer fee, but there is no any restriction for the latter.

Thanks grumbler, it is £15....

For the Barclays Euros account, there is no option for making payments, like for the other accounts. There are two options active online - transfer to my Barclays account for free' (but the exchange rate is not good) OR 'send money abroad'. This latter option includes UK in the country list and when I try to use it to send Euros from UK to UK (in Euros), it tells me it will be charged as a "SEPA CT" transaction, and it charges £15.

I will call Barclays to inquire about this charge and to complain, as it doesn't make sense to add UK to the 'send abroad list'. Hopefully I can get the £15 waived this one time.

If not, I will try the cash and buy back option you suggested, as getting Euros in cash from the Euros account seems to be free.

NiftyDigits

Open an account with Revolut.
Barclays will not waive the fee.
Sending cash by post to save a few Pounds perhaps a bit stressful.