Euros options help needed

Michelle1234567

Hi. I am new to the forum so apologies if I'm in the wrong place. Basically I am from and living in England but marrying in Portugal next summer (2017). I have around 10,000€ to pay out over the coming 12 months to portuguese suppliers.

Because of the rapid decline in the Euro rate I am wanting to change some sterling to euros now before it gets any worse and hold on to them until my payments or due to go to Portugal. (I know I will kick myself if the rate increases- but not as much if it drops further)

I will need to send them the euros via bank transfer eventually. Is my only option to open a Euro current account here to store them and does anyone know how this works? able to recommend an account? and know if there any massive charges?

Does anyone have any alternative suggestions?

Thanks

eDicky

UK banks usually require you to have a current account with them already in order to to open a foreign currency account, so try your own bank(s) first to see what they have. You will lose two or three percent on the exchange rates they use.

For example, HSBC, who apparently do not charge a monthly fee for a EUR account regardless of your balance:

http://www.hsbc.co.uk/1/2/currency-account/in-detail

If you have a smartphone you can use Revolut to exchange whenever you prefer, at the interbank rate (weekdays) and hold a euro balance, no fees. The euros can be sent to a Portuguese bank anytime, also without charge but it takes a few days to arrive. Or pay your suppliers with the fee-free MasterCard if accepted.

https://revolut.com/

kingrulzuk

Michelle1234567 wrote: »

Hi. I am new to the forum so apologies if I'm in the wrong place. Basically I am from and living in England but marrying in Portugal next summer (2017). I have around 10,000€ to pay out over the coming 12 months to portuguese suppliers.

Because of the rapid decline in the Euro rate I am wanting to change some sterling to euros now before it gets any worse and hold on to them until my payments or due to go to Portugal. (I know I will kick myself if the rate increases- but not as much if it drops further)

I will need to send them the euros via bank transfer eventually. Is my only option to open a Euro current account here to store them and does anyone know how this works? able to recommend an account? and know if there any massive charges?

Does anyone have any alternative suggestions?

Thanks

I use https://www.caxtonfx.com/ top up anytime when the rate is good and use it when im in Portugal.