International transfer - cheapest way to transfer large number of euros to pounds?

Sirok

We have just come into some inheritance money in Germany, about €60-70,000, which we would like to transfer to England ASAP.

However we have been advised by friends that picking the right method of transfer can make a big difference to how much of the money we actually end up with. Is a straightforward bank transfer ever the best option? Or are there special money transfer companies or online services which can provide better rates and lower fees?

Many thanks for your answers!

DCFC79

Maybe transferwise is what you need.

jonesMUFCforever

Is the inheritance in your name already and held by you in a German bank?

If not (say with a solicitor) they may only pay into an account in your name and as they will be sending it you might have to suck it and see?

eskbanker

Sirok wrote: »

are there special money transfer companies or online services which can provide better rates and lower fees?

See http://www.moneysavingexpert.com/banking/foreign-currency-exchange

eDicky

If those euros are already in a bank account in your name, you have the choice of cheaper options than straight bank transfer.

If not, and they need to be paid first into an account in your name (as is likely), you would have to have/open a euro account, for example in Germany, Ireland or France, to receive the inheritance in order to have the choice of avoiding the charges and adverse exchange rates involved in receiving it directly to your UK account.

From your own euro account you can then use a service such as TransferWise or Revolut to convert to GBP. But you need to know what your UK bank will charge and what exchange rate spread they will impose on that incoming euro amount, in order to see if the above alternative is worthwhile.

ClaretHead

We've had to make several transfers recently between the UK and 3 other countries. We've used TransferWise, who give the best rate, but often send a message saying "We now estimate to deliver the money by May 12 as it took a little longer to process your payment" - so money arrives in 2 days rather than 1. We've used Azimo who always seem to have same day transfers, but a slightly worse rate than TransferWise. And we once used HSBC, who were efficient, but with a rate that was about 2.5% worse than TransferWise

jonesMUFCforever

ClaretHead wrote: »

We've had to make several transfers recently between the UK and 3 other countries. We've used TransferWise, who give the best rate, but often send a message saying "We now estimate to deliver the money by May 12 as it took a little longer to process your payment" - so money arrives in 2 days rather than 1. We've used Azimo who always seem to have same day transfers, but a slightly worse rate than TransferWise. And we once used HSBC, who were efficient, but with a rate that was about 2.5% worse than TransferWise

Is this relevant if the money is abroad?

Your scenario is making payments from UK to Euro zone not the other way round.

MONEYTREE_2

I had to send money to a friend in Holland.

The cheapest way, we found -- in fact it was totally free -- was for me to put it in her Paypal account, as a "gift" not a purchase, so it attracted no fee either side. She then withdrew it into her own Dutch bank account.

eDicky

MONEYTREE wrote: »

I had to send money to a friend in Holland.

The cheapest way, we found -- in fact it was totally free -- was for me to put it in her Paypal account, as a "gift" not a purchase, so it attracted no fee either side. She then withdrew it into her own Dutch bank account.

Perhaps you don't realise what kind of exchange rate Paypal used...

Chapuys

Revolut would seem the best route. You can make deposits with a Euro bank account, transferring it to pounds at the exchange rate then withdrawing it to your UK account. Over £5000 there is a small fee but you could withdraw up to £5000 monthly and it would be free. I do it the other way, UK account to Irish Euro account.

DaveC07510

Hallo, I'm in the same boat as the original poster.

We have received an inheritance of about 70,000 euro which we transferred into a UK Barclays EURO bank account. Cost about £17.

So all the money is in England, but I need to convert the Euros into Sterling. Obviously I am not going to let Barclays manage it.

Any suggestions on which Foreign Currency firm offers the cheapest conversion? The time taken is not a factor, as I am prepared to wait until the euro/GBP exchange rate is more advantageous.

Thanks in advance.