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

Thrugelmir

DaveC07510 wrote: »

The time taken is not a factor, as I am prepared to wait until the euro/GBP exchange rate is more advantageous.

What if the exchange rate slowly recovers back to more normal historic levels.

DaveC07510

Yes, I should have been clearer. I'm meant that I'm not constrained
by needing the money and happy to pick the moment within the next 30 days or so. For instance, the exchange rate has dropped a fifth of a cent this morning to about 1.139, but last month, we had it as low as 1.11.

I'm talking about the folk's opinions on who has the lowest fees, the safest transaction and the closest transfer exchange rate to bank exchange rate.

eDicky

I'm impressed if you can predict which way rates will move Dave!

Anyway, you can use a comparison site such as Monito, fxcompared, etc, entering the currencies and amount to see the relevant best value services. Then phoning them to negotiate a better rate for that amount.

At the same time you need to check which of the best ones can accept a euro payment from a UK bank, without you having to send it back to their account in the eurozone. But Barclays are likely to charge you even for sending your euros to another UK account.

It would of course have been better to open a euro account in the eurozone to put it first, such as Ireland, then no problem or cost to send it to any broker.

Take a look also at Fineco Bank UK, multi-currency account with rates very close to the interbank.

Preedyboi

I would recommend checking Martin Lewis' impartial Travelmoneymax buyback Section to see which firms offer the best rates. Then contact them to see if you can electronically transfer the Euros to them (top listed Thomas Exchange UK offers this service).:money:

DaveC07510

One of the reasons why we decided to get the money into the UK was that Barclays said that there was no charge to make payments out of the euro account. As it is effectively a current account (but in euros), we would be deemed as paying someone. Which is free.

So what we are looking for is the best company that offers a service similar to Transferwise

NatalieFal

Hi Dave,

I am having a similar problem and I am really not sure whether I can trust the online transfer companies. Please could you let me know who did you use and your thoughts?
Thanks
Nat

eDicky

Hi Nat, welcome to the forum. Dave hasn't looked in since January, apparently. Please tell us more about your requirements.

brianposter

If you have time and you have a bank account at both ends, the cheapest way to carry out such transfers is to learn a bit about foreign exchange and open an account with a foreign exchange dealer. You can practise with a dummy account before entering into real transactions.
I have used IB but presume there are many others.