Best currency exchange service

TheRB

Hi all,

We have to change several thousand Euros held in a bank account to Sterling. Can anyone advise us on the best service to do this with?

Thanks.

SouthLondonUser

Do a google search on Transferwise, Revolut, WorldFirst, HiFx and FinecoBank.
Make sure the entity you choose is regulated and segregates clients' funds.
Transferwise used to have an Estonian bank account for euro payments, which not everyone was at ease with. They now have on in Germany, too.

eskbanker

There's an MSE article on currency brokers at http://www.moneysavingexpert.com/banking/foreign-currency-exchange

SouthLondonUser

The clients of this broker lost almost everything: https://www.theguardian.com/money/2010/oct/09/foreign-exchange-money-safe

I don't know what happened when Alpari went bust ( http://www.thisismoney.co.uk/money/news/article-2913105/Forex-broker-Alpari-goes-bust-losses-shock-Swiss-abandon-euro-peg.html ), but I think they were more of a trading platform than a forex broker.

AFAIK the system has not been yet tested in the real world. From this perspective, using Fineco, which is a full bank and offers multicurrency accounts to UK residents, would probably make me sleep better at night - not necessarily for a small sum but for very large ones yes.

TheRB

Thanks all for some great feedback for me to follow up. Much appreciated.