Only have EUR, balances are GBP

Chippi

Take a £10k Barclaycard balance. What would be the best way to pay this off from an oversees current account with foreign currency?

Transferring first to a UK current account would incur a fee and very, very poor FX rates.

redux

Find an intermediate process between the 2 banks.

https://www.moneysavingexpert.com/banking/foreign-currency-exchange

Personally I would consider Revolut, as I already have an account, not used much so far, so I'd recheck the monthly or annual limits. Transferwise is another supposedly popular option, but the article has more (I'm posting the link without rereading it myself just now)

If this is likely to be a regular situation, rather than one-off, and you are spending abroad, I'd say look into credit cards without currency loading, or possibly foreign ones if you live there and can qualify.

eDicky

If you live and your euro current account is somewhere in Europe, sign up for a Revolut account on their smartphone app, fully verify yourself and familiarise yourself with how it works.

Load the euros to your Revolut euro account by debit card or bank transfer {to your personal IBAN for euros} from your bank account. Convert them to pounds at the interbank rate on a weekday (rate is slightly off on weekends). Send the pounds to pay Barclaycard.

There are no fees for anything, except 0.5% on conversion in excess of £5,000 per month, so you could avoid that by taking two months to do it.

redux

eDicky wrote: »

[about Revolut]

There are no fees for anything, except 0.5% on conversion in excess of £5,000 per month, so you could avoid that by taking two months to do it.

Good idea, that was my thinking too, though I didn't actually spell it out above.

Pablo2010

Revolut is the best option here:
1.The best exchange rates during weekdays
2.Fast payments to UK accounts
3.Topup Revolut with debit/credit cards without fees

System

Would seem fairly obvious but keep an eye out on the EUR/GBP exchange rate.

Getting a particularly bad rate can wipe out any savings.