Being paid in euros to uk Bank

Cathyhickson

I am currently working for a uk company abroad being paid in euros directly in to a uk account (nationwide to be specific) but I feel I am loosing lots of money on the exchange rate as I am living in Spain for 6 months of the year and therefore spending locally in euros.

I have the option of opening and being paid in to a Spanish bank account however all of my outgoings and savings need to be in pounds and essentially I will settle in the uk so want to set myself up in pounds.

What the best way for me to work this out to loose as little as possible please?

trailingspouse

Currently you are paid in Euros, which are converted to Sterling, some of which you then convert back to Euros. You lose money every time you convert.


If you were paid in Euros into a Spanish bank account, and then converted some of it to sterling, there would only be one lot of converting, so logically this should be the cheaper scenario.

Trow

You should look into Transferwise. It's used a lot by digital nomads, and I've heard good things (although never used it myself)

https://transferwise.com/gb/borderless/