exchange EUR to GBP - BEST WAY?

Dale_UK

I have circa 40k EUR and I need to change this to GBP. How best to do this? how to get as close to bank interchange rate as possible?

I have a Revolut card, weswap, I have bank accounts in EUR and in GBP. I understand it may be possible to do this with Revolut (not on a weekend to avoid the 1% markup), but are there better ways?

Futuristic

For that amount, the best definitely will be https://transferwise.com

Revolut has limits on currency exchange depending on which plan you are so the fee would add up.

eskbanker

You might wish to check out the providers listed at https://www.moneysavingexpert.com/banking/foreign-currency-exchange/#larger, some of which have cashback offers which would affect your evaluation of total cost....

Futuristic

eskbanker wrote: »

You might wish to check out the providers listed at https://www.moneysavingexpert.com/banking/foreign-currency-exchange/#larger, some of which have cashback offers which would affect your evaluation of total cost....

Be careful of currencies direct, they intentionally set worse FX rates unless you complain. Then you magically get rates closer to the market rate/transferwise.

Voyager2002

A multicurrency account from Fineco Bank would do what you need, although you might face fees to pay your Euro into that account.

Vet

Theres also comparison websites for selling euros to GBP.

J_B

We use

https://www.currencyfair.com/


fixed flat rate £/€3 fee

colsten

J_B wrote: »

We use

https://www.currencyfair.com/


fixed flat rate £/€3 fee

The fee isn't everything. The exchange rate is a major factor, too. I have never seen Currencyfair amongst the top deals.

Revolut appears to have the keenest deals. They have restrictions on maximum transfer amounts though, which may or may not be an issue. Their help facility and CS is shambolic but there are some great Youtube videos which might help newbies.

Personally, I like Transferwise. Their deals aren't quite as keen as Revolut's but I have larger limits with them and the transfer is a dream with their Borderless account. I converted some 19,000 Euros into GBP a bit earlier tonight and then moved the GBP to a 'proper' UK high street bank account. It took less than 5 minutes to complete, all in all. The Transferwise deal was about £20 worse than Revolut but with Revolut it would have taken forever because of their daily limits, and who knows what their bottom line fee would have been as it's a bit non-transparent with them.

The disadvantage of most, if not all, of all those services is that they don't offer FSCS etc protection. If you have larger amounts to send, you might be better off using an outfit offering FSCS-type protection.