transfer to portugal

bomber2

need to transfer €105,000 euro to portugal,my llyoyds charge would of charged a rate of €1.12 today,the FX rate was €1.16 plus £10.00,santander charge £15-00 but their website doesnt state the ex rate,is it worth using an option?

colsten

Transferwise would give you more like €1.16, and Starling probably a very similar rate. However, there is no FSCS protection with Transferwise, and you might run into difficulties transferring such a large sum in one go if you are a new customer.

mgdavid

CurrencyFair.com are also very good with competitive money broker rates and a transfer fee of £2.50

colsten

mgdavid wrote: »

CurrencyFair.com are also very good with competitive money broker rates and a transfer fee of £2.50

No FSCS either

ChasingButterflies

Hi,

Are you transferring to a Portuguese account in your name, or direct to a Notary/lawyer’s account?

Just wondering about you/your lawyer easily being able to verify source of funds (to save any unnecessary complications)

RBS have a £10 fee for Euro transfers, tbh we just go with that option for ease (but try and send over enough to cover a years expenses!) Might not be ultra money saving but does give peace of mind!

colsten

ChasingButterflies wrote: »

RBS have a £10 fee for Euro transfers, tbh we just go with that option for ease (but try and send over enough to cover a years expenses!) Might not be ultra money saving but does give peace of mind!

What exchange rate are you getting from RBS? Is it as good as e.g. the Starling rate?

mgdavid

colsten wrote: »

No FSCS either

A calculated (extremely low) risk as if done under customer's manual control the money is only with them for a couple of minutes.

colsten

mgdavid wrote: »

A calculated (extremely low) risk as if done under customer's manual control the money is only with them for a couple of minutes.

Oh really? No possible hold ups for AML checks etc? Will you pay €105K to the OP if things go tits up?

mgdavid

colsten wrote: »

Oh really? No possible hold ups for AML checks etc? Will you pay €105K to the OP if things go tits up?

Possible but low risk as the customer is vetted at account setup time well before first transaction. I'm commenting from my perspective and experience. The OP is a grown-up and can make his own decisions.

colsten

mgdavid wrote: »

Possible but low risk as the customer is vetted at account setup time well before first transaction. I'm commenting from my perspective and experience. The OP is a grown-up and can make his own decisions.

AML checks do not merely take place at account opening. All transactions get screened, and you can be almost certain that anything over £10K gets extra scrutiny, especially if it goes abroad. The checks may or may not be transparent to the originator of the transfer.

bomber2

i have a portuguese bank account,but the initial question remains the same.