Money transfer from Italy to UK

eddddy

One other thought... perhaps you could open a EUR bank account in the UK.

Once the Euros are in your UK Euro account, you are then free to use the cheapest option for exchanging EUR to GBP - including the currency exchange brokers.

I've never done this, so I've no idea how much hassle and fees are involved - and if it's viable for dealing with just one (large) transaction. But if I were you, I might investigate accounts like this: https://www.starlingbank.com/current-account/euro-bank-account/

Jamaicanmelaff

If I'm not mistaken, you can set up a multi-currency account on Transferwise. So you can give your British bank details for amounts to go straight into, but you can also set up a EUR account and get given a Swift/BIC and IBAN code so people can use those details to pay you. Might be worth looking into and seeing if that would work. Transferwise keeps the funds people transfer in completely different accounts than their business accounts so that it can't be lost if they do go into administration, but again look into it properly before committing. This link explains that part.
https://transferwise.com/help/11/getting-started/2949821/is-my-money-covered-by-a-financial-protection-scheme

ThePants999

Transferwise is a solid solution here. Exactly as Jamaicanmelaff said, you can set up a multi-currency account, so there's a GBP half and a EUR half - each currency has different account details so that it looks like a local account to someone trying to pay you in euros, and then you can transfer it to the GBP half of the account which has UK-style sort code/account number, and from there transfer to your real bank account. You get the mid-market exchange rate instead of the terrible rates banks give you, and you just pay a fee when you convert between currencies - it's variable, but less than half a percent: 100,000 euros would cost €408. Transferring to your real bank account costs a fixed 60p.

I used this yesterday to receive a large sum of dollars from the US - I was able to give the other party US bank details, then handle the conversion within Transferwise, then send to my NatWest account via the UK's Faster Payments system. The money was in Transferwise for all of about 7 minutes, so them going into administration was far from a concern

luke9955

thanks so much how can i create a multi-currency account on transferwise?

ThePants999

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

luke9955

i didn't request a card. What i've done i put 20 in my british account and 20 in my euro account and then i verified my account with my passport. Is it right? and then i should get an iban.

isplumm

I have been using Transferwise for about 3 years - find it great - never had a problem.
I did have a slight panic the other week when I transferred money from UK account to my French account using Transferwise, as it literally took 7 seconds to arrive in my French bank account - amazing, as normally it takes 2-3 days - all was well & great service - so would recommend!

Mark