How to transfer and where to keep EUR

adrian.idar

Hi.

I want advice on what is better in order to receive 50k EUR from another EU country (Romania) and where to keep them.

Options: 1) receive into an EUR Barclays account or 2) receive into a Transferwise EUR account. From the Transferwise account I would convert to GBP and transfer to my current Santander GBP account the amounts that are needed.

Is that a good idea in respect to transfer fees (from Romania to UK) and, later on, conversion EUR to GBP?

Many thanks,

Adrian

coachman12

https://www.keycurrency.co.uk/transfer-euros-to-pounds

colsten

As you are a UK resident, your best option is Starling Bank as they offer full FSCS protection [to £85k] and also have one of the keenest exchange rates and very low charges. Don't use Barclays or another mainstream bank for the exchange, and don't use a currency transfer firm as you could lose all your money if they go bellies up whilst they have your money. Transferwise and Starling exchange rates and costs are almost identical but with Transferwise you don't get FSCS protection.

All you need to do is open both, a Starling GBP and Euro accounts which is usually very quick. Then send your money from your Romanian bank to the Starling Euro account. Converting your EUR to GBP takes literally seconds in Starling, and from there you can use Faster Payment to send your pounds to Santander or wherever, or leave them in Starling.

mustiuc

I have the same dilema. I am sitting with 20k euros in my drawer just because I couldn't find a good place to keep them as euros. I think British banks are doing a good thing by "forcing" people to exchange and use the local currency instead of opening multiple foreign accounts.
I took the money with me cash as I don't really trust "online banks" and some are notorious for closing accounts and freezing funds despite proof of funds.
More than sure, my euros will be exchanged into pounds and I will use them to lower my mortgage. It's just sitting there doing nothing.
Just be very careful with such a large amount being transfered/moved from bank to bank, especially online ones.
My advice is to keep them in romanian bank if you don't plan to exchange/do something with them. Keeping them here in euros is the same as keeping in romanian bank and using online banking on your phone to access when needed.

adrian.idar

Thank you for the advice, that was indeed very helpful!
There is a very small chance Transferwise in particular could go under (famous last words) but better making the chance of loosing money zero by choosing Starling.
Adrian

Moe_The_Bartender

I've used TransferWise once a month or more for years and never had an issue. Transfers are done in a couple of hours and the cost is minimal. If you simply want to get your money to Santander, I really wouldn’t bother setting up another account.