Changing 15,000GBP into euros?

I normally use revolut, as they give an interbank rate without any fees. But without a premium membership I'm limited to just 1000 per month. Is there any other company or method that can do larger amounts at interbank rates?
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  • lr1277
    lr1277 Posts: 1,616
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    About 15 years ago, I wanted pounds converted to $100k. I tried my bank (FD) who passed me onto HSBC. It seems for those kind of sums, HSBC would give me the inter-bank rate without fees, as far as I remember.
    If this is a one-off, you could try your own bank and see if they will do anything for you and what their levels are to give you the inter-bank rate.
  • colsten
    colsten Posts: 17,597
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    Don’t use HSBC - getting the account is complicated and the exchange rate is pants.

    I would recommend Wise. Make sure your account is fully verified, which is easy to do. You cannthen exchange the lot in one go, though I would split it into 2, to stay below £10K each.

    Another option would be Starling Bank.
  • eDicky
    eDicky Posts: 6,525
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    lr1277 said:
    It seems for those kind of sums, HSBC would give me the inter-bank rate without fees, as far as I remember.
    A case of faulty memory or understanding - although it can be worth trying to negotiate a more favourable exchange rate with a bank's FX department for a large sum, they will never give you the interbank rate.

    Revolut used to add only 0.5% to conversions in excess of the monthly free limit, it may still be the same, but without their premium account I would not risk having to try contacting their CS if an automatic block occurs.

    You don't mention the destination of the euros, for an account in a Eurozone country you can check a comparison site such as Monito for the service giving the best rate. I think Wise add a 0.35% fee to the interbank rate, Starling Bank 0.4% if you want to hold euros in an FSCS protected euro account.
    Evolution, not revolution
  • mbzon
    mbzon Posts: 43
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    So there isn't any other company other than revolut that transfers at the interbank rate without fees? wow... quite surprised by that. 

    I think my best option right now might be to make a premium account and then cancel it after, there is a cancellation fee within the first year, but it would still be cheaper than paying 0.35%
  • eskbanker
    eskbanker Posts: 29,855
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    mbzon said:
    So there isn't any other company other than revolut that transfers at the interbank rate without fees? wow... quite surprised by that. 
    Why would a commercial business offer a service on which they can't make any money?
  • TOP_CAT
    TOP_CAT Posts: 583
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    edited 30 June 2021 at 12:28PM
    If revoluts premium account exchange was .35% less than Wise .....

    Why are people using Wise ?

  • eDicky
    eDicky Posts: 6,525
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    According to Monito the best choice for sending £15k to Eurozone is currently Wise, the worst choice HSBC:

    https://www.monito.com/send-money/united-kingdom/spain/gbp/eur/15000

    Would upgrading your Revolut account to premium for the purpose be cheaper..?
    Evolution, not revolution
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,639
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    https://www.moneysavingexpert.com/banking/foreign-currency-exchange/

    I've used Wise in the past and haven't had issues. I'd recommend against Revolut mostly due to their horrible customer service. I've never had an issue with them personally but there are plenty of horror stories on here about them if you go looking.
  • colsten
    colsten Posts: 17,597
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    TOP_CAT said:
    If revoluts premium account exchange was .35% less than Wise .....

    Why are people using Wise ?

    I'd rather stick burning embers into my eyes than use Revolut because their CS is so abysmal, it might as well not exist at all.
  • mbzon
    mbzon Posts: 43
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    Hmm, interesting all the comments about revolut, for me I´ve used them for many years, used the CS a few times as well and always been extremely happy. Their playstore reviews are also extremely high which would be hard to maintain if they weren´t taking care of people. Could just be a case of those who are unhappy shout the loudest? The only thing I've heard is that if you have problems logging in it is hard to get support because everything is done in the app, after logging in. That was a while ago though so might have already been fixed by now.
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