Most cost effective way to pay money to a euro account for a villa rental

Billip

Oh, forgot to add, the exchange rates with Wise when adding funds to your account are as near-as-dammit the "correct" rate - no mark-up/mark-down.

TELLIT01

eDicky said:

TELLIT01 said:

I've had to do the same recently, as deposit for holiday accommodation in Greece.  We've been there several times so have no concerns about being scammed.  I did the transfer through my on-line banking app and was amazed to discover there were no charges.  The amount is entered in Sterling and the conversion show on the screen.  It's a little bit of a faff making slight adjustments to the Sterling amount to get the precise Euro figure.  That was with Lloyds.  When I did the same thing pre-Covid there were additional charges.

No 'charges', but what percentage markup did Lloyds apply to the mid-market exchange rate of that moment..?

All I know is the rate I was charged was better than the best consumer exchange rate for the Euro on that date.  I'm happy with that as my previous transfer had cost quite a few quid.  That was a few years ago so I don't recall the actual charges.

eDicky

TELLIT01 said:

eDicky said:

TELLIT01 said:

I've had to do the same recently, as deposit for holiday accommodation in Greece.  We've been there several times so have no concerns about being scammed.  I did the transfer through my on-line banking app and was amazed to discover there were no charges.  The amount is entered in Sterling and the conversion show on the screen.  It's a little bit of a faff making slight adjustments to the Sterling amount to get the precise Euro figure.  That was with Lloyds.  When I did the same thing pre-Covid there were additional charges.

No 'charges', but what percentage markup did Lloyds apply to the mid-market exchange rate of that moment..?

All I know is the rate I was charged was better than the best consumer exchange rate for the Euro on that date.  I'm happy with that as my previous transfer had cost quite a few quid.  That was a few years ago so I don't recall the actual charges.

What's a 'consumer exchange rate'..? If Lloyds give a significantly better exchange rate on a transfer than the Post Office, Tesco etc, that's useful to know. But still very unlikely to compare well with Starling or Wise.

TELLIT01

What I refer to as 'consumer rate' is what I would have got over the counter in the bank or local bureaux de change.

J_B

Billip said:

I use "Wise" (formerly Transferwise) for sending euros to friends,..........

Sadly though, if your friends have a Bank Of Cyprus account, 'Wise' payments have been most problematic of late.

skycatcher

Just received the payment details for the villa and the person is wanting paid in Euro into a Revolut account. I also have. Revolut accounts which i don't really use. Is there a cost effective way of paying this using the app?

eDicky

skycatcher said:

Just received the payment details for the villa and the person is wanting paid in Euro into a Revolut account. I also have. Revolut accounts which i don't really use. Is there a cost effective way of paying this using the app?

Yes. Be sure your Revolut account is fully verified. When you put the villa owner in your contacts it will show as a direct payee in your app. Convert to the euros on a weekday for the perfect interbank rate. All info is in the app, maybe send a couple of euros first to check you have it right, don't rely on their customer service.