BEST WAY TO CONVERT EUROS TO GBP.

Hello, I am looking for some advice, please.  I will receive some Euros from a sale.  What is the best, most reliable firm to use to convert the Euros.  Another family member previously dealt with all of these matters, and I am at a bit of a loss.  Many thanks in advance.
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  • Futuristic
    Futuristic Posts: 1,161 Forumite
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    edited 25 February 2023 at 1:09PM
  • J_B
    J_B Posts: 6,750 Forumite
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    Ways we do it:-
    I have a starling £ account and also a € account and swap that way
    We also use https://www.currencyfair.com/ sometimes



  • Marchitiello
    Marchitiello Posts: 1,303 Forumite
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    Due to the fee that Wise would charge, best option would actually be euro into HSBC currency account, then transfer to HSBC Global Money Account, convert  to GBP then into HSBC UK standard GBP account.

    second best option would be Fineco UK (net changed amount could be slightly better, but can be slow) 
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,765 Forumite
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    Due to the fee that Wise would charge, best option would actually be euro into HSBC currency account, then transfer to HSBC Global Money Account, convert  to GBP then into HSBC UK standard GBP account.

    second best option would be Fineco UK (net changed amount could be slightly better, but can be slow) 
    Have a look at both the exchange rate charged, as well as the fee (if any). In my experience the big banks don't charge fees, but offer a rubbish exchange rate. Wise/Fineco might charge fees, but the fee + good exchange rates means more money is left over at the end.

    I agree with your recommendation to receive the money into a EUR account though, and then for OP to handle the exchange themselves.
  • greyteam1959
    greyteam1959 Posts: 4,705 Forumite
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    Funds move in seconds using Wise.com

  • J_B
    J_B Posts: 6,750 Forumite
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    Currency fair have a fixed charge of £/€3, which is quite important with large amounts.
  • zievar
    zievar Posts: 9 Forumite
    First Post
    J_B said:
    Currency fair have a fixed charge of £/€3, which is quite important with large amounts.

    Thanks. Yes I saw that.  Then, I read the reviews and saw that there could be delays with this firm. Now I am not sure what to do.  Never thought that getting money would cause so much worry.  It is quite difficult to know what to do for the best.

    I have read all of the suggestions.  Thank you all so much. :) I think I just smiled, if not, so sorry.


  • J_B
    J_B Posts: 6,750 Forumite
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    zievar said:
    J_B said:
    Currency fair have a fixed charge of £/€3, which is quite important with large amounts.

    Thanks. Yes I saw that.  Then, I read the reviews and saw that there could be delays with this firm. Now I am not sure what to do.  Never thought that getting money would cause so much worry.  It is quite difficult to know what to do for the best.

    I have read all of the suggestions.  Thank you all so much. :) I think I just smiled, if not, so sorry.



    We have a house in Cyprus and have used C/F several times without issues.
    Several on the CY forums have had issues with Wise being bocked (?) in some way.

    Good luck!
  • adindas
    adindas Posts: 6,856 Forumite
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    edited 4 March 2023 at 3:47PM
    Due to the fee that Wise would charge, best option would actually be euro into HSBC currency account, then transfer to HSBC Global Money Account, convert  to GBP then into HSBC UK standard GBP account.

    second best option would be Fineco UK (net changed amount could be slightly better, but can be slow) 
    Have a look at both the exchange rate charged, as well as the fee (if any). In my experience the big banks don't charge fees, but offer a rubbish exchange rate. Wise/Fineco might charge fees, but the fee + good exchange rates means more money is left over at the end.

    I agree with your recommendation to receive the money into a EUR account though, and then for OP to handle the exchange themselves.
    Fineco is already known for sometimes now.
    HSBC Global Money Account is the new kid in the block aiming for niche market, a low cost currency account. But it has limitation as at the moment there is no way you could save it to that account without conversion in the first instance. But they said they plan to do it in the future.
    But for the time being If it is combined with HSBC currency account, then transfer to HSBC Global Money Account, some people have reported it beats Fineco exchange rate. I personally have not tried it yet.
  • Marchitiello
    Marchitiello Posts: 1,303 Forumite
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    Due to the fee that Wise would charge, best option would actually be euro into HSBC currency account, then transfer to HSBC Global Money Account, convert  to GBP then into HSBC UK standard GBP account.

    second best option would be Fineco UK (net changed amount could be slightly better, but can be slow) 
    Have a look at both the exchange rate charged, as well as the fee (if any). In my experience the big banks don't charge fees, but offer a rubbish exchange rate. Wise/Fineco might charge fees, but the fee + good exchange rates means more money is left over at the end.

    I agree with your recommendation to receive the money into a EUR account though, and then for OP to handle the exchange themselves.
    That is exactly what I do, and if you look at any of my post on this subject since 2016, I always tell people to look at net exchanged amount (not just rates and/or fees) … 

    Fineco UK has actually been the better choice for years but the timeline to clear funds is a bit slow so not useful for urgent transaction. Their rate may look slightly worst on first view as these include whatever margin Fineco wants to earn from this type of transactions, but as they do not apply additional fees, the net amount has always been better than any similar competitors including Wise (which I do use for some of the business I am involved with as there are not as many business options as there are for personal customers). For a short while, Starling Euro account was a good option but they then started applying additional fees and became not as competitive. 

    HSBC Global Account is a more recent, great option. We did few comparison (discussed in the dedicated thread), and depending on currencies, it was either the best or slightly worst than Fineco, but still better than Wise or other options. Again, their rate include their exchange margins, but no additional fees are applied, so one needs to look always at net amount offered.
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