Best way to transfer large sum from EUR to GBP

Mistral11

Best & safest way to transfer €250,000.00 to my UK account?
Such a large amount I am worried and want to ensure it's safe method without ridiculous fees.

Band7

Use a money transfer comparison website to find the best deal from currency transfer firms.

Compare it with what you would get from a bank.

Are you resident in the UK? If so, you could have a look at Starling Bank.

In any case, be prepared to be picked by AML procedures and having to provide evidence for the source of the money.

Mistral11

Thank you, yes I am a UK resident for last 30 years.
AML? Is that HMRC? 

Are currency transfer firm safe?
Someone mentioned to me Wise or Revolut but couldn't figure out how they worked, looked like they were card.
I just want a one off transfer as it's money I inherited.

Band7

Wise and Revolut are electronic money institutions as opposed to banks. They promise to 'safeguard' your money, and to an extent that gives you a bit of security if they went bust. But it's nowhere near as good as the deposit protection from banks (FSCS in the UK). That said, your deposit protection per financial firm and per person is only £85k in the UK and €100k in the EU, so you need to think about splitting your money acorss various banks, anyway.

Wise and Revolut work the same way as Starling does - - they give you a Euro account with an IBAN to which your Euros can get paid. It is your responsibility / your choice to then transfer some or all of the money to a GBP account with Wise/Revolut/Starling, and from there you can send it to your normal UK account(s). With Starling, you get FSCS protection, with Wise or Revolut you just get the 'safeguarding'. Other currency transfer services may of may not offer 'safeguarding', but none of them offers FSCS.

AML is anti money laundering. Large transfers are very likely to get investigated, regardless of what firm you choose to do the transfer with. Nothing to fear if you have evidence for the legal source but can be a bit of a pain to process. You can reduce the chance of getting picked up by making multiple small transfers. Though if you make many smaller transfers with the same company in a short period of time, they are likely to want to speak to you before they release your money.

If you have a solicitor involved, they might make the transfer for you, for an appropriate fee, from bank to bank.

Mistral11

Thank you so much for the explanation.
Will take a look at Sterling as want as much protection as possible.
No solicitor so trying to figure out by myself.