Transferring a large amount of euros to pounds

Faro567

We’ve sold our house in Portugal and in the next couple of weeks I need to figure out the best way to transfer over €400k into pounds. 

I’ve been reading and given a few recommendations, but I think the safest and cheapest option is to use a currency broker. I’ve never used one before so I’m asking for any help and advice including any pitfalls to look out for. I’ve been looking online at the ones this website recommends so I can get an idea of how much the exchange rate varies but it doesn’t seem possible to do this unless you register with them and give each one all your personal details. 

The other options that’s been recommended are: open a HSBC account but as this is a one off, I don’t really want to switch banks, another option was to open a wise £ & € account and use my Portuguese bank to transfer the money to Wise in batches, but reading the reviews on wise I don’t think this is an option. My solicitor has also recommended using their Portuguese broker to do the transfer but how comparable this would be I don’t know and also the risk. 

Obviously I understand that any of the routes I go down hold a big risk so I’m wanting to use a company that gives me the best peace of mind while the transaction goes through. 

penners324

Wise, Starling € account or HSBC global money are you best options for this.

wmb194

You don't need to switch banks to open the relevant HSBC accounts.

eDicky

I'm assuming that the sale proceeds are already in the Portuguese bank account in your own name, in which case you're free to make your own arrangements with no need to put yourself in the hands of any Portuguese broker who's likely to gouge you on exchange rate and fees. Penners has mentioned the best options, there's also Fineco UK if you're not in a hurry, I would use Starling Bank for simplicity and good customer service. I wouldn't call currency brokers the safest option for large sums. Be sure to have documentary evidence of source of funds ready, for any method you choose.

TimSynths

Wise-

Wise: the international account | Money without borders

€400,000 = £343,044.42 into your bank account.

subjecttocontract

We use Currencies Direct. The important bit for you is the exchange rate applied......they are all gonna be slightly different.

Faro567

Thanks for your help. I’m in the process of trying to open a HSBC current account, and I don’t think I can open a wise/starling until I can prove the funds, I’m not working at the moment so have no other way of giving them proof of my source of income, but the completion of the sale will be next week and they money will be transferred into my Santander account, so once I have all the documents I will try and open the accounts. Thank you again 

trient

Faro567 said:

Thanks for your help. I’m in the process of trying to open a HSBC current account, and I don’t think I can open a wise/starling until I can prove the funds, I’m not working at the moment so have no other way of giving them proof of my source of income, but the completion of the sale will be next week and they money will be transferred into my Santander account, so once I have all the documents I will try and open the accounts. Thank you again 

You don't need to prove funds/income to open any of these accounts.

Faro567

Yes sorry, I’ve tried to open a wise account and you can open it but they won’t give me the account details until I send them over proof of my income/investments etc.