Need Advise-Looking for Bank Best Rates For Receiving Funds in €

Gypsy_Tart

I am planning to move back to the UK after having spent many years in France. My pension will be paid directly in € to a UK bank. Can anyone recommend a UK based bank (online or with a branch) that has the best rates for exchange in foreign currency? Thank you.

grumbler

HSBC is probably the only bank - see Global Money Account.

Not banks - Revolut, Wise - Sending Money Abroad

Gypsy_Tart

I'm amazed that HSBC is the only bank that has the best rates for receiving funds from abroad. Sadly, they have a reputation for being expensive. I cannot use Wise as I will be receiving money not sending money. Thank you for your response.

friolento

grumbler said:

HSBC is probably the only bank - see Global Money Account.

Not banks - Revolut, Wise - Sending Money Abroad

Starling Bank might be a better choice. Much easier to use than HSBC Global Money in my experience 

friolento

Gypsy_Tart said:

I'm amazed that HSBC is the only bank that has the best rates for receiving funds from abroad. Sadly, they have a reputation for being expensive. I cannot use Wise as I will be receiving money not sending money. Thank you for your response.

They aren’t.

There is no reason why Wise cannot be used for receiving money. 

Gypsy_Tart

friolento said:

Gypsy_Tart said:

I'm amazed that HSBC is the only bank that has the best rates for receiving funds from abroad. Sadly, they have a reputation for being expensive. I cannot use Wise as I will be receiving money not sending money. Thank you for your response.

They aren’t.

There is no reason why Wise cannot be used for receiving money. 

Would I have to open an account with them? Moreover, can Wise be used to pay bills etc?

sausage_time

Gypsy_Tart said:

friolento said:

Gypsy_Tart said:

I'm amazed that HSBC is the only bank that has the best rates for receiving funds from abroad. Sadly, they have a reputation for being expensive. I cannot use Wise as I will be receiving money not sending money. Thank you for your response.

They aren’t.

There is no reason why Wise cannot be used for receiving money. 

Would I have to open an account with them? Moreover, can Wise be used to pay bills etc?

Yes on both counts.  No FSCS protection, so may be best to view it as a FX transfer channel before sending to a regular bank.

lon_don

Why don't you keep a french bank account open (the big traditional french banks like Socgen, BNP, CA, LBP, etc.. don't seem to be bothered by having non EU resident clients) ? The basic accounts might not be totally free, but the monthly fee should be modest (€2 to €2.5 per month for Socgen and BNP; I think Boursorama Banque is free), but I assume you already know all this.
Then have your pension paid in € into this € account (protected by the french FSCS). Then transfer € as needed to Revolut or Wise, and convert € to £ at minimal cost (but I suppose if the amount is large both Revolut and Wise might charge you a bit more).

Gypsy_Tart

lon_don said:

Why don't you keep a french bank account open (the big traditional french banks like Socgen, BNP, CA, LBP, etc.. don't seem to be bothered by having non EU resident clients) ? The basic accounts might not be totally free, but the monthly fee should be modest (€2 to €2.5 per month for Socgen and BNP; I think Boursorama Banque is free), but I assume you already know all this.
Then have your pension paid in € into this € account (protected by the french FSCS). Then transfer € as needed to Revolut or Wise, and convert € to £ at minimal cost (but I suppose if the amount is large both Revolut and Wise might charge you a bit more).

I did think of this option as I use an online bank. However, there fees for foreign currency are horrendous. Moreover, I would not be able to transfer € via Wise as you need a French mobile to do so. As I have a very small pension  that will be also have extra deductions because I'm leaving the country and now the transfer fees, it's all very stressful.

lon_don

Gypsy_Tart said:

lon_don said:

Why don't you keep a french bank account open (the big traditional french banks like Socgen, BNP, CA, LBP, etc.. don't seem to be bothered by having non EU resident clients) ? The basic accounts might not be totally free, but the monthly fee should be modest (€2 to €2.5 per month for Socgen and BNP; I think Boursorama Banque is free), but I assume you already know all this.
Then have your pension paid in € into this € account (protected by the french FSCS). Then transfer € as needed to Revolut or Wise, and convert € to £ at minimal cost (but I suppose if the amount is large both Revolut and Wise might charge you a bit more).

I did think of this option as I use an online bank. However, there fees for foreign currency are horrendous. Moreover, I would not be able to transfer € via Wise as you need a French mobile to do so. As I have a very small pension  that will be also have extra deductions because I'm leaving the country and now the transfer fees, it's all very stressful.

I am able to transfer € from Socgen & BNP to UK Revolut (IBAN starting with GB) for free for small size (the € obviously arrives in my Revolut € account, ie not automatically exchanged into £ by Revolut, provided an € account has been created within Revolut). Both Socgen and BNP accounts can be operated via web browser or app on a UK mobile (they also have no problem sending OTP passcode to UK mobile number). 

Then, within Revolut, exchange € to £ at no cost (again for small size) at the moment of your choosing if you want to time the fx market. I have not tried with Wise.

PloughmansLunch

I would do French Bank > HSBC Euro Currency Account (you'll need an existing HSBC current account first) > HSBC Global Money Account. HSBC GMA currently can't directly receive € and will auto-convert to GBP at a slightly worse rate than the above somewhat convoluted method.