Best way to transfer from EUR to GBP accounts
luiza8
Posts: 98 Forumite
I am looking for the most cost efficient way of transferring money from an EUR account to a GBP account. I use TransferWise to make the transfers, however I was wondering if there may be a cheaper option?
TransferWise is already cheap, but we all like saving money!
I'm toying with the idea of a borderless account but unsure weather that would reduce the costs of transferring? The transfers will most likely be happening once every couple of months.
Thanks
TransferWise is already cheap, but we all like saving money!
I'm toying with the idea of a borderless account but unsure weather that would reduce the costs of transferring? The transfers will most likely be happening once every couple of months.
Thanks
0
Comments
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Revolut is a bit cheaper for smaller transfers (up to £500 a month) as long as you don't do them at the weekend. (During the week you get the pure interbank rate, at the weekend they add a markup, to cover their risk in not being able to trade out of the position until Monday.)
Borderless doesn't make the transfer cheaper compared to the normal Transferwise, but it also doesn't cost you anything extra, so it's worthwhile if it's useful for you to have the debit card, and/or to have the ability to build up a balance in different currencies. (It sounds like you already have a EUR account, so maybe the latter doesn't help much.)0 -
The Borderless account makes matters much simpler, and way, way faster than normal Transferwise transfers. All my transfers on the Borderless account have been instant to date, including the withdrawal of the converted money into a proper FSCS-protected account, whereas previously I had to often wait for several hours for the transactions to complete. The only time-consuming activity could be, potentially, the time it takes to set up the Borderless account. If you are already fully verified by Transferwise, it will all be done in less than 5 minutes, and it doesn't cost anything to hold the account. They are, however, introducing a transaction charge now for withdrawals to UK bank accounts.
I have looked at using Revolut instead of the Borderless account but quickly given up on it as it imposes limits that are too low for my needs.
All's up in the air when Brexit day strikes.0 -
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I would recommend Transferwise or Revolut, which have already been suggested - they are amongst the cheapest so I'm not sure there is much wiggle room to do better. The Borderless account might be useful if you transact regularly in both currencies, but with the fees suggested above this might not be practical.
Haven't heard about that last suggestion so I'm unable to comment on it.0 -
londoninvestor wrote: »Revolut is a bit cheaper for smaller transfers (up to £500 a month) as long as you don't do them at the weekend.
£500 should have read £5000 here. Apologies for my mistake.0 -
The only time-consuming activity could be, potentially, the time it takes to set up the Borderless account. If you are already fully verified by Transferwise, it will all be done in less than 5 minutes, and it doesn't cost anything to hold the account.
I set up Borderless without having any previous relationship with Transferwise - it was pretty painless. I forget exactly, but maybe 15-20 mins to get it all sorted.0 -
That’s great, thanks for the replies!0
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Hi,
I need to make a substantial one-off EUR transfer, from EU to UK, keep the EUR and exchange to GBP when I find the right property.
These are my personal savings. Will I need any documents from the EU bank to prove this to the receiving party?
I looked into TransferWise. Is this is a safe / protected option? I need the funds to be 100% protected.
Secondly, what are my options exchanging from EUR to GBP?
The worst one would obviously be transferring to my current GBP account, using a bank rate. How can I get a better rate safely?
Many thanks!0 -
You always need to be prepared to provide proof that money is yours and that you obtained it legally.waterc_123 wrote: »Will I need any documents from the EU bank to prove this to the receiving party?
Transferwise doesn't provide FSCS protection, or equivalent in the other EU country. You might get full protection if you arrange for a bank-to-bank transfer yourself but you will pay, in terms of exchange rate and/or charges. You can mitigate the Trasnferwise risk by making smaller transfers but if you leave your money sitting in Transferwise accounts, you have no protection.waterc_123 wrote: »I looked into TransferWise. Is this is a safe / protected option? I need the funds to be 100% protected.
You already have identified how you can get a better rate.waterc_123 wrote: »The worst one would obviously be transferring to my current GBP account, using a bank rate. How can I get a better rate safely?0 -
Thank you.
Is this up to the sending bank to confirm the funds legality directly to (any inquiring) authority or up to me? I do not want a long delay and soon travelling to my country, so I would obtain the proof document from the bank when I am there. EUR will be transferred from the EU account held in my name for years.
So the safest option seems to be first opening a EUR account with a UK bank, transfer from EU to UK using TransferWise and immediately transfer to the UK bank.
The last bit to figure out: when transferring from the EUR to the GBP account in the UK, are there any (protected) brokers that I could use?
I could of course use the UK bank in which I will deposit EUR, but then I rely on their mid-rate.
Can I check the bank's live rates online? Or the historical daily average rates they used? Or find them on Bloomberg?0
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