Transferring money on euros between 2 UK bank accounts
troubleonline
Posts: 65 Forumite
Hi
We have been asked to transfer 750 euros to the UK bank account of a family member as advance payment for a hotel reservation for their wedding in Italy in August.
Aside from the fact that I assumed we would pay the hotel direct during our stay and therefore that I could use my Halifax Clarity card to avoid any fx fees and crappy exchange rates it seems a really odd request to transfer the money in euros between UK accounts.
I looked at my online banking for TSB and it seemed the only way to do this is as an international payment. Not surprisingly it give a poorish exchange rate (1.10 compared to the current MasterCard rate of 1.13) and suggested the fee would be approx £10. It works out about £30 more than paying by my Clarify card. It also suggested that the recipient may be charged for receiving payment in euros.
Am inclined to ask that we pay them in £'s and if they are subsequently out of pocket on exchange rates to make up the difference later but any other thoughts would be welcome on how else to do this.....?
We have been asked to transfer 750 euros to the UK bank account of a family member as advance payment for a hotel reservation for their wedding in Italy in August.
Aside from the fact that I assumed we would pay the hotel direct during our stay and therefore that I could use my Halifax Clarity card to avoid any fx fees and crappy exchange rates it seems a really odd request to transfer the money in euros between UK accounts.
I looked at my online banking for TSB and it seemed the only way to do this is as an international payment. Not surprisingly it give a poorish exchange rate (1.10 compared to the current MasterCard rate of 1.13) and suggested the fee would be approx £10. It works out about £30 more than paying by my Clarify card. It also suggested that the recipient may be charged for receiving payment in euros.
Am inclined to ask that we pay them in £'s and if they are subsequently out of pocket on exchange rates to make up the difference later but any other thoughts would be welcome on how else to do this.....?
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Comments
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Do they have a Euro account to receive the funds? It could be that they haven't thought this through and you would incur a fee for converting into Euros and then their UK bank account would charge them a fee to turn it back into Sterling0
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I'd be pretty confident that what the family member wants you to do, but hasn't precisely specified, is to transfer the sterling equivalent of EUR 750 to their UK bank account, which would be £664 at the current spot rate.0
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Another option might be to buy a pre-paid credit card with Euros on it and give them the card to pay the hotel with.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
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Thanks for the suggestions folks. I tried making the transfer in £'s as suggested by Agrinnall. However I am getting a message stating 'Beneficiary is not Faster Payment Reachable'. I am guessing that this means the bank account is a foreign currency account set up only accept euros - grrr! Probably for convenience in managing and paying all their wedding costs.
A pre paid credit card is not practical as they do not live local and will presumably incur me the same costs as making the transfer in euros.
I did think about a money transfer from my Halifax Clarity card but that can only be done in sterling.0 -
Check out the specialist brokers at https://www.moneysavingexpert.com/banking/foreign-currency-exchange/ for cost-effective conversion....0
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