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    • Consumerist
    • By Consumerist 10th Jul 18, 3:14 PM
    • 4,893 Posts
    • 2,412 Thanks
    Consumerist
    . . .and they charge it to my account at whatever is their current rate of exchange for that day. . . Can anyone advise?
    Originally posted by JayKayPol
    The rate of exchange from banks usually includes a roughly 3% loading over the wholesale rate. The agencies exchange at close to the wholesale rate for a relatively small charge (commonly 0.5% or less)

    Edit
    If you want to compare some agency costs with those from banks then you could have a look at the <Monito comprison site>. You will find you'll need to scroll a long way down the list to find the charges by a bank.
    Last edited by Consumerist; 10-07-2018 at 3:22 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • JayKayPol
    • By JayKayPol 10th Jul 18, 3:20 PM
    • 3 Posts
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    JayKayPol
    Ahhhh, I see. Thank you! I didn't understand that bit about the wholesale rate - not sure if that is clear in the article, or if I just missed it........................
    • _Chris_
    • By _Chris_ 29th Jul 18, 1:02 PM
    • 60 Posts
    • 3 Thanks
    _Chris_
    Have any of you got experience of sending money from a Spanish bank to a UK bank please? I need to transfer about 100 from my Spanish bank Sabadell to my friends bank account in the UK, I would need to do this at various times throughout the year, if you wanted to do it the cheapest way possible, what way would you choose please?
    • Consumerist
    • By Consumerist 29th Jul 18, 3:49 PM
    • 4,893 Posts
    • 2,412 Thanks
    Consumerist
    Have any of you got experience of sending money from a Spanish bank to a UK bank please? I need to transfer about 100 from my Spanish bank Sabadell to my friends bank account in the UK, I would need to do this at various times throughout the year, if you wanted to do it the cheapest way possible, what way would you choose please?
    Originally posted by _Chris_
    The cheapest way is almost certainly to use one of the agencies. We regularly send that sort of amount from the UK to the Euro zone but haven't used them from abroad.

    You can compare the costs involved from the various agencies at the monito comparison site (link in earlier post #441, above)
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • eDicky
    • By eDicky 29th Jul 18, 4:32 PM
    • 3,820 Posts
    • 1,989 Thanks
    eDicky
    Have any of you got experience of sending money from a Spanish bank to a UK bank please? I need to transfer about 100 from my Spanish bank Sabadell to my friends bank account in the UK, I would need to do this at various times throughout the year, if you wanted to do it the cheapest way possible, what way would you choose please?
    Originally posted by _Chris_
    The cheapest way would be to use Revolut, zero fees and interbank exchange rate (weekdays). Sign up for an account on their smartphone app and if your friend does the same you can transmit to him/her instantly, otherwise takes a few days. https://revolut.com/
    • _Chris_
    • By _Chris_ 29th Jul 18, 6:07 PM
    • 60 Posts
    • 3 Thanks
    _Chris_
    Thank you very much, so for revolut, does the recipient need to have an account with them as well?
    • Chino
    • By Chino 29th Jul 18, 6:36 PM
    • 513 Posts
    • 267 Thanks
    Chino
    The cheapest way would be to use Revolut, zero fees and interbank exchange rate (weekdays).
    Originally posted by eDicky
    You say "zero fees" yet Revolut says:
    "Please note, if you transfer money to a bank account which holds a different currency (for example, if you transfer CAD to an account which holds GBP), a conversion fee will be applied."
    https://www.revolut.com/help/exploring-revolut/sending-money/sending-money-to-a-bank-account/where-can-i-transfer-money

    So, when _Chris_ presumably wants to send funds from an EUR account to a GBP account, why do you claim that Revolut charges zero fees?
    • Consumerist
    • By Consumerist 29th Jul 18, 7:34 PM
    • 4,893 Posts
    • 2,412 Thanks
    Consumerist
    . . . so for revolut, does the recipient need to have an account with them as well?
    Originally posted by _Chris_
    I can't speak to revolute but with Transferwise you give your local office, (where you sign up for an account), your recipient's bank account number (IBAN/SWIFT) to which to make transfers at your request. The recipient does NOT need an account with the agency.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • eDicky
    • By eDicky 30th Jul 18, 2:27 AM
    • 3,820 Posts
    • 1,989 Thanks
    eDicky
    You say "zero fees" yet Revolut says:
    "Please note, if you transfer money to a bank account which holds a different currency (for example, if you transfer CAD to an account which holds GBP), a conversion fee will be applied."
    https://www.revolut.com/help/exploring-revolut/sending-money/sending-money-to-a-bank-account/where-can-i-transfer-money

    So, when _Chris_ presumably wants to send funds from an EUR account to a GBP account, why do you claim that Revolut charges zero fees?
    Originally posted by Chino
    If you make the mistake of sending EUR to a GBP account, of course there will be fees and adverse exchange rate imposed by the receiving bank (not Revolut).

    With Revolut you would send GBP, already converted in the app at the perfect interbank rate, avoiding all fees. For more than 5k equ conversion per month there's a 0.5% fee, same as TransferWise (for EUR). Revolut rates are slightly off on weekends when there's no trading.

    To avoid problems I advise anyone to fully verify their Revolut account and understand how it works, before going ahead with using it.
    • eDicky
    • By eDicky 30th Jul 18, 2:38 AM
    • 3,820 Posts
    • 1,989 Thanks
    eDicky
    Thank you very much, so for revolut, does the recipient need to have an account with them as well?
    Originally posted by _Chris_
    No, you can send directly to their bank account. It can take a few days to arrive, there's a fast option with fee. Transfer between two Revolut accounts is instant, the recipient can then do what they like with the funds.

    To avoid problems I advise anyone to fully verify their Revolut account and understand how it works, before going ahead with using it.

    I see that you can still get the card for free (you may have to ask for refund of fee) if you sign up via the MSE link :
    https://www.moneysavingexpert.com/credit-cards/prepaid-travel-cards/
    Last edited by eDicky; 30-07-2018 at 2:48 AM.
    • Suebee42
    • By Suebee42 3rd Aug 18, 1:38 PM
    • 1 Posts
    • 0 Thanks
    Suebee42
    Amazon voucher with Currencies Direct
    I did the same - registered with Currencies Direct and bought over 5000 in euros, transferred to French bank account within a month or so of registering. So met all the requirements That was last summer - never received a 40 Amazon voucher. Must chase it up and see why not.
    • MartinRoss
    • By MartinRoss 9th Aug 18, 12:05 PM
    • 1 Posts
    • 0 Thanks
    MartinRoss
    Advice Please
    Hi, I need to send 100k to my French bank account from my UK bank account.

    I'll get a quote from my UK bank, but does anyone have a recommendation of any other companies which would probably be better (better rate etc)? Obviously, I have to consider the exchange rate.

    Many thanks!
    • eskbanker
    • By eskbanker 9th Aug 18, 12:12 PM
    • 8,038 Posts
    • 8,957 Thanks
    eskbanker
    Hi, I need to send 100k to my French bank account from my UK bank account.

    I'll get a quote from my UK bank, but does anyone have a recommendation of any other companies which would probably be better (better rate etc)? Obviously, I have to consider the exchange rate.

    Many thanks!
    Originally posted by MartinRoss
    Your best bet would be to read the article that this thread is all about, linked from post #1.
    • robatwork
    • By robatwork 14th Aug 18, 5:12 PM
    • 4,531 Posts
    • 5,079 Thanks
    robatwork
    Has anyone tried the Santander One Pay FX app?

    Unfortunately it needs an iphone with Apple Pay, and I don't have that.
    • roddyboy67
    • By roddyboy67 19th Aug 18, 11:35 AM
    • 1 Posts
    • 0 Thanks
    roddyboy67
    Sending Money to Netherlands
    Calling all Dutch experts! My daughter is going to study in Rotterdam for 1 year and I want to know;

    I assume that she will need a Dutch account, which is the best bank?
    The best way (cheapest) of sending monthly funds into her Dutch account?
    Does she need a BSN number if she is staying for 10 months?
    What is the story with i-Deal, is this the Dutch version of PayPal?

    Thanks for you help!
    • eDicky
    • By eDicky 20th Aug 18, 10:52 AM
    • 3,820 Posts
    • 1,989 Thanks
    eDicky
    I assume that she will need a Dutch account, which is the best bank?
    The best way (cheapest) of sending monthly funds into her Dutch account?
    Does she need a BSN number if she is staying for 10 months?
    What is the story with i-Deal, is this the Dutch version of PayPal?
    Originally posted by roddyboy67
    She will find a Dutch bank account useful as they issue a Maestro card or similar, which is accepted at all outlets whereas MasterCard and Visa are not (outside of tourist areas, department stores etc.). But they are likely to insist that she has a local council registration number (BSN?) in order to open an account.

    Otherwise she can open UK account(s) suitable for European use - Starling Bank, Metro Bank, Monzo, Revolut, Loot.io - to which she can receive funds by bank transfer at any time.
    • DCFC79
    • By DCFC79 20th Aug 18, 11:01 AM
    • 32,595 Posts
    • 20,512 Thanks
    DCFC79
    She should also have a backup in case a card is lost/stolen.
    • Gary1984
    • By Gary1984 17th Sep 18, 10:49 AM
    • 5 Posts
    • 0 Thanks
    Gary1984
    Has anyone noticed that OFX spreads have widened significantly as of late? Went to transfer EUR5000 to GBP and was only being offered 0.8782 when actual rate is about 0.8895. So more than 1% difference, usually it's about 0.3%.


    Other companies I've checked TorFX, HiFX, Virgin all seem similar. Anybody know what's going on?


    Update: TransferWise are offering a much better rate, effectively 0.8864 after fees, which is more like what I'm used to. Set up an account with them to transfer the cash. OFX have probably lost themselves a customer.
    Last edited by Gary1984; 17-09-2018 at 11:24 AM. Reason: Update
    • Consumerist
    • By Consumerist 17th Sep 18, 12:00 PM
    • 4,893 Posts
    • 2,412 Thanks
    Consumerist
    . . . Anybody know what's going on? . . .
    Originally posted by Gary1984
    Recent talk of the UK preparing for a "no-deal" on Brexit has caused some volatility in the strength of Sterling. It's the usual response to volatility in the money markets for the margins to widen.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Gary1984
    • By Gary1984 17th Sep 18, 2:45 PM
    • 5 Posts
    • 0 Thanks
    Gary1984
    Absolutely, I'd expect some volatility but not a spread of 3-4 times larger than the usual. Is volatility really so much higher than it was a month ago? Ah well never mind, Transferwise are still offering a decent spread.
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