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  • FIRST POST
    • Sirok
    • By Sirok 18th May 17, 5:57 PM
    • 4Posts
    • 1Thanks
    Sirok
    International transfer - cheapest way to transfer large number of euros to pounds?
    • #1
    • 18th May 17, 5:57 PM
    International transfer - cheapest way to transfer large number of euros to pounds? 18th May 17 at 5:57 PM
    We have just come into some inheritance money in Germany, about 60-70,000, which we would like to transfer to England ASAP.

    However we have been advised by friends that picking the right method of transfer can make a big difference to how much of the money we actually end up with. Is a straightforward bank transfer ever the best option? Or are there special money transfer companies or online services which can provide better rates and lower fees?

    Many thanks for your answers!
Page 1
    • DCFC79
    • By DCFC79 18th May 17, 6:03 PM
    • 31,690 Posts
    • 19,986 Thanks
    DCFC79
    • #2
    • 18th May 17, 6:03 PM
    • #2
    • 18th May 17, 6:03 PM
    Maybe transferwise is what you need.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • jonesMUFCforever
    • By jonesMUFCforever 18th May 17, 6:42 PM
    • 24,777 Posts
    • 11,986 Thanks
    jonesMUFCforever
    • #3
    • 18th May 17, 6:42 PM
    • #3
    • 18th May 17, 6:42 PM
    Is the inheritance in your name already and held by you in a German bank?

    If not (say with a solicitor) they may only pay into an account in your name and as they will be sending it you might have to suck it and see?
    What goes around - comes around
    give lots and you will always receive lots
    • eskbanker
    • By eskbanker 18th May 17, 7:12 PM
    • 7,167 Posts
    • 7,618 Thanks
    eskbanker
    • #4
    • 18th May 17, 7:12 PM
    • #4
    • 18th May 17, 7:12 PM
    are there special money transfer companies or online services which can provide better rates and lower fees?
    Originally posted by Sirok
    See http://www.moneysavingexpert.com/banking/foreign-currency-exchange
    • eDicky
    • By eDicky 19th May 17, 12:06 AM
    • 3,411 Posts
    • 1,616 Thanks
    eDicky
    • #5
    • 19th May 17, 12:06 AM
    • #5
    • 19th May 17, 12:06 AM
    If those euros are already in a bank account in your name, you have the choice of cheaper options than straight bank transfer.

    If not, and they need to be paid first into an account in your name (as is likely), you would have to have/open a euro account, for example in Germany, Ireland or France, to receive the inheritance in order to have the choice of avoiding the charges and adverse exchange rates involved in receiving it directly to your UK account.

    From your own euro account you can then use a service such as TransferWise or Revolut to convert to GBP. But you need to know what your UK bank will charge and what exchange rate spread they will impose on that incoming euro amount, in order to see if the above alternative is worthwhile.
    • ClaretHead
    • By ClaretHead 19th May 17, 2:55 AM
    • 29 Posts
    • 19 Thanks
    ClaretHead
    • #6
    • 19th May 17, 2:55 AM
    • #6
    • 19th May 17, 2:55 AM
    We've had to make several transfers recently between the UK and 3 other countries. We've used TransferWise, who give the best rate, but often send a message saying "We now estimate to deliver the money by May 12 as it took a little longer to process your payment" - so money arrives in 2 days rather than 1. We've used Azimo who always seem to have same day transfers, but a slightly worse rate than TransferWise. And we once used HSBC, who were efficient, but with a rate that was about 2.5% worse than TransferWise
    • jonesMUFCforever
    • By jonesMUFCforever 21st May 17, 7:40 PM
    • 24,777 Posts
    • 11,986 Thanks
    jonesMUFCforever
    • #7
    • 21st May 17, 7:40 PM
    • #7
    • 21st May 17, 7:40 PM
    We've had to make several transfers recently between the UK and 3 other countries. We've used TransferWise, who give the best rate, but often send a message saying "We now estimate to deliver the money by May 12 as it took a little longer to process your payment" - so money arrives in 2 days rather than 1. We've used Azimo who always seem to have same day transfers, but a slightly worse rate than TransferWise. And we once used HSBC, who were efficient, but with a rate that was about 2.5% worse than TransferWise
    Originally posted by ClaretHead
    Is this relevant if the money is abroad?

    Your scenario is making payments from UK to Euro zone not the other way round.
    What goes around - comes around
    give lots and you will always receive lots
    • MONEYTREE
    • By MONEYTREE 21st May 17, 11:03 PM
    • 144 Posts
    • 65 Thanks
    MONEYTREE
    • #8
    • 21st May 17, 11:03 PM
    • #8
    • 21st May 17, 11:03 PM
    I had to send money to a friend in Holland.

    The cheapest way, we found -- in fact it was totally free -- was for me to put it in her Paypal account, as a "gift" not a purchase, so it attracted no fee either side. She then withdrew it into her own Dutch bank account.
    • eDicky
    • By eDicky 21st May 17, 11:17 PM
    • 3,411 Posts
    • 1,616 Thanks
    eDicky
    • #9
    • 21st May 17, 11:17 PM
    • #9
    • 21st May 17, 11:17 PM
    I had to send money to a friend in Holland.

    The cheapest way, we found -- in fact it was totally free -- was for me to put it in her Paypal account, as a "gift" not a purchase, so it attracted no fee either side. She then withdrew it into her own Dutch bank account.
    Originally posted by MONEYTREE
    Perhaps you don't realise what kind of exchange rate Paypal used...
    • Chapuys
    • By Chapuys 22nd May 17, 5:09 AM
    • 147 Posts
    • 115 Thanks
    Chapuys
    Revolut would seem the best route. You can make deposits with a Euro bank account, transferring it to pounds at the exchange rate then withdrawing it to your UK account. Over 5000 there is a small fee but you could withdraw up to 5000 monthly and it would be free. I do it the other way, UK account to Irish Euro account.
    Anything I say in no way constitutes financial advice and anything you do is your own decision.
    • DaveC07510
    • By DaveC07510 23rd Jan 18, 8:30 AM
    • 4 Posts
    • 3 Thanks
    DaveC07510
    Hallo, I'm in the same boat as the original poster.

    We have received an inheritance of about 70,000 euro which we transferred into a UK Barclays EURO bank account. Cost about 17.

    So all the money is in England, but I need to convert the Euros into Sterling. Obviously I am not going to let Barclays manage it.

    Any suggestions on which Foreign Currency firm offers the cheapest conversion? The time taken is not a factor, as I am prepared to wait until the euro/GBP exchange rate is more advantageous.

    Thanks in advance.
    • Thrugelmir
    • By Thrugelmir 23rd Jan 18, 9:12 AM
    • 58,528 Posts
    • 51,884 Thanks
    Thrugelmir
    The time taken is not a factor, as I am prepared to wait until the euro/GBP exchange rate is more advantageous.
    Originally posted by DaveC07510
    What if the exchange rate slowly recovers back to more normal historic levels.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • DaveC07510
    • By DaveC07510 23rd Jan 18, 10:56 AM
    • 4 Posts
    • 3 Thanks
    DaveC07510
    Yes, I should have been clearer. I'm meant that I'm not constrained
    by needing the money and happy to pick the moment within the next 30 days or so. For instance, the exchange rate has dropped a fifth of a cent this morning to about 1.139, but last month, we had it as low as 1.11.

    I'm talking about the folk's opinions on who has the lowest fees, the safest transaction and the closest transfer exchange rate to bank exchange rate.
    • eDicky
    • By eDicky 23rd Jan 18, 2:41 PM
    • 3,411 Posts
    • 1,616 Thanks
    eDicky
    I'm impressed if you can predict which way rates will move Dave!

    Anyway, you can use a comparison site such as Monito, fxcompared, etc, entering the currencies and amount to see the relevant best value services. Then phoning them to negotiate a better rate for that amount.

    At the same time you need to check which of the best ones can accept a euro payment from a UK bank, without you having to send it back to their account in the eurozone. But Barclays are likely to charge you even for sending your euros to another UK account.

    It would of course have been better to open a euro account in the eurozone to put it first, such as Ireland, then no problem or cost to send it to any broker.

    Take a look also at Fineco Bank UK, multi-currency account with rates very close to the interbank.
    Last edited by eDicky; 23-01-2018 at 2:44 PM.
    • Preedyboi
    • By Preedyboi 23rd Jan 18, 4:21 PM
    • 38 Posts
    • 22 Thanks
    Preedyboi
    I would recommend checking Martin Lewis' impartial Travelmoneymax buyback Section to see which firms offer the best rates. Then contact them to see if you can electronically transfer the Euros to them (top listed Thomas Exchange UK offers this service).
    • DaveC07510
    • By DaveC07510 23rd Jan 18, 7:50 PM
    • 4 Posts
    • 3 Thanks
    DaveC07510
    One of the reasons why we decided to get the money into the UK was that Barclays said that there was no charge to make payments out of the euro account. As it is effectively a current account (but in euros), we would be deemed as paying someone. Which is free.

    So what we are looking for is the best company that offers a service similar to Transferwise
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