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    • dh-housewife
    • By dh-housewife 13th Feb 18, 10:44 PM
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    dh-housewife
    0 WOW
    Incoming euros
    • #1
    • 13th Feb 18, 10:44 PM
    0 WOW
    Incoming euros 13th Feb 18 at 10:44 PM
    I can’t find this advice anywhere, even our bank was stumped. Daughter has €7,000 in German account to transfer to uk bank account now she’s moved back to the UK. Can't find out cheapest way. Help please. THANK YOu.
Page 1
    • eDicky
    • By eDicky 14th Feb 18, 4:55 AM
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    eDicky
    • #2
    • 14th Feb 18, 4:55 AM
    • #2
    • 14th Feb 18, 4:55 AM
    It's quite easy and no different to sending money from the UK, using a transfer service such as TransferWise, Azimo, etc. Comparison sites such as Monito or fxcompared will indicate the cheapest in the circumstances, I normally use TransferWise or Revolut.
    • dh-housewife
    • By dh-housewife 14th Feb 18, 6:58 AM
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    dh-housewife
    • #3
    • 14th Feb 18, 6:58 AM
    • #3
    • 14th Feb 18, 6:58 AM
    Oh! Thank you. That seems simple enough. Do you think there would be much variation in general euro rates ie not between shops but the general stability of the pound v euro? We seem to be up for losing £1000 currently as we!!!8217;d always worked on euro/£ parity in our head
    • eDicky
    • By eDicky 14th Feb 18, 8:34 AM
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    eDicky
    • #4
    • 14th Feb 18, 8:34 AM
    • #4
    • 14th Feb 18, 8:34 AM
    EUR/GBP parity has never occurred, the euro currently being worth 89p (at mid-market rate) is relatively in your favour for a transfer now.

    But there's no point in trying to predict exchange rate movements unless you're a forex dealer, or in considering what you are 'up for losing' (or gaining) as a result of a misconception.

    Just try to get the best rate, i.e. closest to the mid-market or interbank rate, with the lowest or zero fee. For example TransferWise gives you the interbank rate for a 0.5% fee, so the transfer would cost Eur35, whereas some other services are fee-free but put a margin on the exchange rate. So the comparison sites come in handy to see which is cheapest for moving a particular amount between certain currencies/countries. See xe.com for the current mid-market rate.
    • J B
    • By J B 14th Feb 18, 6:25 PM
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    J B
    • #5
    • 14th Feb 18, 6:25 PM
    • #5
    • 14th Feb 18, 6:25 PM
    It's quite easy and no different to sending money from the UK, using a transfer service such as TransferWise, Azimo, etc. Comparison sites such as Monito or fxcompared will indicate the cheapest in the circumstances, I normally use TransferWise or Revolut.
    Originally posted by eDicky
    I have always used https://www.currencyfair.com/
    • dh-housewife
    • By dh-housewife 14th Feb 18, 7:54 PM
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    dh-housewife
    • #6
    • 14th Feb 18, 7:54 PM
    • #6
    • 14th Feb 18, 7:54 PM
    My daughter is saying that her bank may charge her for sending the money. She can!!!8217;t/won!!!8217;t ask as she!!!8217;s back here and she says she doesn!!!8217;t speak good enough German.
    She!!!8217;s with Sparkasse. Does anyone know? Thanks.
    • Voyager2002
    • By Voyager2002 14th Feb 18, 8:59 PM
    • 12,073 Posts
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    Voyager2002
    • #7
    • 14th Feb 18, 8:59 PM
    • #7
    • 14th Feb 18, 8:59 PM
    My daughter is saying that her bank may charge her for sending the money. She can!!!8217;t/won!!!8217;t ask as she!!!8217;s back here and she says she doesn!!!8217;t speak good enough German.
    She!!!8217;s with Sparkasse. Does anyone know? Thanks.
    Originally posted by dh-housewife
    Well, most British banks would charge a fee to send a payment in Euro to Germany, so it would not be surprising if her German bank did the same. Best to use the excellent solutions provided above: in effect she would open a Euro account with the currency broker; the German bank would send them a payment (in Euro) and so would not charge; then the broker would send her a corresponding payment in sterling.
    • eDicky
    • By eDicky 14th Feb 18, 9:18 PM
    • 3,399 Posts
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    eDicky
    • #8
    • 14th Feb 18, 9:18 PM
    • #8
    • 14th Feb 18, 9:18 PM
    Sparkasse will charge something for a direct bank to bank transfer to a UK bank, which may also charge a fee to receive and would certainly give you a lousy rate converting it to pounds.

    But none of this applies when you use a transfer service (broker), it's a free SEPA transfer in euros to their eurozone account, then they pay the pounds from their UK account into yours - so no bank charges.
    • dh-housewife
    • By dh-housewife 14th Feb 18, 11:08 PM
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    dh-housewife
    • #9
    • 14th Feb 18, 11:08 PM
    • #9
    • 14th Feb 18, 11:08 PM
    Thank you everyone, much appreciated
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