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  • FIRST POST
    • luiza8
    • By luiza8 11th Oct 18, 8:46 PM
    • 11Posts
    • 4Thanks
    luiza8
    Best way to transfer from EUR to GBP accounts
    • #1
    • 11th Oct 18, 8:46 PM
    Best way to transfer from EUR to GBP accounts 11th Oct 18 at 8:46 PM
    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
Page 1
    • londoninvestor
    • By londoninvestor 11th Oct 18, 9:06 PM
    • 325 Posts
    • 248 Thanks
    londoninvestor
    • #2
    • 11th Oct 18, 9:06 PM
    • #2
    • 11th Oct 18, 9:06 PM
    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.)
    Last edited by londoninvestor; 11-10-2018 at 9:09 PM.
    • colsten
    • By colsten 11th Oct 18, 10:12 PM
    • 9,336 Posts
    • 8,245 Thanks
    colsten
    • #3
    • 11th Oct 18, 10:12 PM
    • #3
    • 11th Oct 18, 10:12 PM
    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.
    • J B
    • By J B 12th Oct 18, 10:40 AM
    • 2,986 Posts
    • 1,078 Thanks
    J B
    • #4
    • 12th Oct 18, 10:40 AM
    • #4
    • 12th Oct 18, 10:40 AM
    https://forums.moneysavingexpert.com/showpost.php?p=74888014&postcount=6


    Any good?
    • PRAISETHESUN
    • By PRAISETHESUN 12th Oct 18, 12:02 PM
    • 400 Posts
    • 185 Thanks
    PRAISETHESUN
    • #5
    • 12th Oct 18, 12:02 PM
    • #5
    • 12th Oct 18, 12:02 PM
    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.
    • londoninvestor
    • By londoninvestor 12th Oct 18, 7:32 PM
    • 325 Posts
    • 248 Thanks
    londoninvestor
    • #6
    • 12th Oct 18, 7:32 PM
    • #6
    • 12th Oct 18, 7:32 PM
    Revolut is a bit cheaper for smaller transfers (up to 500 a month) as long as you don't do them at the weekend.
    Originally posted by londoninvestor
    500 should have read 5000 here. Apologies for my mistake.
    • londoninvestor
    • By londoninvestor 12th Oct 18, 7:33 PM
    • 325 Posts
    • 248 Thanks
    londoninvestor
    • #7
    • 12th Oct 18, 7:33 PM
    • #7
    • 12th Oct 18, 7:33 PM
    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.
    Originally posted by colsten
    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.
    • luiza8
    • By luiza8 14th Oct 18, 8:20 AM
    • 11 Posts
    • 4 Thanks
    luiza8
    • #8
    • 14th Oct 18, 8:20 AM
    • #8
    • 14th Oct 18, 8:20 AM
    That’s great, thanks for the replies!
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