As above, need to send £800/1000euros to a German bank account and want to find the best rate/charge.

Thanks-in-advance.

Very happy with Currencyfair.com Used them loads and get exchange very close to daily spot exchange rate (0.7817 today 🙂 ) with just a 3 euro transaction fee regardless of the amount. They ahve a handy calculator so you can see how much it would cost using the high street banks in comparison

Thanks for that – will take a look.

transferwise – Ive just moved a big chunk of money to my Euro account and saved 5% on the cost of doing it by bank (i.e I get 5% MORE euros in my account than if I had moved the sterling via my bank). Let’s just say, it will buy me a new bike!

You also dont pay an IBAN fee etc.

If you PM me I can send you an invite that means you get your transfer for free and at the mid market currency rate which you just cannot beat.

Is this the way to go if buying one of ‘the German bikes’?

it will buy me a new bike

We need some context here, a nice bike or another on-one gas pipe special 🙂

arf arf 😉

Well, I am buying some bike parts from Germany! Just checked Currencyfair.com and that does look VERY good. Normally I use my halifax credit card to buy from bike-discount.de etc, but in this case the shop does not accept card payment (not unheard of in Germany).

Yes. Transfer your pounds to one of the sites mentioned above. Exchange the currency to Euros, and then do a transfer into the bank account of the foreign company. As stated you will save 5% over a bank/credit card transfer and maybe a lot more over a Paypal transfer.

Is this the way to go if buying one of ‘the German bikes’?

In my opinion you are better off using one of the credit cards with a good rate, Halifax Clarity for example, for stuff like bikes. Credit card gives more protection. Unless the retailer charges for credit card transactions.

Beware the old “no fees to exchange” mantra used by the banks to get you to use their services/credit cards. Sure you might save money compared to another bank but they still take a chunk of money out of the transaction by skewing the buying/selling rates away from the daily spot price.

I have used Transferwise to send money abroad, but only to my own account. Would be a bit more nervous to use it to send money to a 3rd party, but like the OP I have had problems buying stuff from Germany.

Stoner – could i pm you for the link/invite as i am sending money to Asia at the end of the month ,thanks Trev

Useful to know of another option if the said places don’t accept credit cards.

CF user here too, you can be up & running in half a day. Just select a rate just above their default rate & in a rising market your bid will be taken in a few hours.

fwiw I just got 1.283e to 1 gbp off cf, its the buy it now price v a few cents more for a market trade.