EVERYONE PAYING VIA A BANK…… just because they don’t charge fees doesn’t mean you are not paying extra. Perhaps an example helps.
Let us take a day rate of 1.38 Euro to the pound
Use one of the online P2P transfer companies and you can be getting near enough the full 1.38 euros for each pound you change. Currencyfair, for example, will then charge a one-off 3 euro fee regardless of size of transfer.
ALL the banks, regardless of whether they tempt you with “no fees” or whatever, will use a buy and a sell rate set daily. On the same day when the exchange rate is 1.38 you will be lucky if the bank makes your transfer at 1.30 euros to the pound . And if you were to transfer in the other direction they would transfer at more like £1 for every 1.44 Euros. It is how they make money! Lots of it.
People who say they have saved £200 by using P2P online transfers know what they are doing. People who think they are also doing OK because the bank or credit card company only charged a small fee or waived it altogether are getting conned. Period.