I had to tranfer £2K a couple of weeks ago in a bit of a rush and used bank account and got hammered with exchange rate, reckon it was around 4-5 cents per £.
Is there a better way to send large amounts?
I'd prefer to discuss more detail in a private message if that's ok with anyone that can help with advice.
TIA
I used https://www.ofx.com numerous times to pay European and Australian bank accounts (IBAN numbers), and a Polizei speeding fine.
I used Wise* to transfer inheritance to siblings around the globe. Seemed pretty quick and easy.
*formally Transferwise.
I've used Wise previously, I've now opened an account with Starling bank and the opened a second account with them to hold Euro balances. I can transfer money from my main account to my Starling account, then internally to my Euro account to pay bills etc
Yep, for transferring from one bank account to another in your name in different currency, I have used OFX and HiFX a few years ago (lived in Aus, still had accounts and mortgage in UK and for moving back). They will want a copy of some ID from you, so best to set up the accounts a few days / a week ahead of needing to use it. Starling sounds a good option too.
If at all possible, I'd be leaving it where it is right now.
I have a €50 note in my desk, it's increasingly looking like it's going to be my retirement fund.
I use Wise.
Another vote for Wise.com
Been using then for years. They always have the best rate / lowest fees and the website is super easy to use.
Yep used Wise is a good service or fly with bundles of cash in your pockets which is always fun.
Wise and Currency Fair
I use Currency Fair a fair bit, seems to offer good rates, not tried Wise.
Another for Wise - worked perfectly and cheap. I also use Starling as my company gets paid in both £ and € and keeping the amounts in the currency they were paid in seems sensible as I have expenses in both and going through the transfer costs (and potential losses) back and forth seems potentially quite draining.
That said, I am looking more favourably on my € clients at the moment…
Thanks folks.
Messaged a couple of you!
😂 @ Cougar
I use wise regularly between Australia and UK.
One thing to note is that I got an email from them this morning saying that they no longer offer guaranteed rates for GBP and EUR. It used to be that they gave you the transfer figures when you request the transfer and then you knew exactly what you would receive. Now, due to the instability of the rates you'll get an estimate when you request the transfer, then whatever the rate is when they actually send it. There is a workaround on their website but I didn't look into it in any detail.
👍
Tbh I pay about £7 a month for a premium Revolut account that gives good exchange rates.
I get paid in £ and live in Spain so use it regularly.
I transfer £ from my U.K. account to my revolut account and then exchange to € and then pay from it.(Revolut is multi currency so you have a £ account and a € account)
I actually used it to buy a car although that triggered the money laundering checks which were quickly resolved.