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Cheapest Way to get Sterling ? Sterling Accounts?

  • 28-06-2016 2:38pm
    #1
    Spirogyra
    Closed Accounts Posts: 1,184 ✭✭✭


    Hi I've a payment to make to a UK firm in a few months. I'm thinking of trying to take advantage of better exchange rates now. Is there anywhere I can get Sterling commission free? Credit Unions perhaps? And how do Sterling Accounts operate? Can I lodge Euro and is it simply converted into Sterling? It's a large but personal payment. Any advice appreciated.
    Thanks
    S


Comments

  • #2
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,257 ✭✭✭Yggr of Asgard


    There are several options you could research further to see if they fit what you want.

    Monese
    Monese gives you a full UK bank account in £ but it cost a monthly charge. You can transfer € to the account and they convert it interbank rate minus 0.5% rate. It's a simple SEPA transfer to them in € and they convert it to £. You also could use an online currency exchange provider (transferwise etc.) to transfer it in £ to the account.

    Revolut
    Revolut allows you to upload € into their online wallet via SEPA transfer and either leave it there until you need it or convert it to £ at any time.
    You can than send £ at any time to a 3rd party's bank account. However there are reports that a reference number is not transmitted with the bank transfer when you initiate it, if that is important to you. There are no fees and they usually give you interbank rates.

    PaywithFire
    You need to open an € and £ for free and than exchange between the accounts. From your £ account you can than make a transfer to any UK bank account. They charge 1.25% conversion fee but otherwise are free and they are Irish Regulated.

    £ Draft
    You could get a £ draft now and leave it lying around until you need it if the receiver accepts a Draft.

    That's from the top of my head, I hope it helps.


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