Sterling to Euro Transfer

Bislam

Apologies if there's a thread on this already.

I'm looking to make a 4-figure transfer of £s sterling to my own Irish bank account.

What is the best/easiest way to minimise the charges?

I'm guessing by just doing a standard Bank to Bank transfer using BIC etc. I'll be screwed on charges and a poor exchange rate (or is there a limit on the charges).

Would something like a PayPal transfer be a way around this - or do they have the same?

Someone mentioned Currency Fair to me? Are they the best and how much would I be saving in terms of charges?

Thanks.

Zardoz

Bislam wrote: »

Apologies if there's a thread on this already.

I'm looking to make a 4-figure transfer of £s sterling to my own Irish bank account.

What is the best/easiest way to minimise the charges?

I'm guessing by just doing a standard Bank to Bank transfer using BIC etc. I'll be screwed on charges and a poor exchange rate (or is there a limit on the charges).

Would something like a PayPal transfer be a way around this - or do they have the same?

Someone mentioned Currency Fair to me? Are they the best and how much would I be saving in terms of charges?

Thanks.

Revolut or Transferwise is your best bet .

Do not use Paypal, they will charge 3-4% on the exchange rate.

lfc200

Transferwise is a very good option!

km991148

Transferwise, curremcyfair and moneycorp - all more competitive than banks or paypal.

All offer same features except currencyfair which also has a way to target a specific rate and wait to see if it hits.



EDIT - Revolut also handy - but not sure what limits they put on.

landofthetree

It seems to me that revolut is better for small sums and anything over 1000 transfer wise is better.

Both are free btw.

Bislam

Thanks for all the advice.

I'm going to go with Revolut. It looks like, even for a free account, the limit is €5000/£6000 per month that can be transferred over for free.

The exchange rate seems quite fair (it's constantly updated rather than being fixed for a day) but I did notice that if you transfer over the weekend they will put an additional % on it as the Exchange Rate might have dropped by Monday morning.

PHG

Bislam wrote: »

Thanks for all the advice.

I'm going to go with Revolut. It looks like, even for a free account, the limit is €5000/£6000 per month that can be transferred over for free.

The exchange rate seems quite fair (it's constantly updated rather than being fixed for a day) but I did notice that if you transfer over the weekend they will put an additional % on it as the Exchange Rate might have dropped by Monday morning.

Don't transfer early morning or weekends on any platform.

I use Revolut everyday and to pay my rent abroad. I have even bought a car abroad using it and no problem. Time from Irish transfer to my UK account usually within 2 hours and overnight from UK to Ireland.

I use premium so you can probably add a day or two to the transfer time.

jim salter

landofthetree wrote: »

It seems to me that revolut is better for small sums and anything over 1000 transfer wise is better.

Both are free btw.

Just checked Revolut there and if I want to transfer $4,000 from my USD account to my EUR account there is a €14.54 fee

Thought there was no fees for transferring between Revolut accounts

theteal

I find Revolut is great for smaller "everyday" amounts but when I was making a large UK purchase a few years ago, it worked out much better sending the money over via CurrencyFair. Revolut does charge over certain amounts alright - they need to make their money somehow.

jim salter

jim salter wrote: »

Just checked Revolut there and if I want to transfer $4,000 from my USD account to my EUR account there is a €14.54 fee

Thought there was no fees for transferring between Revolut accounts

Apparently my account the limit is €1,000 per month FX and there is a 0.5% charge thereafter

Saudades

Bislam wrote: »

I'm going to go with Revolut. It looks like, even for a free account, the limit is €5000/£6000 per month that can be transferred over for free.

jim salter wrote: »

Apparently my account the limit is €1,000 per month FX and there is a 0.5% charge thereafter

The free monthly limit used to be €5000/£6000 but they reduced it to €1000 around two months ago.

jim salter

Saudades wrote: »

The free monthly limit used to be €5000/£6000 but they reduced it to €1000 around two months ago.

One of the selling points of Revolut was the great FX - now, not so much :mad:

N26 may now be a better option

landofthetree

jim salter wrote: »

One of the selling points of Revolut was the great FX - now, not so much :mad:

N26 may now be a better option

They use transferwise.


https://n26.com/en-eu/transferwise

jim salter

landofthetree wrote: »

They use transferwise.


https://n26.com/en-eu/transferwise

Have been looking at : https://www.moneyguideireland.com/n26-compared-revolut.html and specifically the Foreign Currency Spending section.

Currently when buying from sites selling in £STG I use Revolut and convert from EUR to GBP and then make the purchase.

When I go over the €1,000 mark (which I would probably every month) the charges are 0.5%....assuming the same facility in N26 (granted the account is in EUR only but no charges for foreign currency spending) it may be more suitable for my needs?

sayno

What about Fexco are they similarly competitive to Currency Fair or Transferwise?