GBP TO EURO BEST VALUE WAY TO CONVERT

glut22 · 29-01-2022 8:39am #1

Hi there, looking to send a substantial amount of GBP from UK account to Irish euro account. Is transferwise the best option? They still take 0.32% in fees.

Thanks in advance

WTF... · 29-01-2022 9:13am

Havent used them but I heard www.ofx.com can be good for larger amounts. Always be wary of the exchange rate applied by any service you use. Some companies advertise very low fees but essentially make their money by giving you a poor exchange rate.

Worth looking at xe.com to see what it should be.

silver2020 · 29-01-2022 9:19am

Ask your bank.

And depends on what you call substantial. But anything over £200,000 and you should be able to get a dealer rate.

I buy about £1.5m stg a year for paying suppliers and have a 0.3% rate from AIB and it's automatically applied on the online platform.

masterboy123 · 29-01-2022 9:12pm

Revolut is the best for currency exchange 💱

glut22 · 30-01-2022 9:38am

https://www.boards.ie/discussion/comment/118551729#Comment_118551729

Hi masterboy, thanks for that. It says fee of 0.5% with revolut unless upgrade to premium account for 12 month contract which is 82 euro... seems worth it... unless any hidden catch?

masterboy123 · 30-01-2022 11:52am

https://www.boards.ie/discussion/comment/118553335#Comment_118553335

For small transactions for me even with 0.5% it's pretty good.

You can upgrade to premium and there are no hidden fees. Just make sure to check daily/monthly limit for currency exchange.

km991148 · 30-01-2022 11:57am

Compare a few. Revolut is ok for smaller amounts/few k but will charge more for more.

Moneycorp/currency fair can be decent.

TransferWise can be ok depending on what payment method you use.

You also the classic money brokers that you call up and get a rate (as well as trying your bank, but unlikely to get a decent rate unless you have a relationship manager or the like).

jon1981 · 30-01-2022 10:00pm

If you're transferring large sums then the Revolut premium account is a no brainer. Works out about 80 euro a year but I'm savings 1000s on transfers over the course of a year. I have stocks in a US brokerage so I use the Revolt $ account for transferring the money back and then do the conversion to € using Revolut.

hargo · 31-01-2022 2:13pm

Interested in this post as I have to send €50,000 to the UK and from what I understand reading the revolut site as a premium member I can lodge the €50000 to my revolut account exchange it to sterling at the interbank rate and then send it free of further fees(possibly a swift bank fee?) to a UK bank account. would this be correct?

Whereas as there is a fee of .3% with Travelwise so €150, compared to Premium fee for the year?

GBP TO EURO BEST VALUE WAY TO CONVERT

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