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16-07-2015, 05:20 PM
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Transferring sterling to euro account

Has anybody got any experience of companies like Moneycorp who specialise in currency exchange/transfer? Now that the exchange rate is favourable I'm planning to transfer some savings from the UK to here but am not keen on paying my bank a chunk of it.
Any experience/recommendations gratefully received!
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16-07-2015, 06:38 PM
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Re: Transferring sterling to euro account

With Iban numbers it shouldnt be needed.. Just make an IBan transfer..I send money to my son in Ireland. I type in his IBan and off the money goes straight to his account and gets converted into euros en-route.
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16-07-2015, 06:54 PM
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Re: Transferring sterling to euro account

Originally Posted by Cass ->
With Iban numbers it shouldnt be needed.. Just make an IBan transfer..I send money to my son in Ireland. I type in his IBan and off the money goes straight to his account and gets converted into euros en-route.
But by doing that his bank takes a cut on the exchange rate. That's why I'm looking elsewhere.
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16-07-2015, 07:04 PM
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Re: Transferring sterling to euro account

OK... Id rather have safe than cheap
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16-07-2015, 09:07 PM
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Re: Transferring sterling to euro account

I use Currency Express, I don´t know if you have them there but they are much better than the banks and it is easy too.
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16-07-2015, 09:45 PM
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Re: Transferring sterling to euro account

Originally Posted by orangutan ->
But by doing that his bank takes a cut on the exchange rate. That's why I'm looking elsewhere.
Actualy it's not a 'cut' on the rate it's a 'commission' on the value of the transfer. The exchange rate you get varies according to who you are and how much business you do with the bank.

The fact is that however you do it there are procedures that have to be followed and people who have to be paid.

Anyone who offers to transfer the money for free will have to 'make their costs' on the exchange rate. In other words you'll not get a good rate.

Private individuals never get the 'spot' rate (That's the rate you see quoted in the FT and similar publications)

For a real life example (Mine as it happens) we used to transfer money at the commercial rate and paid a hefty 'commission' (About £35) and when I complained my bank said "Oh you can have a special deal if the amount is below £2,500 where the commission is much lower" So I said OK and next time did it this way and paid only £12 but guess what, when I looked at the exchange rate they had used it was much worse than before so overall I still paid £35 plus the commercial rate (About £50 in total)

Depending on how much you are transfering a variation on the exchange rate can be far more profitable than a fixed 1% or whatever as commission so be careful of the firms who are not reputable well known firms.

The FOREX (Foreign exchange) world is full of wheeler dealers and plain outright crooks Be careful who you do business with.
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17-07-2015, 10:02 AM
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Re: Transferring sterling to euro account

Originally Posted by Cass ->
OK... Id rather have safe than cheap
I'd prefer safe AND cheap. I don't see the point of paying four figures to my bank just to transfer money.
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17-07-2015, 01:02 PM
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Re: Transferring sterling to euro account

God be with the days here before we went decimal and then into the euro, if you were going on a trip across to Britain and wanted to change your Irish pounds into pounds sterling you just walked into the local bank and and they were only too pleased to change them for you for nothing. Now we have a thing called the euro and it costs you nearly one and a half of them to get a pound sterling.
Folks here still call euros quids but there is a vast difference, I don't think people my age and over ever got used to the split.
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17-07-2015, 01:22 PM
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Re: Transferring sterling to euro account

Yes, Jem, a metamorphosis from Irish pounds to Punts to Euro has only served to make life more expensive.
 

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