Why risk keeping your money in euros? Better to lose a little on the exchange rate than lose the lot. Think Deutsche Bank and the French and Italian banks. Even Goldman Sachs are predicting its demise in a few years. Could come sooner than that.
Currencyfair.com....google it, recommended by Which....you need to open an account, easy to do online, and by phone....I've used them on and off since they first started....their fees are very low..£3 or €3 per transaction...and their exchange rates are superior to other banks...
Sure none of us has a crystal ball with no idea of how low sterling will go but if I had lots of spare euros, which I don't, I would look to buy sterling soon. Historically it is very low. Lots of FX companies out there. I use Premier FX and I have always found them very reasonable and efficient but could not offer a comparison to other FX companies.
I am familiar with CF but how do you get the euros from Cyprus to them? Surely the Cypriot banks will still charge a fortune for that part of the transfer.I have only done Sterling from UK to Cyprus in euros so far. Under no circumstance put it to a Sterling account here as charges/exchange transfers then kick in from Cypriot bank.
One of the best. Easy to use website.
Excellent exchange rates. Very very low fees. No TX or RX bank fees.
Use for International transfer send Sterling to Euro Transfer to Cyprus bank.
Use for International Transfer send Euro to Sterling Transfer to UK bank.
Just set up account online, very secure. Use debit card or bank transfer funds to both UK or Cyprus bank send from UK/Cyprus in the required € or £.
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They also do Debit Cards that you can load with the required currency for use worldwide.
Today's lock in exchange rate Sterling to Euro is €1.17 but it can change hourly ! Once you agree a transfer either way the rate is locked for that transfer.
So to repeat the question how do you transfer euros presumably in a Cypriot bank to a sterling account using these people? Bank of Cyrpus will charge which negates any advantages! Today Currency Fair are quoting 1.191 with3 euro fee for sterling to euros here and no other charges.
Setup account online. Use online to order currency £ or € then pay online using your Cyprus bank or UK bank Debit card, No fee, Depending which way you are converting and sending. They use SWIFT International transfer to send to your Sterling or Euro account. Takes 2 - 3 days. Simples !
Had a look at Fairfx and Transferwise with their charges still give a better deal than Fairfx, you can also use your debit card, credit card or bank transfer with TW, also the money is usually in your bank account the next day. Always on the look out for the best and cheapest way of moving my money around.
Sensiblebob, Currencyfair's Euro account is based in Ireland and transfers between Euro accounts in Euroland should be charged as per a local transfer.
I paid CHF into their Swiss CHF account and they transferred Euros from Ireland to a BOC EURO account and BOC did not charge anything.
I would check with BOC but any charge should be minimal for transfers in the other direction (in Euros, in Euroland). Note that transfers to/from the UK in Euros would cost much more as it is not Euroland.
So if Silverfox used CF he would transfer Euros from BOC to CF Dublin, CF would do the FX and then transfer GBP from their UK bank account to his UK account.
I can only recommend Transferwise. I have used them for very large and small sums Euro to Sterling and vice-versa, and find the options for payment (and associated time taken to transfer) extremely good and with low fees.
To echo what Santorini Paul 1 has stated, the transfer from your source account is made in the host currency, therefore no fees apply at that end - likewise the transfer is made to your destination account in the destination currency. Any exchange of currency takes place within the transfer organisation itself (the reality is the "money" never leaves or enters either currency system - it's a simple buy/sell proposition relying on traffic in both directions with you buying the sterling someone else has sold in order to buy Euros etc).
Bank of Cyprus advised me today to transfer euros to a euro account elsewhere costs about 1%. Quoted actual cost of 1500 euros to euro account in UK/Ireland as 12 euro fee. To do so direct in sterling twice as expensive.
Quite right Paul no surprise there. I always think bank charges are only as good as the person serving you and how much they remember of the tariff. Today the guy spent ages reading a screen before deciding what was right.....I refused to pay it so nothing lost. Last time I transferred more than the usual monthly income amounts Bank ofCyprus tried to take 1% "exchange commission" when I was transferring euros into a euro account!
Having spent over30 years in banking I am so glad to be retired as some of the staff here would never put up with me or me them!
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