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Transfering Euros back to a UK bank account 
Post: #1   PostPosted: Sat Oct 08, 2016 6:14 pm Reply with quote
Silverfox67
Joined: 07 Jan 2007
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Location: BOLTON & FRENEROS

 
Can anyone personally recommend a good exchange organisation for transferring Euros to GBP please?

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Post: #2   PostPosted: Sun Oct 09, 2016 3:41 am Reply with quote
bubblechris
Joined: 27 Mar 2009
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Location: Waltham Abbey, Essex E9

 
Are you sure you want to exchange the euros to sterling?

If you don't need the cash immediately why not leave it in euros till sterling settles?

Better still try a more stable currency or buy gold or invest in a property.

Get some professional advice........................
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Post: #3   PostPosted: Sun Oct 09, 2016 6:58 am Reply with quote
clive of payia
Joined: 08 Apr 2006
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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.

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Post: #4   PostPosted: Sun Oct 09, 2016 7:07 am Reply with quote
LynSab
Joined: 16 Apr 2007
Posts: 4739
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Location: Vrysoulles, Cyprus/Wales UK

 
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...
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Post: #5   PostPosted: Sun Oct 09, 2016 9:27 am Reply with quote
peterpanicos
Joined: 25 Nov 2014
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bubblechris wrote:
Are you sure you want to exchange the euros to sterling?

If you don't need the cash immediately why not leave it in euros till sterling settles?

Better still try a more stable currency or buy gold or invest in a property.

Get some professional advice........................


This is a great time to be exchanging Euros to Sterling, a really bad time to be exchanging Sterling to Euros.

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Post: #6   PostPosted: Sun Oct 09, 2016 9:31 am Reply with quote
J B
Joined: 25 Jul 2005
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Location: Shropshire/Staffordshire/Cheshire (UK) and Tala (Paphos) sometimes!

 
peterpanicos wrote:

This is a great time to be exchanging Euros to Sterling, a really bad time to be exchanging Sterling to Euros.


This ^ ^

Currency fair is always my choice although did someone suggest Travelex once?

CF has a flat 3 / fee and I *think* the other one is a % based fee

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Post: #7   PostPosted: Sun Oct 09, 2016 10:30 am Reply with quote
Santorini Paul 1
Joined: 17 Jan 2007
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Location: Dherynia

 
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.
Paul.
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Many thanks 
Post: #8   PostPosted: Sun Oct 09, 2016 5:55 pm Reply with quote
Silverfox67
Joined: 07 Jan 2007
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Location: BOLTON & FRENEROS

 
Many thanks for your replies and advice

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Post: #9   PostPosted: Tue Jan 24, 2017 2:21 pm Reply with quote
SensibleBob
Joined: 07 Sep 2005
Posts: 1679
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Location: Avgorou

 
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.
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Post: #10   PostPosted: Sat Apr 22, 2017 10:46 am Reply with quote
maggie&paul
Joined: 11 Mar 2007
Posts: 80
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Location: Peterborough & Avgorou

 
FairFX
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.

Regards Paul
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Post: #11   PostPosted: Sat Apr 22, 2017 12:07 pm Reply with quote
SensibleBob
Joined: 07 Sep 2005
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Location: Avgorou

 
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.
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Post: #12   PostPosted: Sun Apr 23, 2017 10:18 am Reply with quote
maggie&paul
Joined: 11 Mar 2007
Posts: 80
Pictures: 1
Location: Peterborough & Avgorou

 
FairFX

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 !

Very secure, very easy, One of the best.

Regards paul
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Post: #13   PostPosted: Mon Apr 24, 2017 1:03 pm Reply with quote
sugarray1955
Joined: 25 Jan 2017
Posts: 1343
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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.
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Post: #14   PostPosted: Mon Apr 24, 2017 3:06 pm Reply with quote
SensibleBob
Joined: 07 Sep 2005
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Location: Avgorou

 
re post 12. I understand how the funds are paid for etc but assuming you have euros in Bank of Cyprus how do you get that to the company you are using without paying the banks fee?
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Post: #15   PostPosted: Mon Apr 24, 2017 3:19 pm Reply with quote
madmum
Joined: 01 May 2016
Posts: 1016
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Location: protaras

 
SensibleBob wrote:
re post 12. I understand how the funds are paid for etc but assuming you have euros in Bank of Cyprus how do you get that to the company you are using without paying the banks fee?



not done it but cant you just pay the company with BOC debit card?? might need to go into branch if havent got a digipass thing
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Post: #16   PostPosted: Mon Apr 24, 2017 9:18 pm Reply with quote
Santorini Paul 1
Joined: 17 Jan 2007
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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.
Paul.
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Post: #17   PostPosted: Tue Apr 25, 2017 7:40 am Reply with quote
gibble
Joined: 22 Dec 2008
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Location: All over the place

 
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).
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Post: #18   PostPosted: Wed Apr 26, 2017 10:03 am Reply with quote
SensibleBob
Joined: 07 Sep 2005
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Location: Avgorou

 
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.
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Post: #19   PostPosted: Wed Apr 26, 2017 6:34 pm Reply with quote
Santorini Paul 1
Joined: 17 Jan 2007
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Location: Dherynia

 
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Section 4.7 says your charge should have been 8 euros.

Still can't think of a cheaper way to get euros to sterling bearing in mind FX companies offer almost midrate on their website.

In fact SEPA payments were designed to make euro payments in Euroland and Switzerland cost the same as a local payment but it appears certain countries charge more. No surprise there then.

Paul.
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Post: #20   PostPosted: Wed Apr 26, 2017 7:03 pm Reply with quote
SensibleBob
Joined: 07 Sep 2005
Posts: 1679
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Location: Avgorou

 
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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Transfering Euros back to a UK bank account 
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