alcazar

iTrader: (2)

Not as easy as it ought to be, in these days of an open Europe, the bankers will have their cut.

At present I use HiFX, which does a money transfer for a flat £9, no matter if I transfer £100 or £10,000.

My son suggested Paypal might work out cheaper, but Paypal themselves seem to think there'd be a 2% fee, so under £450 they would be cheaper, over £450, dearer.

Anyone know of any other ways, ways that might work out cheaper?

And can anyone explain WHY it costs, when someone has already taken a cut on the exchange rate? It costs nowt to do an electronic transfer from one UK bank account to another.

dpb

What's wrong with 9 quid

markjmd

iTrader: (11)

Try www.currencyonline.com. They're actually part of the HiFX group, but no fee for transfers.

ditchmyster

iTrader: (7)

Depends on the amount and exchange rate you're getting, as sometimes the rate can make a big difference if it's a large sum of money.

Also setting up an account in pounds can pay as I get a different exchange rate for money that has been in my account for 7 days, it's not much on £200 but change that to £10k and it's a fair whack, so I tend to put pounds into my Croatian account or draw direct from the cash point using an english card but take my maximum each time as the charge is per transaction and the rate tends to be slightly better, I also check inside the bank on the daily rate sheet they post to see which is the best way.

Every mickel makes a muckel.

nik52wrx

Exactly.
In other words is there a free way of doing it.
£9 is way too much

PaulC72

For sums of £150 or more regular payments we used Currencies Direct, they do one offs fee free too but it has to be a certain amount - cannot remember how much sorry.

I hear about one called transferwise but have never used them and I believe their fee is quite low with a better exchange rate.