David Lock

Say someone has a Euro account in Ireland and wants to move £50 Sterling exactly on a monthly basis to a UK bank. Can you ask Irish bank to change Euros to Pounds at going rate and transfer £50 or will they only transfer Euros and UK bank has to do the exchange into Sterling?

David

alcazar

iTrader: (2)

I can't speak for Irish banks, but that method would work out expensive using most UK>French accounts.

I was paying £18 to £40 EACH transfer, until I came across HiFX.

So much for European banking......

netbeast

do you want to do it as a standing order?

if you do a manual transfer, usually you should be able to choose the currency you want the transfer to happen.

I am transferring money every month to Europe for a couple of years now and I always transfer in Pound Sterling and ask at the other end to do the conversion, as sometimes it is more beneficial to to convert at the other end, when pound sterling is stronger against the euro, you will make a tad more money on it, however, when transferring, I have the option to choose the currency, since it detects that I am doing an international transfer.

Having said that, you should be able to choose before making the transfer.

Oh, I use Lloyds and I pay 10 GBP for every transfer for up to 5 grand a month.

There are options like Transferwise and Opal transfer, of which the latter focuses on eastern Europe, but takes only 1GBP for each transaction, one might think it is a bit dodgy, since you need to keep an account with them, and transfer money to them, then they will blast the currency on to your account from the destination country, as they hold and account there. Never used them just because of that particular reason, never gave me the amount of security I wanted.

PaulC72

I believe it happens at the transferring bank (as they have to send the correct currency over) however they will skin you alive with a pretty crap exchange rate and possibly a
transfer fee.

If you can do something like £150 per month use a transfer company like Currency Direct who for that sort of money should do it fee free and provide the best rates.

Lower amounts will require a transfer fee.

David Lock

OK guys - thanks. Given me me some ideas and I hadn't heard of "Currency Direct".

David

netbeast

I know the discussion is over, however this is not true.

You can choose your currency when making the transfer. you can even pay in different exotic currencies, if you so wish. for them it is virtual money anyway, which is bound to some international exchange fee that is ruled by a computer somewhere anyway.

send it over in euros to match the Pound sterling amount and ask them to do the currency exchange at their end while catching fluctuations - one day it will be 50.50, the other 50.55

PaulC72

i'll bow to the greater knowledge then, you are obviously the expert here.

PaulC72

http://www.currenciesdirect.com/ - misspelt in my post but I use them allot.

Norman Dog

iTrader: (1)

https://transferwise.com/

Very good rates.