Converting Euros to Sterling - Any recommendations?

[psychocandy]

Got Euro account and Sterling Account. Get paid Euros into Euro account.

Even though accounts are linked and I dont pay a fee to transfer between, I still get the crappy bank exchange rate.

Just wondered if there was a better way using a third party and whether its worth bothering?

[Bugbait]

You can try HiFX and see if their exchange rates are better? No hidden charges and can set up regular transfers. I've used them a few times to move money to Europe.

[yasockie]

HIFX have revamped their website recently and they're giving tulip rates since.
I guess they need to recover their fancy website costs.
There's other smilar services though.
Also consider only exchanging as much as you need to cover taxes, UK expenses etc as maybe you'll need Euros down the line (property in Spain)?
Also both Euro and Sterling are of poor value now and bound to go even lower so perhaps exchange to sth valuable like gold???

[psychocandy]

HIFX have revamped their website recently and they're giving tulip rates since.
I guess they need to recover their fancy website costs.
There's other smilar services though.
Also consider only exchanging as much as you need to cover taxes, UK expenses etc as maybe you'll need Euros down the line (property in Spain)?
Also both Euro and Sterling are of poor value now and bound to go even lower so perhaps exchange to sth valuable like gold???

Another contractor her mentioned Halofinancial too.

Cant foresee a need for Euros either in the short term. Gold - sounds cool to own it? Even cooler if you get to keep a brick or two on the mantelpiece !!! LOL ;-)

[yasockie]

Seriously your Ltd can own Gold just like any other currency, the advantage being if there's a revolution, you can take the physical metal and leg it...

[Wanderer]

Cant foresee a need for Euros either in the short term. Gold - sounds cool to own it? Even cooler if you get to keep a brick or two on the mantelpiece !!! LOL ;-)

Don't get caught up in these scams where you "buy" some gold and the company "keeps it safe in their vaults" for you though. I've seen schemes where there is no guarantee that the gold that you brought is actually there at all and the company going bust leaves you with nothing. I'd say if you own gold then you'd want to have it "on your mantelpiece" so to speak, though you would worry a bit about it getting nicked.

[Greg@CapitalCity]

Poor bank rates

Yes, the bank rates are usually very poor when compared to a dedicated FX provider. A number of our clients use Currency Online (owned by HiFX which has already been mentioned here). The Currency Online user interface is great, and their rates are usually some of the best you can find. The rates tend to vary a bit day to day, so if you really want to compare, called your bank, and Currency Online, tell them how much you want to transfer, and see what rates they will give you, what fees you will incur, and how long the transfer will take. That will help you decide once and for all.

[psychocandy]

Yes, the bank rates are usually very poor when compared to a dedicated FX provider. A number of our clients use Currency Online (owned by HiFX which has already been mentioned here). The Currency Online user interface is great, and their rates are usually some of the best you can find. The rates tend to vary a bit day to day, so if you really want to compare, called your bank, and Currency Online, tell them how much you want to transfer, and see what rates they will give you, what fees you will incur, and how long the transfer will take. That will help you decide once and for all.

I'll have a look at these. Notice that a lot of these currency sites have got a quote tool but this just gives the interbank rate not the one you get.

Also most of them want to speak to you which is hassle.... Especially when they're trying to tell you the benfits even though they're rate is crap !

[Greg@CapitalCity]

A bit rubbish

Yes, its a bit rubbish that. They usually quote the mid-market rate, so neither a buy, nor a sell price. Phoning is the only way to be sure until you get an account set-up with them. Currency Online will offer you a live rate that refreshes every 10secs or so - but then you have to open an account with them in the first place to see their live rates. To be fair its pretty easy, if you have a camera phone take a picture of your passport and proof of address, and email across to them once you have signed up online for an account.