What is most efficient large currency exchange to Euro?
Discussion
We are managing the distribution of my late father-in-law's estate and one of his offspring lives in Italy. So, is there a more cost effective way to transfer about £200K sterling to Euro than using a UK bank, considering they will have a unfavourable exchange rate and want commission?
Spotted in Wise's RNS this morning
''Mission highlights for Q1 FY2022
We continue to be driven by our mission and were pleased that in the first quarter of this year we were able to reduce our average fees by 2bps to 0.67% after dropping prices for customers on 19 currencies, while also delivering 38% of all transfers instantly.''
In what world is 0.67% 'competitive'? For example, the DeGiro brokerage charges 0.1% for AutoFx conversion, or 0.02% + €10 for manual conversion. OK this is all within one brokerage, perhaps Wise fees include admin cost of remitting between different bank accounts, but overall it sounds pricey (aka nice little earner for shareholders!).
''Mission highlights for Q1 FY2022
We continue to be driven by our mission and were pleased that in the first quarter of this year we were able to reduce our average fees by 2bps to 0.67% after dropping prices for customers on 19 currencies, while also delivering 38% of all transfers instantly.''
In what world is 0.67% 'competitive'? For example, the DeGiro brokerage charges 0.1% for AutoFx conversion, or 0.02% + €10 for manual conversion. OK this is all within one brokerage, perhaps Wise fees include admin cost of remitting between different bank accounts, but overall it sounds pricey (aka nice little earner for shareholders!).
Wise website says that sending 200K costs approx £600 or about 0.3%.
A premium Revolut account will not charge you anything except the monthly fee (which I assume you can cancel after the month you need it!)
Bear in mind that transferring 200K with any new account is likely to trigger some serious money laundering checks.
A premium Revolut account will not charge you anything except the monthly fee (which I assume you can cancel after the month you need it!)
Bear in mind that transferring 200K with any new account is likely to trigger some serious money laundering checks.
I have had success with Thomas Exchange in the past for reasonably big USD-GBP transfers.
Once you get past the ropey website (I used to go into the branch in Oxford Circus) the rates are quite competitive
https://www.thomasexchange.co.uk/
Totally understand why one wouldn't trust it though
Once you get past the ropey website (I used to go into the branch in Oxford Circus) the rates are quite competitive
https://www.thomasexchange.co.uk/
Totally understand why one wouldn't trust it though
millen said:
Spotted in Wise's RNS this morning
''Mission highlights for Q1 FY2022
We continue to be driven by our mission and were pleased that in the first quarter of this year we were able to reduce our average fees by 2bps to 0.67% after dropping prices for customers on 19 currencies, while also delivering 38% of all transfers instantly.''
In what world is 0.67% 'competitive'? For example, the DeGiro brokerage charges 0.1% for AutoFx conversion, or 0.02% + €10 for manual conversion. OK this is all within one brokerage, perhaps Wise fees include admin cost of remitting between different bank accounts, but overall it sounds pricey (aka nice little earner for shareholders!).
It does say average... i'd imagine the cost in transferring your Vietnamese Dong into a Costa Rican Colon is a bit more than GBP/EUR.''Mission highlights for Q1 FY2022
We continue to be driven by our mission and were pleased that in the first quarter of this year we were able to reduce our average fees by 2bps to 0.67% after dropping prices for customers on 19 currencies, while also delivering 38% of all transfers instantly.''
In what world is 0.67% 'competitive'? For example, the DeGiro brokerage charges 0.1% for AutoFx conversion, or 0.02% + €10 for manual conversion. OK this is all within one brokerage, perhaps Wise fees include admin cost of remitting between different bank accounts, but overall it sounds pricey (aka nice little earner for shareholders!).
For your DeGiro example I'd assume that's all within a trading account so it's an entirely internal transaction whereas there is much more know your customer, anti money laundering and general bank related admin to account for with the transfer.
Wise has always seemed pretty reasonably priced and easy to use when I have needed to transfer money abroad in the past.
egomeister said:
It does say average... i'd imagine the cost in transferring your Vietnamese Dong into a Costa Rican Colon is a bit more than GBP/EUR.
For your DeGiro example I'd assume that's all within a trading account so it's an entirely internal transaction whereas there is much more know your customer, anti money laundering and general bank related admin to account for with the transfer.
Wise has always seemed pretty reasonably priced and easy to use when I have needed to transfer money abroad in the past.
Yes I imagine that's the case, though it would be nice if they could quote an explicit (or amount-banded) admin/compliance fee and an underlying FX rate. I take Nick's point that there's some lack of transparency on what the underlying rates are.For your DeGiro example I'd assume that's all within a trading account so it's an entirely internal transaction whereas there is much more know your customer, anti money laundering and general bank related admin to account for with the transfer.
Wise has always seemed pretty reasonably priced and easy to use when I have needed to transfer money abroad in the past.
4 or 5 years ago I used PureFX for some fairly chunky overseas investment transactions - I think much of their business was for overseas property purchase/sales. They seemed reliable people to deal with, but appear to have morphed into https://www.currencies.co.uk/ Might be worth asking them for a comparative quote anyway?
ColdoRS said:
I have had very good experiences with Wise(formerly Transferwise). Revolut was OK too but was working out more expensive than TW for my monthly transfers.
I've used Wise in the past and have a Revolut account. I am not sure I would trust Revolut on an amount like that. My main concern would be if they didn't like the transaction they can just freeze everything and you then have to deal with a non existant customer services. I'd rather pay a bit more (within reason) and have someone to deal with if they have issues.I'm only basing my Revolut concerns on internet reviews though, I have had no issues myself.
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