Euro transfers/account
Discussion
I’m going to be be doing quite a lot of business in euro this year with some fairly large payments £20k per transaction, plus smaller payments while travelling like fuel and hotels. I want to get the best transfer rate as well as the quickest transfers so I don’t have to make the payments too many days in advance to ensure no hold ups.
I recently sent a payment from my regular account with Santander and it took 2 weeks to land with the recipient which isn’t ideal.
What’s the best way of doing the payments? Someone suggested a euro account to me like revolut but unsure if that’s going to improve things for me or make a difference or if there is a better option?
I recently sent a payment from my regular account with Santander and it took 2 weeks to land with the recipient which isn’t ideal.
What’s the best way of doing the payments? Someone suggested a euro account to me like revolut but unsure if that’s going to improve things for me or make a difference or if there is a better option?
I'm a Revolut fan & have been using it for years. I've done lots of large transactions, but usually only between my own accounts.
I have done some to other people, but below 10k. Generally there will be additional money laundering checks above 10k, so the first such payment can often be slower than subsequent ones.
For the incidental travel expenses, Revolut is perfect IMHO.
For bigger amounts, doing the FX trade on Revolut mid week will get the tightest spread on prices, they widen it a little over the weekends when the markets are closed.
No transaction fees either - so easy to make a 'test payment' followed up by a larger one after receipt is confirmed.
Depending on volumes, you'll likely need a Metal plan.
I have done some to other people, but below 10k. Generally there will be additional money laundering checks above 10k, so the first such payment can often be slower than subsequent ones.
For the incidental travel expenses, Revolut is perfect IMHO.
For bigger amounts, doing the FX trade on Revolut mid week will get the tightest spread on prices, they widen it a little over the weekends when the markets are closed.
No transaction fees either - so easy to make a 'test payment' followed up by a larger one after receipt is confirmed.
Depending on volumes, you'll likely need a Metal plan.
I’ve got a Euro account with Starling. There are a few small fees moving between currencies but it beats being charged for every transaction individually. If I spend on my card in Euros it just comes out the Euro account and if I spend in Sterling it comes out the usual Sterling account, no faffing with different cards.
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