Best way of getting Euros transferred Italy UK
Discussion
Just doing a quick look for a friend, who is expecting a large cash payment from Italy following a house sale.
Her bank say they do not charge fees for Euros from EEA, but do say that there 'might' be a fee from an agency bank that might be used as a middle man. I've not yet found a way to work out whether an agency bank would be used, or how much they might charge.
Alternatively, she herself has seen a promotional article in the paper about Moneycorp, which claims to be fee free and with good rates so could be a good option, if indeed it's true.
There might be a better option not yet considered.
Any thoughts/experiences?
Her bank say they do not charge fees for Euros from EEA, but do say that there 'might' be a fee from an agency bank that might be used as a middle man. I've not yet found a way to work out whether an agency bank would be used, or how much they might charge.
Alternatively, she herself has seen a promotional article in the paper about Moneycorp, which claims to be fee free and with good rates so could be a good option, if indeed it's true.
There might be a better option not yet considered.
Any thoughts/experiences?
It's difficult to say whether your friend would get charged, until the transfer happens. For the Italian bank to warn her is good, but not so good that they cannot be sure! The charge would likely be between €15 & €50, in my experience. Your friend could ask for the funds to be sent via SWIFT instead of the slower SEPA payment route, which might avoid any charges being taken.
None of us in the game do free transfers; but how it's labelled varies between companies.
Transferwise/Wise give clients the market rate but then do tiered charges depending on the amount being transferred, meaning their margin is usually about 0.3-0.35% (of the amount being transferred). I think Revolut is the same but their margin changes depending on currency pair and market conditions etc.
Moneycorp might be fee free but then they would make their money on the exchange rate. This is the way I work too. I just build my costs into my rate and give a direct service. Works for my clients. Doesn't work for everyone, but then we're all different; I've had clients who use Revolut etc for the spending money but not for the bigger sums.
None of us in the game do free transfers; but how it's labelled varies between companies.
Transferwise/Wise give clients the market rate but then do tiered charges depending on the amount being transferred, meaning their margin is usually about 0.3-0.35% (of the amount being transferred). I think Revolut is the same but their margin changes depending on currency pair and market conditions etc.
Moneycorp might be fee free but then they would make their money on the exchange rate. This is the way I work too. I just build my costs into my rate and give a direct service. Works for my clients. Doesn't work for everyone, but then we're all different; I've had clients who use Revolut etc for the spending money but not for the bigger sums.
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