Exchanging large amount of EUR to GBP
Discussion
ATC110 said:
Where's the best rate for exchanging EUR to GBP (approx £85000) and holding it securely?
I would use Revolut but the account is UK based and therefore not covered by the FSCS (deposit guarantee)
Why not just use Revolut for the FX and then transfer it out to your regular bank account ?I would use Revolut but the account is UK based and therefore not covered by the FSCS (deposit guarantee)
I've moved more than that, but GBP > EUR and it worked fine. If you have any concerns, then just move it in smaller batches.
Carbon Sasquatch said:
Why not just use Revolut for the FX and then transfer it out to your regular bank account ?
I've moved more than that, but GBP > EUR and it worked fine. If you have any concerns, then just move it in smaller batches.
Thank you.I've moved more than that, but GBP > EUR and it worked fine. If you have any concerns, then just move it in smaller batches.
Did Revolut offer the best rate? Also, is there a reliable FX comparison site?
When you say smaller batches, do you mean transfer x amount in to Revolut, exchange and transfer out before repeating?
ATC110 said:
Did Revolut offer the best rate? Also, is there a reliable FX comparison site?
When you say smaller batches, do you mean transfer x amount in to Revolut, exchange and transfer out before repeating?
Yes - best rate assuming you do the transfer mid-week. There is more of a spread at the weekends when markets are closed. Best rate is always a difficult one to pin down as rates are continually moving, but as far as I could tell there wasn't anyone better. Then there was the convenience factor as I already had an account with them.When you say smaller batches, do you mean transfer x amount in to Revolut, exchange and transfer out before repeating?
Yes - if you're concerned for the safety of your money, then do it in £10k chunks or whatever level of money you feel comfortable with.
Depending on how much money you have moved previously, you may hit a limit where they want to confirm the source of funding - but that was a quick process for me.
Edited by Carbon Sasquatch on Saturday 18th February 16:25
If you open a new account somewhere and transfer 85K cash in, then expect some requests for additional documentation (source of wealth, source of funds) before the funds are released.
And yes, with Revolut you can exchange the money and transfer it out immediately. You would need a premium account to avoid FX charges for that amount, and with whoever you do it with, do the exchange during the week as the spreads are tighter then.
And yes, with Revolut you can exchange the money and transfer it out immediately. You would need a premium account to avoid FX charges for that amount, and with whoever you do it with, do the exchange during the week as the spreads are tighter then.
ATC110 said:
Where's the best rate for exchanging EUR to GBP (approx £85000) and holding it securely?
I would use Revolut but the account is UK based and therefore not covered by the FSCS (deposit guarantee)
The Revolut vaults are FSCS protected and for a premium account it pay 2.34% interest I would use Revolut but the account is UK based and therefore not covered by the FSCS (deposit guarantee)
deja.vu said:
ATC110 said:
Where's the best rate for exchanging EUR to GBP (approx £85000) and holding it securely?
I would use Revolut but the account is UK based and therefore not covered by the FSCS (deposit guarantee)
The Revolut vaults are FSCS protected and for a premium account it pay 2.34% interest I would use Revolut but the account is UK based and therefore not covered by the FSCS (deposit guarantee)
I opened a Barclays current account last year in order to get currency accounts with them. I’ve since used the USD account for incoming wires and cheque deposits. Flipping to GBP in real-time when the rates look good.
Are the rates the absolute best? Probably not, but when I get to the third decimal place I can’t be arsed shopping around. No charges so far. Customer service has been outstanding and ease of use and execution speed via the App makes the whole thing stress free.
Are the rates the absolute best? Probably not, but when I get to the third decimal place I can’t be arsed shopping around. No charges so far. Customer service has been outstanding and ease of use and execution speed via the App makes the whole thing stress free.
ATC110 said:
Could you explain this protection? Thank you
Revolut has an account for each currency. Within an account, you can create a Savings Vault and move money into it (and out of it). Within a savings vault, the money earns interest and protection.To answer your other question, yes it would be worth paying for Premium once you have opened the account as it has unlimited FX. You can downgrade it afterwards if you want.
ATC110 said:
deja.vu said:
ATC110 said:
Where's the best rate for exchanging EUR to GBP (approx £85000) and holding it securely?
I would use Revolut but the account is UK based and therefore not covered by the FSCS (deposit guarantee)
The Revolut vaults are FSCS protected and for a premium account it pay 2.34% interest I would use Revolut but the account is UK based and therefore not covered by the FSCS (deposit guarantee)
The premium service give you a lower transaction cost, so would pay for itself, it’s only circa £70 pa.
I do £30 - £40k PA In USD to STG and it pays for itself, so with your transaction, should he a no brainer
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