Foreign Currency Ex

[Meltham Terrier]

I have an amount of Euros that i have just had paid into my Euro Currency account with my High Street Bank.

I'm looking for the best way ie: most cost effective to transfer Euro to GBP. Value is over €50k

Do I use the bank for this or are the online currency Exchanges as good and secure.

recommendations would be welcome.

Thanks.

[isleofthorns]

personally I use the revolut app - easy transfers and rates appear pretty good.

[Michael_B]

isleofthorns said:

personally I use the revolut app - easy transfers and rates appear pretty good.

Earlier this week HMRC just refunded me £~6k of overpaid UK tax to my Revolut[1] GBP account which I changed into Swiss francs and sent to my local Postfinance account the same day. Before doing so I checked the rate against our preferred FX partner at work (annual purchase of CHF10 million worth of EUR, USD, GBP), and the rate for that sum would have been all of CHF15 more favourable.

PS. I was also very impressed by the anti-scam measures in place at Revolut, whereby I had to confirm numerous times that no-one else had told me to make the transfer, that I had downloaded no new software to my phone, that I trusted the source of Swiss IBAN info, that I had received no cold calls, etc.



[1] After 23 years out of the UK, Barclays finally closed my sterling account last month, and I can't open another UK account as a Swiss resident/citizen So Revolut was the only solution to have a UK IBAN to continue a few small DD's, receive tax refunds, etc. I also have a EUR account with them for occasional small transfers when at my French address.