Euro payment
Author
Discussion

drfrank

Original Poster:

785 posts

233 months

Saturday 9th May 2015
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I'm due payment for work undertaken in Europe, they will be paying in euros and I would like a better rate than my bank will offer.
Any suggestions as to how I can get this sorted out ?
Is it worth approaching my bank to see if they will give me a better rate ?
Are those exchange companies any good ? It's a substantial amount so any improvement in the exchange rate would benefit me.

arfur

4,016 posts

245 months

Saturday 9th May 2015
quotequote all
transferwise is the cheapest by miles ...

Marcellus

7,210 posts

250 months

Saturday 9th May 2015
quotequote all
I assume you have a euro account somewhere?

In which case once you've received the Euros and want to convert back to sterling then ring all the forex companies to see who will do you the best rate... We use World First and pay 0.2% off interbank but never move less than €150,000.

As a comparison as i understand it banks tend to charge between 1.5 and 2.5%.

drfrank

Original Poster:

785 posts

233 months

Sunday 10th May 2015
quotequote all
No I don't have a euro account, payment will be made to the company's UK sterling account.

Pet Troll

1,363 posts

209 months

Sunday 10th May 2015
quotequote all
As a 'sender' of money overseas I have used Transferwise and cannot recommend them enough. The sender can specify that the recipient receives a certain amount in the destination currency, or the sender can choose to send a certain amount in their own currency.

Fees are tiny, they take a 'holding' type fee to cover any market change during the process (takes a couple of days) but that will get refunded once the transaction is complete.

The sender can send the money straight to a bank account, or simply to an email address, which can then be transferred to the recipients bank account very easily.