Salary in Euro, how to avoid crap transfer rates
Discussion
So, as per topic. I receive my salary in my choice of CHF or EUR to my UK bank account with NatWest. Now, they don't charge a transfer fee, which would normally be fine. However I can claim back transfer fees on expenses at the end of each year.
What they do have instead it seems is a rather poor exchange rate. So in November for example I received about 10% less than what I should have received.
What can I do to ensure that I receive the most amount of my salary if I'm receiving it in EUR from my company?
What they do have instead it seems is a rather poor exchange rate. So in November for example I received about 10% less than what I should have received.
What can I do to ensure that I receive the most amount of my salary if I'm receiving it in EUR from my company?
Edited by RichTT on Tuesday 6th February 10:19
Two options:
1) If you want to stick with Natwest then open a EUR or CHF account and then use something like transfer wise to do your currency transfers from there into your GBP account.
2) If you are happy to set up a new bank account then Revolut is well worth a look for this feature alone. They let you have a EUR account and you can transfer funds between your EUR account and your GBP account very close to the spot rate and with no fee. Don't ask me how they do it. I'd probably just use it for that function and then ship your cash into your Natwest account which will be covered by FSCS.
Cheers
1) If you want to stick with Natwest then open a EUR or CHF account and then use something like transfer wise to do your currency transfers from there into your GBP account.
2) If you are happy to set up a new bank account then Revolut is well worth a look for this feature alone. They let you have a EUR account and you can transfer funds between your EUR account and your GBP account very close to the spot rate and with no fee. Don't ask me how they do it. I'd probably just use it for that function and then ship your cash into your Natwest account which will be covered by FSCS.
Cheers
Just been in touch with payroll and their willing to lock in a CHF to GBP exchange rate at the average over 6 months. Will be paid in GBP if I want for the duration of this contract (perhaps 18 months). Or I can choose the options that fluctuates based on EURO to GBP exchange rate and get paid in EURO to my account. Tempted to lock in the exchange rate.
I live in Germany and am paid in Euros, used Transferwise fr the past 3 years, n trouble, up to £40k equivalent, although I am sure my bank wouldn't let me send more than £10k so I did numerous smaller transactions at which they honoured the locked in rate.
Very good, have had to speak to them too (about the above) and its a real person, in Germany in my case (perfect English).
Very good, have had to speak to them too (about the above) and its a real person, in Germany in my case (perfect English).
Lord.Vader said:
I live in Germany and am paid in Euros, used Transferwise fr the past 3 years, n trouble, up to £40k equivalent, although I am sure my bank wouldn't let me send more than £10k so I did numerous smaller transactions at which they honoured the locked in rate.
Very good, have had to speak to them too (about the above) and its a real person, in Germany in my case (perfect English).
Another "thumbs-up" for TransferWise - recommended to me by a trusted money-savvy colleague, never any issues.Very good, have had to speak to them too (about the above) and its a real person, in Germany in my case (perfect English).
Gassing Station | Finance | Top of Page | What's New | My Stuff