£/€ account transfers

[RizzoTheRat]

I start a new job soon paid in Euros, so am likely to want to move money between Pounds and Euros occasionally. I'll be opening a Dutch bank account, and currently bank with Santander in the UK.
What I'd like to do is have an account, or pair of linked accounts, were I can transfer money online the same as I would between different UK accounts.

Santander do a Gold euro account which seems to allow you transfer between it an a GBP Santander account, but I can't see anything about what the exchange rate is. They also seem to have an app to make payments from a GBP account to a EUR account, but again not much info about it.

I've seen Revolute mentioned on here before and it looks like you set up a GBP account and an EUR account and transfer between the two at the daily rate, however their website seems to be cleverly designed to avoid actually giving you any useful information which is slightly off putting.

Or am I better off just using something like TransferWise to transfer between by UK and NL accounts?

Any recommendations?

[WyrleyD]

Transferwise also have a Borderless Account in which, I think, you can hold up to 10 different currencies at the same time.

[RizzoTheRat]

Hadn't heard of that, looks like there's a 0.35% fee on GBP-EUR transfers and 0.5% the other way which isn't too bad.
Revolute looks to have no fees on transfers but reviews reckon their customer service is shockingly bad.

[number2]

Revolut should work - the free account allows up to £25k p.a. to be loaded into the account with no fee. Pay money in Euros into Revolut and move it out to another account in GBP. No transaction fee and the interbank exchange rate.

[RizzoTheRat]

With Revolute do you actually have 2 accounts, one with a UK account number and sort code and one with the Euro equivalent?

[anonymous-user]

Transferwise are great, I used them for 3 years whilst I was paid in Euros, really clear, i.e. they break down the rate and the fee, great customer service and rather quick.

[KTF]

Fineco Bank: https://finecobank.com/uk/online/banking.html

[RizzoTheRat]

KTF said:

Fineco Bank: https://finecobank.com/uk/online/banking.html

That looks to be a similar setup to Revolute, but not mention of their exchange rates.

Also can anyone tell me what this means?
"Currency exchange GBPEUR 15 bps"
Is that saying the exchange rate is some undefined rate +-0.15% depending on which way you're going?

But then elsewhere it says:
"Exchange rate applied for the bank transfers in currencies other than sterling -
Exchange rate quoted at the time of negotiation +0.20%"

https://finecobank.com/uk/public/fogli-informativi...

[KTF]

With my multi-currency account I can convert GBP/EUR/USD/CHF to either of those 4 currencies. i.e. get paid in EUR but transfer to GBP.

I use the account as I have shares in USD. When sold the broker sends USD to my Fineco account. I transfer to GBP and transfer out. No fees and the interbank exchange (or as close as you can get) rate.

The Pop Up Help Box said:

Currency exchange

With Fineco you can choose the most convenient time to convert a currency by selecting the rate of exchange in place on the market at a given time.

No fees are charged for currency exchange, which can be performed directly online: enter Banking and Cards area, select "Current Account" and click on “Currency exchange”.

At this point the currency exchange screen is displayed, where you have to enter the currency to be exchanged, the amount you wish to convert and the target currency.

Click on “change” to view summary in which the parameters are valid for 30 seconds so that you can identify the most favourable moment on the market to confirm the exchange.

After confirming again, the currency will be exchanged and the balance in your portfolio will be updated in real time. Foreign exchange transactions are settled two days after the date of the transaction (T+2), excluding Saturdays and Sundays.
If you wish to arrange outgoing transfers, bear in mind that the value date for debiting these will be the date on which you place the order. This could result in your account to be overdrawn with the application of corresponding interest charges.

NOTES:

The currency exchange service is available from Monday to Friday from 07:00 AM until 10 PM; not available on Saturdays, Sundays and on holidays
The amount of the original currency must be at least £1 or above
If you wish to use liquidity from foreign exchange transactions for trading purposes, bear in mind the Settlement of different markets.

I tried a dummy conversion from GBP to EUR and the rate displayed matched the rate shown on XE.com

[anonymous-user]

When I used to get paid in Australian Dollars I used HIFX. Never had a single problem and could predict when the money would hit my account to the hour. Probably transferred £40k of Australian Dollars to my UK account with them.

[arfur]

WyrleyD said:

Transferwise also have a Borderless Account in which, I think, you can hold up to 10 different currencies at the same time.

They also issue a prepaid card that supports each currency at the same time. It works really well !

This is my choice every time