Euro to Sterling - best rate
Discussion
I currently have a chunk of money sitting in a € business account and I need to extract some / all of this from the business in £.
I have £ accounts (business and personal) with the same bank, so I can go that route, but does anyone have a suggestion for where I could get a better rate without too much hassle? A dedicated ForEx service perhaps?
Numbers involved are around €50k, possibly with further transactions to follow.
I have £ accounts (business and personal) with the same bank, so I can go that route, but does anyone have a suggestion for where I could get a better rate without too much hassle? A dedicated ForEx service perhaps?
Numbers involved are around €50k, possibly with further transactions to follow.
UpTheIron said:
I currently have a chunk of money sitting in a € business account and I need to extract some / all of this from the business in £.
I have £ accounts (business and personal) with the same bank, so I can go that route, but does anyone have a suggestion for where I could get a better rate without too much hassle? A dedicated ForEx service perhaps?
Numbers involved are around €50k, possibly with further transactions to follow.
At E50K it's worth shopping around.I have £ accounts (business and personal) with the same bank, so I can go that route, but does anyone have a suggestion for where I could get a better rate without too much hassle? A dedicated ForEx service perhaps?
Numbers involved are around €50k, possibly with further transactions to follow.
FX is a horrible market. No central exchange and no regulation. Ergo it attracts all the thieves who have been pushed out of more regulated markets.
I suggest that you call your bank and get a two way price. Do not ask tell them which way you are going as that will allow them to scew their quote. Then go to a couple of FX brokers like Halewood or Cornhill and ask their two way quote. Again, never tell a forex broker which way you are going as there is no centralised exchange data and they will not give a fair quote.
Dedicated FX brokers (physical) should be much cheaper than any bank.
mcflurry said:
I've used HiFX a couple of times with no issues
(no connection etc)
ditto along with www.xe.com - hifx were telephone only when i last used them but xe allow you to do a lot more online include forwards, bids etc - the spread was better with hifx if i remmeber correctly.(no connection etc)
digger_R said:
mcflurry said:
I've used HiFX a couple of times with no issues
(no connection etc)
ditto along with www.xe.com - hifx were telephone only when i last used them but xe allow you to do a lot more online include forwards, bids etc - the spread was better with hifx if i remmeber correctly.(no connection etc)
They can quote a tighter spread and still have a bid of offer worse than someone with wider spreads. It is crucial to compare and to never reveal whether a buyer or seller.
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