Euro to Sterling - best rate

[UpTheIron]

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.

[R11ysf]

HSBC premier will do you spot rate (or as close as you'll ever get)

[DonkeyApple]

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.

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]

I've used HiFX a couple of times with no issues
(no connection etc)

[digger_R]

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.

[DonkeyApple]

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.

Spreads are part of the con.

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.

[ClassicMercs]

Based on the rates today I would hope to come away with £42k at best - or may be £300 less based on the rates earlier in the day. Thats with a good dealer. Your bank would offer between £300 and £500 less compared to a dealer based on my experience.

[samrr]

Yep - we used to go through the bank. Now have a dealer and saved ££££££'s

Email me if you want contact details.