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Thread: Best (cheapest?) way to transfer Euros?

  1. #1

    Best (cheapest?) way to transfer Euros?

    Would anyone know the best way to transfer small amounts of Euros to someone in Europe please?

    I expect to start paying a couple of people based in Rotterdam & Hamburg some expenses (£500 ish) on a monthly basis and my previous experiences with Banks have found them to be slow and expensive in forex transfers.

    I regularly pay US$ from a UK domiciled dollar account to my own $ account in the US and have found the (old) phone in service much cheaper at £9 a transfer as opposed to £19 or so if done online (HSBC UK charges).

    Currently I don't have a Euro account but that could be easily arranged.

    Any advice greatly appreciated.

    Thanks.
    Handle every stressful situation like a dog. If you can't eat it, hump it or learn from it then piss on it and walk away.

    "HOSPITALITY" - the art of making guests feel at home (when you wish they were).



  2. #2
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    For these small amounts it is a nuisance. As often the cost of the transfer and the unfavourable conversion rate means hour 50€ has cost near on £50!

    OK. So what about Western Union or Moneygram? Western Union is widespread and Moneygram is available through most UK Post Offices? Again there is a transfer charge and initially you'll need to take, for Western Union ID. It's OK and can be done online or by 'phone. But charges are about £5.00 and up.

    But for £500 that fee will be probably £20.00. And the conversion rate still remains dire. It is fixed. Ditto Moneygram. So not really practicable.

    So. What about one of those pre.loaded travel cards that you send the person and then you top up? This for regular small payments and if you don't need to have the actual cardcwith you to top up is a good idea. Many large chain travel agents have them.

    Last Paypal as a gift..if they have a bank account...may actually be the cheapest, quickest, and for you easiest. So look at Paypal. But again depends on the exchange rate they charge you.

    But your sum is bigger. £500. So the above aren't ideal. As to banks I have a Santander account. Forex transférs take three days. They charge £24.

    For big sums there really is no quick fix.
    Last edited by enfieldspares; 09-03-2016 at 09:07.

  3. #3
    I've been recommended UKForex

    edit

    Don't bother. See my follow up post below!
    Last edited by Eyefor; 09-03-2016 at 10:12.
    Handle every stressful situation like a dog. If you can't eat it, hump it or learn from it then piss on it and walk away.

    "HOSPITALITY" - the art of making guests feel at home (when you wish they were).



  4. #4
    I use Lloyds online banking, it allows international money transfer, think I get charged £15.00 per transfer

  5. #5
    Transferwise without a doubt

    they were quoting 6 cents in the pound more than my bank and the bank wanted E20 fee!!
    I am sending regular payments to Lithuania and it is super quick to set up


    Real exchange rate guaranteed: 1.2964
    You'll save: £46.99 Fee (included): £ 2.49



    here is a voucher for a free transfer up to £500

    https://transferwise.com/ef/f33406


  6. #6
    Quote Originally Posted by bewsher500 View Post
    Transferwise without a doubt

    they were quoting 6 cents in the pound more than my bank and the bank wanted E20 fee!!
    I am sending regular payments to Lithuania and it is super quick to set up


    Real exchange rate guaranteed: 1.2964
    You'll save: £46.99 Fee (included): £ 2.49



    here is a voucher for a free transfer up to £500

    https://transferwise.com/ef/f33406

    That's what I was looking for. Excellent. Many thanks.

    I just tried to set up with UKForex and it is a huge Faff. Copies of tax returns, photos of passports, Great Grandmothers maiden name, inside leg. Didn't bother.
    Handle every stressful situation like a dog. If you can't eat it, hump it or learn from it then piss on it and walk away.

    "HOSPITALITY" - the art of making guests feel at home (when you wish they were).



  7. #7
    I send all money abroad with transfer wise. Infact I sent 3300 euros this morning, and cost me £12.74p! It will be there next day guaranteed or even sometimes the same day.

  8. #8
    What about PayPal?
    "a man does good business when he rids himself of a turd"

  9. #9

  10. #10
    Quote Originally Posted by NoIDeer View Post
    I use HSBC International Money transfer costs £4 total.
    ah but the rate sucks!
    they make up the difference on a margin on the FX

    they can't compete with the eFX platforms

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