If you need to arrange a money transfer to or from GBP (UK sterling) to EUR (euro) then you should consider that using a high street bank to make your euro transfer will cost significantly more than using a private currency transfer provider. Sending money abroad into euro is now easier than ever and in most cases the money will arrive at your designated bank account either same day or next day.
Getting the very best deal on your international currency transfer is as simple as making a phone call to your local high street bank, view our website rates, and then compare the deal to what you would exchange by using a specialist money transfer company.
Try and negotiate a fixed margin rate (FX rate) with your chosen money transfer provider, as generally, banks are unlikely to offer this type of agreement unless you are a corporate customer making regular international money transfers abroad.
You should be able to achieve an FX transfer margin rate of between 0.7 percent to 1.0 percent with a private currency broker. Banks typically offer a grim 2 to 6 percent. A lower FX margin rate means you’ll receive more money when you make your transfer and the funds arrive to your designated bank account. UK Bank Exchange Rates
It’s always a good idea to shop around, but as a rule of thumb a specialist money transfer company will offer you the very best foreign exchange rates, beating high street banks by several percentage points. They do it by keeping their FX margin rate low and tend to have lower overheads than banks and they specialise only in currency exchange, meaning you get a better deal for your money.
If you’re a UK citizen and need to send money from UK sterling to euro, maybe for a property purchase in another euro zone country or similar, then you’ll save money by transferring funds via a private money transfer provider.
Transfer money from the euro or another currency to a UK bank account in pounds GBP, you’ll save up to 5 percent of the transaction value by using an FX broker, as opposed to making the same transaction directly with your bank.
There are several UK based, money transfer providers who can offer substantial savings when you send funds back to the UK from the euro or another currency. You do not have to live in the UK to sign up with a recommended provider as many of their clients are based overseas (British expats for instance). Euro Transfer to UK