Euro Transfer from UK Accounts to Banque Raiffeisen
Top euro currency transfer alternatives for sending money to a Banque Raiffeisen account in Luxembourg, an FX broker will save you money. If you need to send funds to or from Banque Raiffeisen from another country and currency in Europe, a private FX broker will offer a better exchange rate and can make your transfer usually same-day, opposed to slow and uncompetitive high street banking services offered these days.
About Banque Raiffeisen
Founded in 1926, Banque Raiffeisen is a Luxembourg banking and financial services company and is one of the oldest banks in Luxembourg. Banque Raiffeisen has over 50 branches in Luxembourg, 11 of them depending directly from the Bank, the others belonging to the Caisses Raiffeisen controlled by the Bank.
Euro Transfer to/from Banque Raiffeisen in Luxembourg
Making a transfer to or from the euro using a bank service could potentially lose you thousands of pounds due to the poor FX margin rate offered. Private currency brokers offer a much more competitive rate of exchange. Example: Currency broker TorFX are one of the UK’s leading and largest foreign currency exchange specialists assisting private individuals and businesses with their foreign currency transfers to and from most countries worldwide. TorFX v traditional bank exchange rates:
|Company Name||FX Rate||GBP to EUR||FREE Quote|
|Banque Raiffeisen||*4.0%||€1.075 info||Enquire|
|Typical Bank Rates||*1.9 to 6.2%||€1.05 to €1.098 info||Enquire|
UK pound sterling (GBP) to euro (EUR) currency rates are updated daily at 09:00 GMT. Data source – ECB
*Note: A lower FX Rate will give a better exchange rate when transferring money to/from euro. Specialist foreign exchange companies including the ones listed below can save you money and time on the transaction.
UK bank to Banque Raiffeisen account v Currency Brokers
1: Bank money transfer information: General Guidelines – High street banks also charge a commission fee when sending money abroad into another currency – Private brokers offer commission free currency transfers typically over a value of £5000 or €5599.235 euro. Bank transfer commission fees range from £15 to £30 depending on the bank.
2: Unless you pay a premium, high street banks will take from 3 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction between 1 to 3 days.
Sending Money Abroad with Banque Raiffeisen
To transfer funds abroad from your Banque Raiffeisen account, you have to give the beneficiary’s IBAN and BIC to the bank. There are two types of transfers:
1: Euro Transfers: transfers exclusively in euros for amounts less than or equal to EUR 50,000 within the European Union, including the precise bank details of the beneficiaries (i.e. BIC and IBAN).
2: International Transfers: any transfers within or to countries outside the European Union (other currencies, no IBAN, etc.)
International transfer requests may be submitted by fax as long as you have signed a request at your local Banque Raiffeisen branch.