transfering euros to pounds

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tia
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transfering euros to pounds

Post by tia » Sun 23 Nov 2014 11:01

hi, i know there is a topic about transferwise that i have read. As i am completely useless at understanding all these rates commissions etc i am putting the amount i want to send and getting all different amounts. Don't want to get ripped off ( have always sent through credit agricole before so am guessing that have been rippeed off already!) Could someone point me in the right direction , i have approx 8000 euros that i need to send to uk this coming week, any advice of where to look for best deal ( not too technical please) welcome
thank you
lisa

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Post by montgolfiere » Sun 23 Nov 2014 16:31

Transferwise charge 0,5% commission and give mid rate. I have used them for the past 3 or 4 months with perfect results......

you could probably save around 250 euros over using a Bank!!!!
(i have already saved +/- £250 since i started using them!!!)

so i recommend using Transferwise as it is easy and quick and very easy to use.....

i just did a simulation on Transferwise and 8000€ would give £6300 and the charges would be 40€

Twice i have even received small refunds from them, in the case that the rate improved during the transaction!!!

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Sue
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Post by Sue » Sun 23 Nov 2014 18:13

World First make no charge and give mid range.
Dylan

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Post by montgolfiere » Sun 23 Nov 2014 18:17

simulated World First..... £6224..... so pretty similar to Transferwise if there are no charges (+/-£36.00 less).....Both better than the (Robbing) Banks etc....

tia
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Post by tia » Sun 23 Nov 2014 19:15

will have a look tomorrow. thank you
:D

martyn94
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Post by martyn94 » Mon 24 Nov 2014 11:42

montgolfiere wrote:simulated World First..... £6224..... so pretty similar to Transferwise if there are no charges (+/-£36.00 less).....Both better than the (Robbing) Banks etc....
The advantage of Transferwise for me (apart from the fact that I know of no-one cheaper overall, or quicker, or more convenient) is that they are absolutely transparent: the rate they give you is the middle-market rate (the rate at which neither side of the transaction makes a profit) and their charges are added explicitly, instead of being taken implicitly as a slightly-worse rate (as with World First and all the others I know of).

One point of detail, which may or may not be relevant here: on the Transferwise website, or on their apps, you have a choice between a fixed payment in the origin currency (eg €8000 into whatever that buys in ££££s), or a fixed amount in the target currency (eg you buy £6000 for whatever it costs in €€€s). The latter is v useful if you're paying bills as I have been. It is also useful that they save your payee details, once entered, so you can use them again (as other firms do, to be fair).

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Post by Ariègeoise » Mon 24 Nov 2014 12:59

I'm a fan of Transferwise too - we use it ourselves, and many of our UK guests use it to make deposit payments to us in euros.

For bigger payments though it's always worth checking out Currencyfair, which is another peer-to-peer service that uses mid market rates and is transparent. I've used that too, and my experience is that because of a slight difference in fees, for smaller transfers Transferwise works out cheaper while for larger ones Currencyfair wins every time as it has a fixed fee.

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Post by martyn94 » Tue 02 Dec 2014 22:30

Ariègeoise wrote:I'm a fan of Transferwise too - we use it ourselves, and many of our UK guests use it to make deposit payments to us in euros.

For bigger payments though it's always worth checking out Currencyfair, which is another peer-to-peer service that uses mid market rates and is transparent. I've used that too, and my experience is that because of a slight difference in fees, for smaller transfers Transferwise works out cheaper while for larger ones Currencyfair wins every time as it has a fixed fee.
I was curious enough to check out Currencyfair. It is quite difficult to establish (from their website) how they operate and what they charge. But as Ariègeoise says, it's a fixed fee plus a margin (0.15%) built into the rates they quote. So it can be, as she says, cheaper than Transferwise (0.5% flat on larger transactions, on top of a genuine middle-market rate). But I think I will stick with Transferwise: I don't much trust any firm which buries their fee structure quite so deep in their terms and conditions: it smells too much like a bank to me.

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