# Changing large sums of Euros into Sterling



## lilliput1 (Oct 15, 2016)

Hi, we're selling our home in Ibiza and moving back to the UK, can anyone give advice as to the cheapest way to get the E200k back into sterling in the UK?


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## The Skipper (Nov 26, 2014)

lilliput1 said:


> Hi, we're selling our home in Ibiza and moving back to the UK, can anyone give advice as to the cheapest way to get the E200k back into sterling in the UK?


With large sums like this I would talk to my bank. Banks give rip-off rates on small transfers but you can negotiate a far more competitive rate when you are moving large amounts. For small transfers, up to €10k perhaps, I would trust companies like Transferwise or Currency Fair, who undoubtedly offer the best deals, but I would not hand over €200k to a third party company which, could in theory (no matter how unlikely) go bust overnight.


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## Lynn R (Feb 21, 2014)

The Skipper said:


> With large sums like this I would talk to my bank. Banks give rip-off rates on small transfers but you can negotiate a far more competitive rate when you are moving large amounts. For small transfers, up to €10k perhaps, I would trust companies like Transferwise or Currency Fair, who undoubtedly offer the best deals, but I would not hand over €200k to a third party company which, could in theory (no matter how unlikely) go bust overnight.


You could, however, break the transaction down into a number of transfers with a firm like Currency Fair. As they only charge €3 per transfer it might be worth comparing the charges and exchange rate offered for a number of transactions with them or Transferwise with what the bank offers. I transferred a larger amount via Currency Fair last December (not €200k though!) and it was fine, but I agree there is a notional risk.


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## Isobella (Oct 16, 2014)

The Skipper said:


> With large sums like this I would talk to my bank. Banks give rip-off rates on small transfers but you can negotiate a far more competitive rate when you are moving large amounts. For small transfers, up to €10k perhaps, I would trust companies like Transferwise or Currency Fair, who undoubtedly offer the best deals, but I would not hand over €200k to a third party company which, could in theory (no matter how unlikely) go bust overnight.


Yes good points. Most banks will negotiate on larger sums. Use their business dept.

Agree about the currency companies. It is in volatile times like this that they are more likely to fold.


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## Isobella (Oct 16, 2014)

lilliput1 said:


> Hi, we're selling our home in Ibiza and moving back to the UK, can anyone give advice as to the cheapest way to get the E200k back into sterling in the UK?



You have certainly picked a good time


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## Williams2 (Sep 15, 2013)

Isobella said:


> You have certainly picked a good time


Yes and the Scottish Governments publication of the second Independence referendum bill, next week will certainly
do wonders for the value of the Euro against the British pound.


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## lilliput1 (Oct 15, 2016)

thank you so much for all your replies, we have been quoted outragous rates and fees by the spanish bank, and then I believe there are fees to pay this end, and as the money is to be used to buy a home in the UK, we're wanting to make it as low cost as possible. Does anyone know if any particular spanish bank is better value than another, or, are they all pretty much the same? thanks again for your help


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## Reign (Oct 18, 2016)

Williams2 said:


> Yes and the Scottish Governments publication of the second Independence referendum bill, next week will certainly
> do wonders for the value of the Euro against the British pound.


Hi Williams, im curious about what you stated here. Do you mean euro will go up against pound or the other way?


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## gus-lopez (Jan 4, 2010)

lilliput1 said:


> thank you so much for all your replies, we have been quoted outragous rates and fees by the spanish bank, and then I believe there are fees to pay this end, and as the money is to be used to buy a home in the UK, we're wanting to make it as low cost as possible. Does anyone know if any particular spanish bank is better value than another, or, are they all pretty much the same? thanks again for your help


If you get them to send it to your UK bank in euros they can't tuck you up with a ridiculous exchange rate & as it will just be a transfer , in euros, to another bank.
then 0,4 of 1% is the maximum they can charge. Still 800€ but you can then have a sensible exchange with the lesser thieves in the Uk rather than the greater ones here.


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## Alcalaina (Aug 6, 2010)

I'd use a reputable company like HIFX. You transfer your euros to them and they pay sterling into your UK account. On large sums the exchange rates are good and there are no commission charges.

http://transfersreview.com/hifx-vs-transferwise/

Guide to international money transfers | The Independent


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## gus-lopez (Jan 4, 2010)

Alcalaina said:


> I'd use a reputable company like HIFX. You transfer your euros to them and they pay sterling into your UK account. On large sums the exchange rates are good and there are no commission charges.
> 
> HiFX vs TransferWise - whow is the winner?
> 
> Guide to international money transfers | The Independent


The bank will still want a large sum just to transfer it to the currency firm. Even if you do it online yourself


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## Alcalaina (Aug 6, 2010)

gus-lopez said:


> The bank will still want a large sum just to transfer it to the currency firm. Even if you do it online yourself


That's outrageous!

I've just cleaned out our old Banco Santander savings account because they were going to start charging commission. I just transferred it over to La Caixa online, and it didn't cost anything.


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## Lynn R (Feb 21, 2014)

Alcalaina said:


> That's outrageous!
> 
> I've just cleaned out our old Banco Santander savings account because they were going to start charging commission. I just transferred it over to La Caixa online, and it didn't cost anything.


I wonder if there is a limit over which the bank can impose these charges, in the same way that they can charge for funds being received into an account if the amount is €50,000 or more? Under the SEPA system I did not think they were allowed to charge for payments below that amount. If that's the case, then it would make sense to split the sum into smaller amounts and make a number of transfers.


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## Alcalaina (Aug 6, 2010)

Lynn R said:


> I wonder if there is a limit over which the bank can impose these charges, in the same way that they can charge for funds being received into an account if the amount is €50,000 or more? Under the SEPA system I did not think they were allowed to charge for payments below that amount. If that's the case, then it would make sense to split the sum into smaller amounts and make a number of transfers.


I did mine in €5k chunks because that's the maximum I could transfer on one day.


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## 1342970 (Oct 26, 2016)

*Atm*

Might not be your usual way, I've done plenty of times. This would also depend on your bank, but a bank like LaCaixa should not put any limits on your debit card as long as you insist on it, they might warn you about security and so on, you just have to tell them you want a daily maximum of 10k withdrawal available. It will take you a bit to get your 200k, but you will only be paying a 3% on the market value of the currency, you might want to make sure you find a bank that offers free withdrawals for your Spanish bank back in the UK, for Bank of America, in Spain, I use Deutsche Bank, saving me any 5 euro charges that others banks might charge, so I only end up paying the 3% when withdrawing from my US Account. So if the dollar is at .91, I'll get a .88. Do not worry about the amount, just talk to your bank, the second option would be to make a transfer, I've had incoming transfers at 40k, 35k, et cetera, and the standard fee was between 2.5 and 3.5% depending on the other bank. Your best bet will always be a 3% on market value rather than e.g a company offering a fee-free transaction yet ripping you off on the real value of the sterling. Now, I would honestly look at the chart for how much the pound has changed over the last 6 months, it might be better on the long run to hold on to your Euros as I remember reading about a devaluation of the British Pound. Just my 2 cents, peace.


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