# Sterling to Euros?



## izian (Nov 21, 2013)

We are in the last few weeks of selling our UK house and buying our house in Portugal (near Torres Vedras) and I wondered if anyone knew the best way to transfer a large amount of sterling (our house profits) into euros without losing a big chunk in bank fees?

My brother lives in Portugal already and we could transfer funds straight to his account, but is there a better way to do it?

Thanks,


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## travelling-man (Jun 17, 2011)

I'd recommend you only convert what you need to convert & keep the rest in UKP because there's more likelihood of the Euro falling in value than the UKP.


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## southsussex (Jun 19, 2009)

But if you do need to convert your money to euros then use a currency broker. You get a better rate and the transfer (at least it was with mine) is free. If you PM me I will tell you who I used and the others that I know of. Make sure that they are registered with the FSA before you make any final decision.


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## IanW (Jun 30, 2012)

I bank with Millennium BCP and transfer money to them via HSBC - I have found their rates to be far superior to any money transfer service.

Of course better rates might apply if over £/€100,000


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## The Hog (Mar 8, 2013)

Hi, I use Premier FX. Very good rates and NO FEES!
Currency Exchange Specialists, FX, money transfers,Algarve,Portugal,PremierFX
I have no connection with the company other than being a satisfied customer.


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## canoeman (Mar 3, 2011)

Also using a broker gets around problem of daily transfer limits from UK a/cs, you can negotiate a rate and date for transfer which gives you sufficient time to move funds at no cost to you, don't forget Solicitor in UK take ages to clear your sale funds, charge you for it and need pinning down and possibly cheaper to inform solicitor you want x amount transferred to A/c Y saves you time and money

Millennium's HSBC free service excellent but it is bound by the daily amount your UK bank will allow you to transfer, you can double it by using internet + telephone banking but they also don't do transfer across a weekend


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## IanW (Jun 30, 2012)

I got over 1.20 on Thursday via Millennium on £1000 so not bad. 

Some banks have no limit. HSBC would not for example.


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## canoeman (Mar 3, 2011)

My list says HSBC has a £10,000 daily limit, I don't bank with HSBC but use Millenniums a/c with them for free transfers to here but anything above £5,000 I use a broker


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## IanW (Jun 30, 2012)

canoeman said:


> My list says HSBC has a £10,000 daily limit, I don't bank with HSBC but use Millenniums a/c with them for free transfers to here but anything above £5,000 I use a broker


No bank has a faster payment limit that low, unless this is a limit from HSBC to Millennium.

Halifax is £25,000, Santander is £99,000, but interbank transfers are not usually limited.

I know that I have moved six figure sums interbank on faster payments in the last 12 months.

If a broker can beat 1.20+ when the rate is 1.205 to 1.210 then go for it


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## canoeman (Mar 3, 2011)

Incidentally anyone wanting to transfer Euros to UK Sterling, then via Millenniums online Euro transfer fees are under 2€ for up to 100,000€ but I do transfer to a broker and from broker to my UK bank in Sterling otherwise UK Bank charges for transaction + exchange


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## canoeman (Mar 3, 2011)

IanW said:


> No bank has a faster payment limit that low, unless this is a limit from HSBC to Millennium.
> 
> Halifax is £25,000, Santander is £99,000, but interbank transfers are not usually limited.
> 
> ...


I believe that it is only Business Customers with HSBC that can have a higher "Daily Limit" the* free *transfer of funds is an arrangement * by* Millennium for *Millennium customers* via Millenniums HSBC a/c, so a Millennium customer does not reguire a HSBC a/c they just need to transfer or pay into that a/c.

The limit I refer to are those imposed by someones own bank and should be checked as each bank is different, if you arrange a transfer with a broker for x amount at an agreed date you need to get the cleared funds there for that date


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## IanW (Jun 30, 2012)

I guess you must know that HSBC differs from every other UK banks as far as the faster payment system is concerned.

I bow to your superior knowledge then.


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## canoeman (Mar 3, 2011)

The information is on their site and also on the Payment Council that is also responsible for UK "faster payments" systems etc


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## izian (Nov 21, 2013)

Thank you all for your replies, they are most helpful


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## DREAMWEAVER1 (May 28, 2013)

BPI Portuguese bank do not charge and provide a very good exchange rate,just open a current account with them and ring a dedicated phone number to be advised of the day rate they offer,then transfer £ to €,in your BPI account following day.




Good luck,

David


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## canoeman (Mar 3, 2011)

But your UK Bank will make a charge for the £ transfer to BPI


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## DREAMWEAVER1 (May 28, 2013)

CM,because I bank in the UK with HSBC,and BPI use HSBC in their transfer,my statement shows no charge from HSBC when transferring £to €,I have made 3 large amounts to date,no charges have been applied.





David


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## siobhanwf (Mar 20, 2009)

Why not contact the BPI branch in London.
I transfer regularly from a uk account to santander totta London. 
I use a UK BANK CODE. xx - xx - xx followed by my PT Santander bank account number. Official bank rate of t he day and no charges. Almost immediate transfer if done before 3pm 

Details on transfers from.uk are here.
Contas - Movimentação de Contas - Transferências - Transferências do Reino Unido


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## IanW (Jun 30, 2012)

canoeman said:


> But your UK Bank will make a charge for the £ transfer to BPI


No charges with Millennium either via HSBC.


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## canoeman (Mar 3, 2011)

DREAMWEAVER1 said:


> CM,because I bank in the UK with HSBC,and BPI use HSBC in their transfer,my statement shows no charge from HSBC when transferring £to €,I have made 3 large amounts to date,no charges have been applied.
> David


It would have been helpful to others to have stated that, some Portuguese Banks have free transfer facilities UK to Portugal *some don't*.

Equally some UK Banks have free transfer facilities *majority don't*, as I've posted Millennium here use their UK HSBC a/c as so like BPI I can transfer from any UK bank free of any charges and don't have to have a HSBC a/c nor do I need to telephone I automatically get the bank rate at the day & time of transfer.

It's worthwhile people taking the time to understand and organize their a/cs before any permanent move to Portugal, as once a Resident they will find it just about impossible to alter their UK banking let alone open new a/cs.


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