Getting the Best Euro Sterling Exchange Rates – :
If you need to transfer large amounts of currency – you will usually get the best exchange rate from a specialist currency broker or an online currency exchange service. The worst exchange rates are usually given by the high street banks.
Whatever the reason – if you need to transfer large amounts of Euros to Sterling , Sterling to Euro, – or you want to exchange any currency such as US Dollars , Australian Dollars Brazilian Real etc. … you should first check out the savings you can make by using a currency broker instead of your bank.
Maybe you are moving overseas or moving back home. Maybe you are buying or selling a holiday home abroad, importing a car or just transferring some of your savings into another currency. Maybe you run a business that does a lot of trade in different currencies – Euros, Sterling , Dollars.
On paper the actual exchange rate differences may look tiny – just fractions of a cent. But a difference of just €0.005 in the Euro Sterling exchange rate could cost you €1000 on a €200,000 exchange! Why let the banks have it ?
Currency Solutions is an established UK based currency broker that can carry out a wide range of currency conversion for you – (Amounts over £3000 GBP usually). They are authorised by the UK Financial Conduct Authority . Currency Solutions are commission free and offer better exchange rates than the high street banks. They can exchange many different currencies – but you will need a bank account in each currency to transfer the money between . They also allow you to reserve the current exchange rate for a future exchange (with a 10% deposit). This could be vital in the current Brexit driven volatility of the value of Sterling against other major currencies.
You can visit the Currency Solutions website here for a free no obligation quote. You can also call them on their Irish number 01 431 1344 or on their UK number 0044 207 740 0000– ask for the Money Guide Ireland contact – Ernie Enver. He should be able to give you a quick response to any queries.
Transfermate is another recommended foreign exchange company that can help individuals and businesses to send and receive international payments. Transfermate is based in Ireland and regulated by the Central Bank of Ireland, TransferMate is also registered with UK HM Customs & Excise as well as being regulated across the United States, Canada, Europe and Australasia. You can set up an online account and arrange currency transfers via their website or phone them in Dublin 01 6353776
With most currency brokers you can even lock in an exchange rate for up to 12 months in advance – and remove the worry of any future currency fluctuations.
For example – you might be selling a house in Ireland – and planning a move abroad. If the Euro was to suddenly weaken before you managed to sell your house – then the proceeds from the house sale could be worth tens of thousands less in Pounds or Australian Dollars etc. By reserving a guaranteed exchange rate up to 12 months ahead you can prevent exchange rate fluctuations from wrecking your plans. You will usually need to pay a deposit of around 10%.
Currency Exchange for Businesses
If you run a business in Ireland or the UK with regular large payments or invoices in different currencies – then a currency broker can save your business money on exchange rates and charges. You will already be aware that profit margins can be severely cut by exchange rate fluctuations – but by fixing your exchange rates in advance you can get some certainty . (It’s called Hedging – most big companies do it all the time).
Transfermate is based in Dublin and deal with plenty of business clients. It is fairly easy to set up an online account and arrange currency transfers via their website or you can phone them on Dublin 01 6353776
Currency Solutions specalise in regular or one off currency conversions for businesses. Most transactions can be done over the phone. Call them on their Irish number 01 431 1344 or on their UK number 0044 207 740 0000– ask for the Money Guide Ireland contact – Ernie Enver.
Transferring Smaller Amounts :
If you need to transfer smaller amounts of money to a bank account abroad – in a different currency – you can use online exchange services such as CurrencyFair or TransferWise
These two companies are examples of “peer to peer” exchange. They cut out the banks and, for a small fee , allow you to get exchange rates that are pretty close to the interbank rates. These are good for sending smaller, regular payments to family abroad or for smaller purchases in foreign currencies (cars etc). You can use a debit card or bank transfer to send the money and get it converted to any one of dozens of different currencies. Sterling, US Dollars AUS Dollars , Polish Zloty and many more. You will need a destination bank account for the converted currency to be paid to – but it does not have to be your own bank account.
(Note: – CurrencyFair use CHAPS to send GBP payments – and some banks in Northern Ireland will charge you to receive it – about £6 is normal.)
Peer to peer currency exchange works by matching up people who want to exchange currencies. For example – Joe in Ireland might want to send €1000 to his son who is a student in the UK . While Frank , working in the UK wants to transfer Sterling to the value of €1000 back to his family in Ireland. An automated match is made behind the scenes at an agreed exchange rate by these “peer-to-peer “exchange companies and they handle the transfer payments for a small fee .
For security purposes you will usually need to provide some proof of ID before doing your first transfer on these websites.
If you are just going on a business trip or holiday and want to get some foreign currency in cash before you travel – you should read our article on Travel Money . We found that No1 Currency were giving the best deal on buying Sterling in our latest survey – and they deliver it to your home for free on orders over €750
If you use your debit or credit card whilst abroad for day to day spending ther will be additional fees and charges when you spend outside the Eurozone – find out more in our article on Card Charges outside the Eurozone
Also – see more here about ATM Charges Abroad