Best way of Converting Euro to Sterling

S

sitecorp

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Hi,

I'll be moving to London full-time soon enough and will need to move most of my money to the UK as well. What is the best way to transfer the funds (ie get the best forex rate)

Thanks
 
If you're transferring the funds electronically, then you'll be tied to that provider's charges and rate so won't be able to shop around, i.e. you'll be limited in your choice of providers to do this for you.

If you're doing it by draft, be aware that UK bank branches have, in the past, been wary of drafts drawn on non-UK banks and have applied high charges.

Also, if the amount you are transferring is 'normal' for a retail transaction, then the differences in the rate may not justify ringing around to get the lowest.
 
Hi Sitecorp

I opened a barclays euro account in the uk and paid a cheque in. It takes 3 to 6 weeks to clear and if its over 25k you get a better rate by ringing the barclays fx @ uk phone 08457 165921. Its probably best to call every couple of days and track the rate. Moneycorp rates were pretty similar to Barclays when I kept an eye on the rate over a couple of months.
Hope this helps

Regards

Sammy
 
If you have your account in the UK open, then the best way is to send electronically using a "TT". Depending on your bank, this may be something you can do online. TT charges vary, but are in the region of EUR15.00 -30.00. Cheques/drafts are pointless if you have an account opened cos u will have to wait for it to clear.
 
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