Whats the cheapest way of sending money from a UK bank to a euro bank?

14
Found 7th Feb 2015
I have to pay a villa rental balance of €840 in May so thought I would scout out the cheapest way of paying it. Must be paid in Euros to a euro bank account. Trying to avoid the charges some banks levy (e.g £20 admin fee plus poor exchange rate)

Thanks
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I maybe wrong but thought the charges fell away with the introduction of SEPA. Using the iban and bic numbers there should be no charges as it simplifies international payments. You would then only have exchange rate to worry about.
I have used Fair FX to transfer money to my Spanish Bank Account, it all went very smoothly.

fairfx.com/pro…fer
Munnypenny

I maybe wrong but thought the charges fell away with the introduction of … I maybe wrong but thought the charges fell away with the introduction of SEPA. Using the iban and bic numbers there should be no charges as it simplifies international payments. You would then only have exchange rate to worry about.




Makes it cheaper that's all but transitional charges still exist as will FX charges, really only makes euro to euro payments cheaper.
Edited by: "eslick" 7th Feb 2015
Inactive

I have used Fair FX to transfer money to my Spanish Bank Account, it all … I have used Fair FX to transfer money to my Spanish Bank Account, it all went very smoothly.https://www.fairfx.com/product/transfer#online-transfers

that looks amazing

So i buy 840 Euros with my debit card and that goes into my fair fx account which i can then transfer to another persons euro bank account?

No fees, no commission and market leading exchange rates....

How do they make any profit?

Cheers
chocci

that looks amazingSo i buy 840 Euros with my debit card and that goes … that looks amazingSo i buy 840 Euros with my debit card and that goes into my fair fx account which i can then transfer to another persons euro bank account?No fees, no commission and market leading exchange rates....How do they make any profit?Cheers



They are covered by the FCA as well, so your money is 100% secure.
missleading

They have already factored in a 2% commission into their exchange rates.


Cheers - Still far cheaper than paying using my bank account then (Halifax charge £17.50, Co-op charge £20. Plus I expect their will be commission loading on top).

fair fx it is then

cheers all.
chocci

Cheers - Still far cheaper than paying using my bank account then … Cheers - Still far cheaper than paying using my bank account then (Halifax charge £17.50, Co-op charge £20. Plus I expect their will be commission loading on top).fair fx it is thencheers all.



Are you sure about these charges?
halifax.co.uk/onl…ts/ £9.50

SEPA payments are cheaper than SWIFT payments, but yes double check the exchange rates to ensure a good deal.
dai007uk

Are you sure about these … Are you sure about these charges?http://www.halifax.co.uk/onlinebankinghelp/international-payments/ £9.50SEPA payments are cheaper than SWIFT payments, but yes double check the exchange rates to ensure a good deal.

i stand corrected although they don't seem to tell you what exchange rate you will get so fair fx looks better
missleading

My answer seems to have disappeared into moderation!Halifax make a big … My answer seems to have disappeared into moderation!Halifax make a big thing of 0% commission on international payments, so best ask?

clearly states £9.50 online
missleading

That's the sending fee and not commission on the currency exchange.

i will try a dummy run tomorrow and see what commission rate they come up with before sending

Cheers
missleading

It will be interesting.According to their website FairFX € card costs £ … It will be interesting.According to their website FairFX € card costs £637.91 to send €840If Halifax only charge a sending fee of £9.50, then the same €840 should cost = £628.00+£9.50 = £637.50{



My link does not use a FairFX card, it is a direct payment from my UK Direct Debit card to Fair FX, then payment is made to my bank in Spain, at the listed rate.

I also have a Halifax Current Account, the last time I checked, it was going to cost considerably more to use Halifax, I cannot remember now just how much more.
missleading

The advertised rate on your link is £1=€1.3174, so it would still cost £6 … The advertised rate on your link is £1=€1.3174, so it would still cost £637.62. :)Nothing in it.



Indeed it would, it doesn't matter to me which bank/company the OP selects, I am just passing on the experiences that I have had in the past. I feel fairly sure that Halifax sneaked in some hidden charge/s, hence I do not use them now for this type of transaction.

I do however use their Halifax Clarity Credit Card for cash withdrawals overseas. .(_;)
Just tried halifax vs fairfx

halifax = 1 GBP =1.3004EUR PLUS £9.50 fee

fairfx = 1 GBP = 1.3122EUR NO FEES

so approximately £15 cheaper using fairfx than halifax
chocci

Just tried halifax vs fairfxhalifax = 1 GBP =1.3004EUR PLUS £9.50 … Just tried halifax vs fairfxhalifax = 1 GBP =1.3004EUR PLUS £9.50 feefairfx = 1 GBP = 1.3122EUR NO FEESso approximately £15 cheaper using fairfx than halifax



Thanks for the update, that confirms my earlier comments.(_;)
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