Changing £100,000 Sterling to Euro

parisjack

I have recently remorgaged a Property in the UK to pay off some of my debts in Ireland. So I will be changing over £100,000 Sterling to Euro. Just want to know the best way of doing this? (I have an Ulsterbank € and £ account.)

I have heard of the Evolut but not sure will that work for this?
Any suggestion would be great..

lawred2

parisjack wrote: »

I have recently remorgaged a Property in the UK to pay off some of my debts in Ireland. So I will be changing over £100,000 Sterling to Euro. Just want to know the best way of doing this? (I have an Ulsterbank € and £ account.)

I have heard of the Evolut but not sure will that work for this?
Any suggestion would be great..

currencyfair

nsa0bupkd3948x

I'd look into Currency Fair and Transfer Wise.

parisjack

Thanks for that feedback,
I will look at Currency Fair and Transfer Wise.
Are they similar to Transfermate or is there a difference in the way they work?

skippy2

+1 for Currency Fair find them great

TopTec

I use Currency fair monthly but a few years ago had to transfer a large sum from the UK to Euros. I was with Lloyds TSB. After a few calls and a visit to my local branch in the UK, who didn't have the necessary authority I needed, I spoke directly to the Lloyds dealing room in London.

After a bit of negotiating with a very amenable chap, I got a slightly better rate than the main internet money exchange companies like CF and TW. The bonus was that were no fees. I was better off by a few hundred Euro's.

If you have the time and a bit of determination, depending on your UK bank, you could ask to speak directly to the money dealers for that large a sum.

TT

srsly78

OP you should shop around and use whatever gives the best rate. This will probably not be currencyfair or other peer-to-peer service however. Dedicated FX brokers give better rates for large amounts, which is of benefit to you. Never use a banks fx service, they all give worst rates.

Don't be fooled by "no fees"/"commission free" - this is all just marketing bull****. Calculate the effective rate including all fees etc and then compare.

begbysback

Could you not sell the house in euros?

parisjack

srsly78 Thank you for that. I am not familiar with this area but when I googled "Dedicated FX brokers". The following came up....
-SquaredFinancial
-Markets.com
-Avatrade etc

"Dedicated FX brokers"
-Do you have examples of "Dedicated FX brokers"?
-I am remortgaging in the UK, So do I need UK "Dedicated FX brokers" or Irish "Dedicated FX brokers" or does it matter?
-Can I ring them up for a rate or a lot of them seem to be "Signup Online"?

begbysback Thank you for the reply, I am remortgaging in the UK. I will enquire with the Bank?

srsly78

Everything is online these days, there is also telephone support of course. There are loads of brokers, I won't recommend one - they all offer similar rates in my experience. Just gather quotes for your £100k, and remember that the rate changes in real-time

Note that these fx brokers buy/sell on the international money markets, whereas currencyfair only buys/sells on their own platform. So currencyfair may be good for small amounts (10k or under), but not competitive for larger.

Marcusm

If you deal with moneycorp, transfermate, currencyfair and are transferring ?100,000 you will deal with a different department and get a much more beneficial rate than their published rate. You will have to have KYC and proof of funds documents to a higher degree of inspection. Some may want to meet you in person.

CeilingFly

Call ulster bank, ask them for their best rate. You may find that it will be as good or even better than the third party sites for that amount.

I used to use transfermate - then aib gave me a very good dealer rate which was cheaper than transfermate by 0.3%

parisjack

Thanks everyone... for your input. Thats is great feedback. Its time for me to do my homework based on your info..
If anyone wants to add further please do, otherwise thank you for taking the time to reply....

myshirt

Transfermate is what you need.

Was literally a few hours from transferring Sterling until went with these guys. The difference was nearly 4 grand.

daheff

parisjack wrote: »

I have recently remortgaged a Property in the UK to pay off some of my debts in Ireland.

How are you going to pay off the debts in the UK now?
What are you going to do if GBP strengthens vs EUR (you'll end up owing more in EUR terms)?