Buying In Med what is best may to transfer Euros

Roissy

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18 May 2005
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Hello all, not sure which Forum is best for this question. I am looking at buying my boat in The Med and need to consider the best way of transfering funds in Euros from the UK. I know that UK Bank transfers will not be the best exchange rates and/or fees and am investigating the Daily Telegraph International Money Transfer Servcie. If anyone has recently researched and made a decent sized payment in Euros I would appreciate any and all advice.

Many thanks
 

Tranona

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Plenty of specialist foreign currency transfer firms to choose from. Most will require you to register with them first so best to decide who to use before you actually need them. You may find it useful to use one that allows you to buy your Euros forward so that when you have signed the contract for your boat you can lock into an exchange rate so that you don't get a surprise later. Of course you then forgo any movement in your favour but you get certainty.
 

Yngmar

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TransferWise.com is my personal and friends' choice. Cheap and fast, doing about 1.41 to the Pound at the mo.

+1 for Transferwise

Also note that transfers of 10'000 EUR or more are subject to money laundering checks, which can easily take 1-2 weeks (and you get asked all kinds of silly questions).
 

colind3782

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As per previous posts, I use Transferwise all the time and it's fast (usually overnight to my Spanish account), reliable and excellent value.
 

burgundyben

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As others have said, Transferwise, as executor of an estate I sold a property in Spain, the 140k euros needed to be changed into Sterling. The difference between bank and transferwise was £7k!!
 

BlueChip

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Just be careful because transfer companies are not regulated and while they have your funds you may have no protection if they go belly up.
FWIW I'm using my Halifax Clarity credit card now for most of my personal and company Euro purchases and cash withdrawals.
The effective exchange rate I am getting is far better than I've been able to achieve with any other foreign exchange dealer I have used in the past.
 

Modulation

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Just be careful because transfer companies are not regulated and while they have your funds you may have no protection if they go belly up.
FWIW I'm using my Halifax Clarity credit card now for most of my personal and company Euro purchases and cash withdrawals.
The effective exchange rate I am getting is far better than I've been able to achieve with any other foreign exchange dealer I have used in the past.

Hmmmmm.........their website claims that they're regulated by the FCA.
 

Tranona

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Hmmmmm.........their website claims that they're regulated by the FCA.

That is correct. However, such transactions are not covered by the Financial Compensation Scheme, but regulation does require firms to use a secure means for holding client money, usually using a trust "client" account. So the chances of losing any money is virtually non existent except through fraudulent activity, rather than the firm becoming insolvent.
 

bbg

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I use xe.com. Based in Canada (one of the few countries that did not suffer a banking crisis - their financial institutions are well regulated) and I think one of the biggest fx companies.
 
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