Paying foreign Marina in Euros from Uk

[RupertW]

Its that time of year for us to pay our Croatian Marina for the annual berth, which they price in Euros. Last year it suited us to pay by Amex but this year I'd like to find a way that involves a fairer exchange rate and minimum forex charge.

We have UK bank accounts and will need to pay before we get out there again so cash is not an option.

I've held off paying since the beginning of November as the Euro has slid against the pound but we need to pay by end January.

Any thoughts on the best value way to pay?

 

[Cloven]

We pay our French marina fees in euros by online bank transfer and I also send money as US dollars to relatives in the USA the same way. As long as you can allow for I think up to 5 days, the cost is £10 per transaction. Its more expensive if you want a same day transaction - about £25 I think. The above is correct for Lloyds & RBS

You need to have your marina bank details - IBAN number etc and then set up a single payment option on your online banking system.

The other option if you don't do online banking is to arrange the above through your bank over the counter. However. its ususally the more expensive option but do ask as I know that RBS do a £10 option (Royworld Budget) but don't tell you about it unless you specifically ask! Possibly other banks will do the same.

Hope this helps

 

[westernman]

Watch the exchange rate which is used for online transfers. Some banks use a rate with a 7% premium over the average of the buying/selling rate. One of the most expensive is HSBC which is what some other banks/building societies like Nationwide use for doing the transfer.

The best deal I have found so far is to use a Nationwide credit card. Total cost is about 2% over the median buying/selling rate.

I am sure there are others which work out around the same total cost.
But for sure - it will cost you something. There is no such thing as free currency exchange. Some one, some where is always creaming off something.

 

[Tranona]

There are two issues - one is convenience and simplicity and the other getting the best exchange rate. Unless the sum involved is large, probably not worth hunting for the best rate unless there is an easy way to transfer. On balance I found electronic transfer through Natwest as suggested above the most convenient. You can time your payment so you know what rate you are getting and the transfer fee is small. You also get a clear paper record of the transfer, which I found useful when I had a dispute with one marina.

 

[Poignard]

FairFX prepaid currency card?

http://www.fairfx.com/

 

[ksutton]

Watch the exchange rate which is used for online transfers. Some banks use a rate with a 7% premium over the average of the buying/selling rate. One of the most expensive is HSBC which is what some other banks/building societies like Nationwide use for doing the transfer.

The best deal I have found so far is to use a Nationwide credit card. Total cost is about 2% over the median buying/selling rate.

I am sure there are others which work out around the same total cost.
But for sure - it will cost you something. There is no such thing as free currency exchange. Some one, some where is always creaming off something.

My HSBC master credit card is also about 2% over the median buying/selling rate.
One of the most expensive is HSBC ???

 

[westernman]

My HSBC master credit card is also about 2% over the median buying/selling rate.
One of the most expensive is HSBC ???

For transfers account to account.
Not for credit card payments.

Which seems weird and round the wrong way. However, I got badly stung when transferring a large amount of money from one account to another with HSBC/Nationwide - as I said it cost me about 7% over the median buying/selling rate.

 

[ksutton]

For transfers account to account.
Not for credit card payments.

Which seems weird and round the wrong way. However, I got badly stung when transferring a large amount of money from one account to another with HSBC/Nationwide - as I said it cost me about 7% over the median buying/selling rate.

No I don't have any overseas accounts, and never do bank to bank transfers, but spend 6 months a year in mainland Spain or Balearic's. Credit card payment conversions seem to track the best online currency rate available, e.g Travelex on a day to day basis.

 

[maxi77]

FairFX prepaid currency card?

http://www.fairfx.com/

+1

But you get an even better rate from them if you do a direct transfer from your UK bank via FairFX to their account using FairPay which is the way I put money in my Euro bank in Portugal. No charges and usually a very good rate.

 

[maxi77]

No I don't have any overseas accounts, and never do bank to bank transfers, but spend 6 months a year in mainland Spain or Balearic's. Credit card payment conversions seem to track the best online currency rate available, e.g Travelex on a day to day basis.

Try comparing Travelex with FairFX or even the Post Office to see just how much you were paying over the odds. Today FairFX is giving 1.1730, the PO 1.1620, anf Travelex 1.0832.

 

[westernman]

Try comparing Travelex with FairFX or even the Post Office to see just how much you were paying over the odds. Today FairFX is giving 1.1730, the PO 1.1620, anf Travelex 1.0832.

The rate actual median rate is 1.1998.

 

[ksutton]

Before we all get screwed up here and put out bad information (plenty people reading this), check again the travelex site http://www.travelex.co.uk/uk/

Buying on line, cash delivered to your house or collect at departure gate when leaving, there is hardly any difference between FairFX and Travelex. Dont use the rate for buying at the airport Travelex desk, which is what you are quoting. By the way 1.1730 is an old rate mid last week, its dropped slightly over the holidays no matter who you are using.
And for convenience try Sainsbury for cash, its not that far behind worth worrying about and you get nectar points. http://www.sainsburysbank.co.uk/travel/ins_travelmoney_tmo_skip.shtml

Travelex get a bad name for their airport rates, these airport desks are meant for the disorganized traveler only. Arrange it on line the day before you travel.

 

[silver-fox]

I don't know if this will help but I got so fed up with the cumulative costs of using my bank (commision + poor exchange rate + transaction charge) that I opened an currency service account with Hargreaves Lansdown.

I now ring them up and they quote me, if I am happy I give them my debit card details and the destination bank account and currency and they do the rest.

Here are the details. I have been very satisfied- in fact I find their service excellent...... but no warranty given or implied

http://www.hl.co.uk/investment-services/currency-service/currency-exchange-in-three-simple-steps

 

[westernman]

Travelex: 1.16370
Median buying/selling rate on international markets: 1.1998

As of 3 minutes ago.

 

[B&M]

I would look at using a specialist foriegn exchange company, they will give you far better rates of exchange. I have used TravelFX for holiday money, but they also have a facility for money tranfers. Todays rate is 1.1760 and is likely to rise further next week with the fall of the euro.

 

[ksutton]

Travelex: 1.16370
Median buying/selling rate on international markets: 1.1998

As of 3 minutes ago.

FairFX £1 = €1.1668 which is slightly better than Travelex but FairFX charge you for delivering it and Travelex do not.

About even stevens really.

 

[Robin]

Moneycorp, highly recommended. We used them to send dollars for our USA boat purchase. Large amounts the cost is just £15 for the transaction and the rate is so close to the quoted business rate you wouldn't notice a difference, no commission. You can buy ahead even at a pre-agreed rate. They now have a simple online service for smaller amounts too. They are especially set up for the requirements of expats and emigrants. They run the forex kiosk at Gatwick too, but not at all good value there!
See here:-

http://www.moneycorp.com/

 

[RupertW]

Thanks for all the replies- lots to look at there and very tempted by the convenience of the fairfx card, but also interested that some people are saying that their normal credit card rate is pretty close anyway.

We use ICE for cash as that works out well, but our issue right now is bank to bank.

 

[jimbaerselman]

I would look at using a specialist foriegn exchange company, they will give you far better rates of exchange. I have used TravelFX for holiday money, but they also have a facility for money tranfers. Todays rate is 1.1760 and is likely to rise further next week with the fall of the euro.

I agree. There are many such companies. I have used Baydonhill for 15 years.

The bank profits in most electronic transactions are made from adding margins to the exchange rates; "fees" of various sorts are sometimes added for smaller transactions. You can be certain that if an outlet says "no commission" or "no fees", they will instead be loading the exchange rate.

The exchange rate loading will depend on the quantity being transferred. £100,000 is going to be loaded with less than 1% of the median rate. £1,000 will be well over 2%, the typical margin arising from debit card purchases (many of which do fees instead!).

The only way to check relative value is to ask your bank the total cost of transferring the sum involved (including recipient's charges) and ask the same question of a money broker.

My typical transfer is around £5,000 - to a local euro account. At that level, Baydonhill usually win by 1% or more, and arranging is much easier - all by phone/fax/email attachment.

 

[Seren]

Money Transfer in euros from UK

Can also recommend Moneycorp.Used them for purchasing my French Ovni and also paying marina bills etc at Port Napoleon.