Converting Sterling to Euro’s

Question

Any recommendations for getting the best rate when transferring sterling to euros? Obviously I know the rate fluctuates daily, but I am curious if there is a service out there which just provides a competitive rate generally without hefty fees?

Looking at changing several thousand pounds…

Answer

Hi Helena,

There are an awful lot of comanies in the UK providing foreign exchange services. The majority will provide better exchange rates than your business bank with lower transfer fees. Bear in mind they also need to make a proft, so any company offering "the best rate" is doing so for a reason (they may widen your prices later down the line, they may entice you to open an account with an exceptional rate but when you come to transact offer you a different pricing structure etc etc) Use a company that has a long established trading history.

A key factor to consider when sending money to a third party is the size and security of the third party, check their credit ratings and their latest audited accounts. Treat them like a customer you are providing credit terms to.

In short be upfront with the company, agree a margin and a transfer fee with them, then do your due diligence!

Feel free to give me a call if you need further detail.

Trevor

020 7823 7400

Answer

Hi Helena,

I agree with everything Trevor said, especially about the large number of companies offering foreign exchange services.

None of them should ask you to open an account exclusively with them. It should be pretty easy to open an account with a couple so you can quickly compare rates whenever you want to make a transfer.

It is also worth bearing in mind some larger companies have sales forces, whose commission is based on the profit they make from you.

Regards,

James

Answer

Just wanted to say thank-you to both companies that replied.

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