Cheapest way to convert euros to gbp?

[ttaskmaster]

Revolut, Monzo and Wise are all very popular in industries that get paid in different currencies, mainly GB workers getting paid in Euros or Dollars.

As for limits, this is Revolut:
"If you are in the UK or EU, transfers British Pounds (GBP) to UK beneficiaries are limited to £250k per transaction, £500k per day, and £1m per week. You cannot make more than 50 transfers in 24 hours, or more than 200 transfers in 7 days."

 

[englishpremier]

Revolut beats out Wise. Monzo just uses Wise.

€250,000 with Revolut is £213,160.48 vs £212,478.80 with Wise

 

[DarkHorizon472]

Worth checking which are regulated and approved as otherwise you are taking a risk.

 

[hughtrimble]

Isn't this a question for an accountant? Sounds like a CGT situation, unless that's already been paid depending on your parents' circumstances.

 

[Quartz]

The money is sitting in a French bank account for now, but they want to transfer it to gbp and move it back into the UK

Get the bank to do it. It may not be the most economic but it will be the safest.

Any tips on the cheapest way to do this?

This is not a time to cut corners.

 

[englishpremier]

Worth checking which are regulated and approved as otherwise you are taking a risk.

Get the bank to do it. It may not be the most economic but it will be the safest.



This is not a time to cut corners.

Revolut is signed up via the French address (LT IBAN) will mean you have €100,000 protection. Wise and the UK Revolut use safeguarding instead.

The French bank will have €100,000 protection.

 

[Lopéz]

Get the bank to do it. It may not be the most economic but it will be the safest.



This is not a time to cut corners.

Why would using Revolut or Wise be "unsafe"?

 

[Martynt74]

Why would using Revolut or Wise be "unsafe"?

I get the impression some people are scared of certain newer technologies, especially when it comes to money.

I'd be happy to use either and use the cheapest to decide which. Probably worth transferring in batches within the limits of protection though, so batches of €100k

Isn't this a question for an accountant? Sounds like a CGT situation, unless that's already been paid depending on your parents' circumstances.

Why would it be a question for CGT? It's a question purely around the transfer of money from one currency to another. You may as well also ask if they've used a solicitor to help with the sale

 

[D.P.]

I transferred 600k USD with transferwise, completely seem less. The default limited was not sufficient but after a few transfers i asked for the limit to be increased.


Biggest worries with Forex is knowing when is a good time to transfer.

 

[englishpremier]

Yeah, bear in mind you absolutely do not want to do a transfer on a holiday or weekend. Revolut, Starling, etc.. will add add or increase the fee to 0.5% to cover themselves when the FX markets are closed.

Other than that now is probably a good time before the new strain of COVID causes mass lockdowns and closures in the EU and the Euro falls. It's likely already priced into the pound.

 

[drakioned]

+1 for Wise and/or Revolut.

 

[Django x2]

Wise have had to temporarily lower their EUR sending limits. Might not be an issue if less than EUR200k but otherwise you'll have to do multiple transactions and then you risk (or reward) the shifting exchange rate. Remember, a few decimal place changes for large sums of money can mean £000's difference.

 

[Vanquish-Storm]

Yeah, bear in mind you absolutely do not want to do a transfer on a holiday or weekend. Revolut, Starling, etc.. will add add or increase the fee to 0.5% to cover themselves when the FX markets are closed.

Other than that now is probably a good time before the new strain of COVID causes mass lockdowns and closures in the EU and the Euro falls. It's likely already priced into the pound.

OP is screwed then, it’s France it’s always a holiday or industrial action if it’s not weekend.