Thread: Euros
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Old 21st February 2018, 07:13 PM
Markr Markr is offline
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Join Date: Sep 2011
Location: Wiltshire
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If you are paid in Euros, as others have suggested, you need a Euro account. To transfer straight into GBP you can use your bank to do this, but most likely will get a poor exchange rate. It cost me thousands when I took this route for a property purchase when I did not know any better.

These transfers are linked to the interbank rate, and you want a transfer company that not only gives you the best Interbank+ Rate, but also no commission and free transfer.

For the transfers I do between GBP and EUR, the magic amount to transfer is £5k GBP at a time as that gets me a good rate, a free transfer and more importantly, I don’t get charged a fee to receive into my EUR account.

If I send £10k, then the rate is the same, still free transfer, however my EUR account charges me 1% in fees to receive.

However, setting up an account in another jurisdiction will open you up to their anti-money laundering rules, and thus need to keep going in with my P60 to prove my income is legit.

Hope that helps
Cheers
Mark
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