What is the best way to exchange pounds to euros to get the best rate?

Question

I have a bank account in spain and wish to transfer directly into it.

Answer 1

go to martin lewis'site, he has all the info you need.

Answer 2

Well:

On the day you want to transfer: you are going to do:

- call your bank and ask for the exchange rate and fees for the transfer on that day.

- call LLC / RIA Financial and also check their rates

http://www.riafinancial.com/moneyTransfe...

- Check with Travelex and their rate. (although this solution would be to get cash or travellers cheque...mmm...yes, I know)

http://www.financecomparator.co.uk/buy_f...

- depending on the amount, if under £2400, then I would strongly recommend the new prepaid currency card from FairFx. Over £500, it is free. You load the card in Euros, and then you withdraw there.

http://www.financecomparator.co.uk/buy_f...

On any day of the week, almost any of those can be the winner depending on the amount and urgency of the transfer, so those steps are necessary to get you the best deal.

Answer 3

The quickest and cheapest way would be for you to do foreign exchanges in the market. If you have an investors account with FOREX capabilities, you can buy/sell currencies in the open market at the current rate, without having to pay commissions. Banks, and foreign exchange bureaus levy heft (and I find sometimes grossly over-valued) commissions to exchange currencies.

If you don't have an investors account, between banks and exchange bureaus, banks will often (but not always) have the lower rate.

Hope this helps.