# How much money will I lose transferring sterling to Euros



## Whiskey (24 Apr 2008)

I have about £100'000 to transfer from the UK to Euros.

I'm trying to figure out a way of doing the transfer to avoid losing money to the middleman.

How much of a cut will a bank normally want to make on a transfer of this size ?

For example, if I transfer £100'000 to euros, and immediately transfer the Euros to Sterling again (when the exchange rate is the same), how much would I expect to have, would it be less than £99'000 ?

I'm just trying to get a picture about how much the banks make on large currency transactions


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## funkylady (25 Apr 2008)

i would wait until the rate gets beter, you would lose to much money at the mo


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## Ravima (25 Apr 2008)

feeis about 1%


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## ccraig (26 Apr 2008)

try the banks and then click the link below and shop around

http://www.askaboutmoney.com/showthread.php?t=78778


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## zag (26 Apr 2008)

I'm not sure I would worry about the fees per se, but rather about the net return.

If you start with £100,000 and one bank say they will give you €80,000 into your account, another bank will give you €79,000 and a third will give you €81,000 then it doesn't matter what the fees are and what the exchange rate is . . . all that matters is that you get most money in your pocket with the 3rd bank.  Ask all the banks on the same day what you would get and just chose the one that will give you the most.

Don't even think about how much you would get if you converted it back to STG because *you're not going to do that*.  Basing your decision on that would be crazy.  how much they make on currency transactions is all very interesting, but you also have to take into account other factors such as the exchange rate they will give you, and (if you are in a rush) how soon the cash will be available to you.  Some banks may take longer to get the transfer and credit it to your account.

z


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## ccraig (26 Apr 2008)

Zags right, check the link above


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## FR1 (17 May 2008)

Whiskey said:


> I have about £100'000 to transfer from the UK to Euros.
> 
> I'm trying to figure out a way of doing the transfer to avoid losing money to the middleman.
> 
> ...


Whiskey,
You will save yourself about 3 thousand euros if you convert the cash via a currency broker rather than a bank. You transfer the sterling to the broker and the broker will transfer euros to your new account. Do a search for "currency broker uk"


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## ccraig (18 May 2008)

why does it have to be UK?


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## extopia (18 May 2008)

zag said:


> If you start with £100,000 and one bank say they will give you €80,000 into your account, another bank will give you €79,000 and a third will give you €81,000 then it doesn't matter what the fees are and what the exchange rate is . . .



I'd be looking for a fourth bank pretty quickly, considering those euro numbers are about 33% below the mid market rate!


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