[Anonymous User]

I have moved from the UK to be part of the greater EU. I have Residency in Estonia. I have sold my house in England, the money sits in my UK savings account. What is the best most efficient way to transfer to my GB£ to my local Euro bank account? Transfer companies offer better rates than banks but many want to deduct sizable percentages for their service.

[Richard Berry]

A currency broker will be able to get you the best exchange rates and you will also get more control over the timing of the conversion compared to your bank.

Before you start, make sure you read our guide to preparing for a large currency transfer where you can also compare currency broker exchange rates.

We also reached out to Faye Morris, Business Development Manager at Halo Financial who gave this advice:

Currency brokers like Halo offer more favourable exchange rates than banks. In addition, Halo do not charge transfer fees or commission for their service, ensuring you’ll receive more euros on the other side.

Halo also provide a dedicated account manager, at no cost, who can assist with the timing of your transfer and keep you informed of any significant market movements—particularly helpful if you don’t have the time to track exchange rates yourself.

I highly recommend registering with Halo. It’s completely free, with no obligation, and will give you access to their live trading rates and services.

Philip McHugh who heads up Currencies Direct corporate dealing also said that specialist currency providers typically offer far better exchange rates than banks, and even a small rate difference can mean thousands more in your account. Some charge fees, but others add a margin to the exchange rate.

This type of provider buys currency at the ‘interbank’ rate, not available to consumers, and applies a margin before selling. Some providers also keep you updated on rate movements and offer tools to fix or target an exchange rate, helping you transfer at the right time.

This approach ensures you get a more competitive rate and maximises the amount you receive.

[Anonymous]

You might consider using a reputable online currency transfer service (like Wise, Revolut, or CurrencyFair) rather than a traditional bank. They usually offer much better exchange rates and lower fees. Compare total costs—including transfer fees and exchange rates—before sending, and avoid services that take a large percentage of the amount.

[Anonymous]

I completely agree — using a well-established online currency transfer service can save a lot compared to traditional banks. Platforms like Wise, Revolut, and CurrencyFair tend to offer much more competitive exchange rates and lower fees, which really adds up on larger transfers. It’s also wise to compare the total cost, including both the transfer fees and the rate applied, before committing. Avoiding services that take a high percentage of your money is essential. For anyone making international transfers regularly, these online solutions combine transparency, speed, and cost-efficiency, making them a far better choice than sticking solely with traditional banking methods.

[mariiamdelgar]

Since your funds are in a UK savings account and you want to move them to an Estonian Euro account, you have a few options. Traditional banks offer convenience and security but often give poor exchange rates and may charge high fees for international transfers. Specialized currency transfer services like Wise (formerly TransferWise), Revolut, or CurrencyFair usually offer better rates and lower fees, although some may have small percentage charges depending on the amount. One efficient approach is to compare a few of these services for both the exchange rate and fixed fees. Also, check if your UK bank can set up a “spot” transfer or a multi-currency account to avoid multiple conversions. Planning ahead and transferring larger sums in fewer transactions can reduce percentage-based fees.

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