A reader asks: 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.
Our response: 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.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
To contact Richard, please see his Invesdaq profile.
