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European transfer

From the archives
Sep 2, 2011
1
Question

So last week, I transfered money to my daughter in the U.K. The published rate on Yahoo for Aug 17th was 0.8722 and she got net after all fees, 0.8410.
This was using a European transfer on PC Banking, sending Euro's from a Fortis bank account to an HSBC sterling account.
Can anyone give me an idea if this is good or not? i.e. can you make transfers from Euro to GBP for less than 0.0312 in costs?

From the archives

There are two issues here:
1) there isn't a "rate for the day", the commercial rate varies all the time, sometimes, especially when trading is light, by quite a margin.
2) because the UK doesn't use the Euro, UK banks charge for transfers either way between Euros and Pounds. This charge isn't very transparent but seems typically to be around 3% plus 10 pounds.

Sep 2, 2011 13:25