paid in euro's into my uk business account avoid charges

[psychocandy]

Hadn't heard of CurrencyFair - I use Caxton or Hargreaves Landsdown to exchange - are the rates at CurrencyFair better than these kind of people and do you register as a business or an individual?

CF is peer to peer exchange and in my experience the rates are way better. Of course, its a bit of hassle mind exchanging it all.

[jamesbrown]

CF is peer to peer exchange and in my experience the rates are way better. Of course, its a bit of hassle mind exchanging it all.

Interesting, I hadn't even come across that concept in terms of FX. But you mean way better than the highstreet banks, right? Definitely. But the FX brokers all seem pretty similar and very marginal differences to the interbank rate (say 20 pips on average, i.e. next to nothing).

[IT_BOY]

Can i do this

Just open a EUR account with a bank in the Eurozone then, since SEPA transfers to it should be free, or nearly so. You can then transfer to your GBP account at a time of your choosing, which could be a lot better than CA's awful exchange rates.

In another forum some people were singing the praises of EUR accounts with the Allied Irish Bank in Dublin. Apparently you don't even have to travel there to open a business account, so it may be an option.

Hi there,

Would it possible to create a personal banking account in europe (where
am temporarily based) and have my sales invoice paid into that account
here. Then I use Transfer Wise or Currency Fair to then convert my
euros to pounds and deposit it back into my business sterling account
in the UK?

[SueEllen]

Hi there,

Would it possible to create a personal banking account in europe (where
am temporarily based) and have my sales invoice paid into that account
here. Then I use Transfer Wise or Currency Fair to then convert my
euros to pounds and deposit it back into my business sterling account
in the UK?

Reputable agencies won't pay an invoice into a personal bank account regardless of the country the account is based in.

[psychocandy]

Interesting, I hadn't even come across that concept in terms of FX. But you mean way better than the highstreet banks, right? Definitely. But the FX brokers all seem pretty similar and very marginal differences to the interbank rate (say 20 pips on average, i.e. next to nothing).

Yeh. Obviously it depends from day to day but it is generally much better than the FX brokers.

For instance, at the moment on currencyfair I can get .8560. According to live-forex.co.uk the current rate is only .8538