Euro Bank Transfer

[malagabob]

I was looking at changing GBP to Euros. This exchange company XE.com was offering a good rate. Had to register . The process I was looking at was my bank to my bank . Can someone tell me. Would I receive euros into my bank, or would my bank exchange the euros back into GBP. Hope that’s clear.

[dannyk13]

Bob, I think to do that you will need to open a separate Euro account with your bank.

[ubasses]

If you have not had them sent to a Euro or multicurrency account with a UK Bank they will get converted back to sterling and you will probably end up with a charge for the transaction.

[malagabob]

Thanks. If I was or able to set up a 2nd account, how does it work withdrawing euros from a UK atm. Would it be withdraw as normal. Or would it be only be from an EU atm.

[ToraToraTora]

you'll need an account that actually is in Euros, then you should get interbank rate rather than rip off Tourist rates. You cannot get Euros out of a UK cash machine. If you draw on a Euro account from a UK cash machine you'll get pounds converted from your Euros at their tourist rate. Unless you are going to be earning in Euros, spending in Euros, ideally both then it will be an expensive endeavour.

[Buenchico]

I'd be surprised if XE.com's offer is substantially better than that offered by TravelFX, which is currently €1.1949 per pound.
https://www.travelfx.co.uk/

[ToraToraTora]

I would advise against holding reserves in a currency that you are not earning and spending in. If you just want to speculate there are plenty of sites that facilitate that.

[mjwman]

Easier and probably a better rate is to get a Revolut card and change it on there.