Paid in Euros, Resident in UK
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Paid in Euros, Resident in UK
Hi,
I was hopeing that someone who is residnet in the UK but paid in Euros could help me out.
I'm looking for a way to maximise my take home pay. I soon will be paid Euros but the majority of my out goings are in Sterling.
Does anyone who also does this have a good way of getting the most from you Euros? eg: Non-resident accounts, Good UK banks with exchange rates and so on.
Any info will be greatfully recieved.
Stay Classy
I was hopeing that someone who is residnet in the UK but paid in Euros could help me out.
I'm looking for a way to maximise my take home pay. I soon will be paid Euros but the majority of my out goings are in Sterling.
Does anyone who also does this have a good way of getting the most from you Euros? eg: Non-resident accounts, Good UK banks with exchange rates and so on.
Any info will be greatfully recieved.
Stay Classy
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At the present RoE, you are in the pound seats my friend! Ģ1 = 1.15.
Banks all use more or less the same rates and charges and work out expensive. You are best of setting up an account with a dealer like Currencies Direct, HiFx, etc. Plenty of them out there. Just make sure you use one which authorised by the FSA and not just registered with it.
The best way of all is to find someone who needs to move money the other way, and cut out the middleman, ie. my GBP in exchange for your EUR at the bank rate (midway between BSR and BBR.
Banks all use more or less the same rates and charges and work out expensive. You are best of setting up an account with a dealer like Currencies Direct, HiFx, etc. Plenty of them out there. Just make sure you use one which authorised by the FSA and not just registered with it.
The best way of all is to find someone who needs to move money the other way, and cut out the middleman, ie. my GBP in exchange for your EUR at the bank rate (midway between BSR and BBR.
"The INTRODUCER"
Iīve been in much the same position for a while. Assuming you are currently getting the Euros straight into a UK account, then plug that hole urgently. Either get an account in the country that you visit (surprisingly easy in Spain where I go) or do it online in Ireland, or a Euro account with UK bank (least attractive option). (The Linea Abierta internet account at La Caixa in Spain has been great for me - really nice web stuff that lets you do all your international payments from your laptop. Obviously other banks will do similar things.)
Then use Caxton FX or an equivalent (Google is your friend) to repatriate the Euros to your Sterling account - best rate and very simple indeed. My strategy is to keep a good chunk in Euros though (if you donīt need it immediately) because frankly nobody knows whatīs going to happen to rates in the future.
Also, if you have a bank account "somewhere in Europe" then you can get a debit card and use it whenever you go to Europe (assuming you do) where it is of course by far the cheapest way of paying for stuff.
Then use Caxton FX or an equivalent (Google is your friend) to repatriate the Euros to your Sterling account - best rate and very simple indeed. My strategy is to keep a good chunk in Euros though (if you donīt need it immediately) because frankly nobody knows whatīs going to happen to rates in the future.
Also, if you have a bank account "somewhere in Europe" then you can get a debit card and use it whenever you go to Europe (assuming you do) where it is of course by far the cheapest way of paying for stuff.
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Morning
We have been doing this for the last 5 years and have found 'currencies direct' a financial life saver. We have an account in the country our salary is paid in and then transfer it through currencies direct to our UK account. As has been said before, we got stung heavily by using our UK bank to exchange euro to sterling so please avoid doing this as the rates they use are through the roof! At currencies direct they also offer you the ability to buy your euros up front if the rate happens to be working in your favour. This then allows you to manage your salary as oppose to it fluctuating up and down each month due to thechange in rate. If you happen to work for BA or KLM they offer special rates when transfering small amounts.
Hope this helps. If you do use them ask for 'Anthony' he will hepl you out with information.
We have been doing this for the last 5 years and have found 'currencies direct' a financial life saver. We have an account in the country our salary is paid in and then transfer it through currencies direct to our UK account. As has been said before, we got stung heavily by using our UK bank to exchange euro to sterling so please avoid doing this as the rates they use are through the roof! At currencies direct they also offer you the ability to buy your euros up front if the rate happens to be working in your favour. This then allows you to manage your salary as oppose to it fluctuating up and down each month due to thechange in rate. If you happen to work for BA or KLM they offer special rates when transfering small amounts.
Hope this helps. If you do use them ask for 'Anthony' he will hepl you out with information.
I've been using a currency transfer agent called transfermate for the last 18 months to transfer euros across to sterling. The rates seem very competitive and it's free if you accept a 3 day transfer (although the money often turns up the same day). Give them a google (other transfer agencies are available).
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I have been using a very good, cost-effective solution for this, FSA regulated.
If interested, please PM me with your email address, I will be happy to refer you.
Cheers
CC
If interested, please PM me with your email address, I will be happy to refer you.
Cheers
CC
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Thanks for the replys guys.
Has anyone got a good bank that is in Euros for a non-resident. Been looking around and cant really find a sutable one.
The currency transfere companys sound really good, just need somewhere to get my Euros paid into now!
Stay Classy
Has anyone got a good bank that is in Euros for a non-resident. Been looking around and cant really find a sutable one.
The currency transfere companys sound really good, just need somewhere to get my Euros paid into now!
Stay Classy
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as a word of advice, an old and dear friend works in FX trading in London, he is FSA and deals with specific issue of maximising client's forex income. if interested pm me and i'll forward on his info, he'd be able to point anyone in the right direct or help if he can.
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I have a business account with Lloyds, i get free banking, and they charge Ģ7-00 for the transfer in,
i run a Limited company and pay myself minimum wages, plus my Per diem's, you can also claim for travel, phone bills and all sorts of other items. You can also pay yourself dividends.
i run a Limited company and pay myself minimum wages, plus my Per diem's, you can also claim for travel, phone bills and all sorts of other items. You can also pay yourself dividends.
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My strategy is to keep a good chunk in Euros though (if you donīt need it immediately) because frankly nobody knows whatīs going to happen to rates in the future.
I was using HIFX before I realised I could get the same rate or better through my business bankers (HSBC). So I now hold a Euro & Sterling account with them.
