How I saved more than 150 Euros today in 30 minutes

How I saved more than 150 Euros today in 30 minutes

I needed to transfer a few thousand £s from UK to my account in another E.U country. Ordinarily I would have just picked up the phone and given my bank a call. This time I tried to see if there were any better options.

My search took me to a discussion thread on www.moneysavingexpert.com. This website is the best source of reference for saving money in UK. From there I picked up name of three alternatives which are supposed to be cheaper than main-stream banks. Also I picked up the name of a website which supposedly provides a comparison of the amount you would get from various money exchange services www.fxcompared.com.

I tried this website and it told me that the best rate I could get was from www.transferwise.com, the second best was from www.currencyfair.com and the third was from money brokers www.skrill.com. In this case Skrill’s rate was significantly poorer than others so I decided to ignore it.

Surprisingly when I visited the top two websites and obtained  quotes from their websites directly I found that the CurrencyFair was giving the best value by about Euro 8. Not a large difference but still not bad for two minutes of checking.

I opened an account with Currency fair which was surprisingly easy and deposited my money into their account. There I found two options I could either take the rate they were giving me or indicate the rate I was willing to exchange at.

Now truth be told their market place is a bit confusing. However, since I was not in a hurry I decided to specify a rate favorable than what was being suggested. Helpfully they had provided on the left a list of what others were willing to trade at although the amount size was different.

An hour later I got an email from them that my exchange offer has been accepted. Doing this saved me Euro 50 over the rate they were suggesting.  I know from past experience that had I gone to my bank I would have gotten at least 100 Euros less than the base rate they were offering.

Takeaway

Don’t rely on your bank to give you best deal, always check out options at a comparison website and then chose top three. Finally go to the websites to independently verify that you are actually getting the best rate possible. If you have time it pays to hold out for better rate in the market place.

P.S. CurrencyFair has a scary mascot which almost drove me away from their website. Worst YouTube starting showing me their ad afterwards which had the scary mascot in it. A classic example of over the top marketing!

Weekly Personal Finance: News with Views

Want to keep up with what's important for your personal finances in 10 minutes? 6 articles selected from UK with context delivered in your inbox.

I will never give away, trade or sell your email address. You can unsubscribe at any time.

 

 

Weekly Personal Finance: News with Views

Want to keep up with what's important for your personal finances in 10 minutes? 6 articles selected from UK with context delivered in your inbox.

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Written by Rajkanwar batra