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I love the depth and breadth of knowledge on STW - one day a question about multitools, the next a question about currency exchange.
Anyway, I have a few thousand New Zealand Dollars in a bank account, which I'd like to transfer into my GBP account. I'm presuming that a standard transfer between the two banks will mean I get hammered on the exchange rate, as well as paying transfer fees, so I'm looking for a better option. Revolut?
Ive used Transferwise many times to move money between European banks and UK - nice and simple. Very low exchange rate and always lower than other options I have looked at.
See what comes up here
https://www.fxcompared.com/money-transfer/New-Zealand-UK?aDir=0&amount=10000&ref=filter
Interestingly, just looked up Fxcompared against Transferwise and transferwise gives same as best result (or for a larger amount of NZ$ gives a better UK£ deal).
Yeah, it's like Direct Line aren't on comparethemarket etc.
Not everybody is on there, but it's worth a look.
Transferwise or Revolut (if you're an account holder) can be good as it tracks the interbank exchange rate.
To add, with Revolut you can watch the rate change and transfer immediately, I think you have to pay extra for that in Transferwise. It is worth noting that I don't think Revolut is covered by FSCS, so you should check this.
I'm transferring cash abroad (back to the UK) all the time.
Revolut is excellent, but depending on your bank the rate is probably pretty competitive anyway for transfers.
It's a far cry from going into the post office to buy some Lira.
In fact, I've just checked it out live in the moment for my situation.
Revolut:
£1=4.6235qar
My bank:
£1=4.6471qar
This is about a fiver more expensive for every grand transfered.
Bank transfers are usually pretty reasonable.
Thanks everyone. Went with TransferWise in the end.