Money transfer to a foreign account

[Fitzy1001]

Hi,

Question about Exchange rates (Euros).

If I was to transfer money (say £1,000) to a Italian bank account, could someone please tell me what exchange rate is used by the bank, (I bank with Santander).
Is it the bank's own rate or the rates set by the Foreign Exchange Market used with the bank then charges a fixed rate for the transfer.
Would it also be the same to transfer money from the Italian bank to my account.

Thanks.

[des8]

Re: Money transfer to a foreign account

Hi and welcome

If you ask your bank what rate they use they will tell you it is the mid market rate set each day.
This is the rate midway between selling and buying.
However if you check the actual rate I bet that it is "tweaked" slightly in the bank's favour, and don't forget the fee!

Santander rates can be found here:
http://www.eurotransfer.co.uk/bank-rates/santander/

Barclays (for comparison here:
http://www.eurotransfer.co.uk/bank-rates/barclays/

Note the difference in FX rates quoted.
The lower the rate, the better the deal

Your best bet is to get quotes (if it is a substantial amount) from a number of transfer agents.

[LeoCasta]

Hi,

Question about Exchange rates (Euros).

If I was to transfer money (say £1,000) to a Italian bank account, could someone please tell me what exchange rate is used by the bank, (I bank with Santander).
Is it the bank's own rate or the rates set by the Foreign Exchange Market used with the bank then charges a fixed rate for the transfer.
Would it also be the same to transfer money from the Italian bank to my account.

Thanks.

I had a similar situation and in this case everything is calculated at the rate of the bank that issues the money to the recipient. I do not know why this is so. I remember how two years ago I sent money to my friend in the States from India and $ 2,000 was calculated at the bank rate in America. I still encountered problems associated with IFSC code. I just forgot the code and could not confirm the transaction. I tried to find out the code from the bank administrator by phone, but they refused to call me. I was already upset and thought about going to the bank and finding out this code, but my friend literally saved me. He advised me to find the code at https://myifsccode.com/. As a result, I was finally able to complete the transaction.
*

[luxardo]

Use a FOREX broker, I use World First, they are very good

[MIKE770]

worldremit I use regularly never any problems