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GloomMonger

Forex Trading On A Brexit

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I have about 15k euros in Spain. I'm in Malaga from 25/6 to 30/6 and was thinking of bringing it back in cash if Sterling crashes. What's the best way to deposit cash into a bank account (good rate and no/low commission)?

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For me, the cheapest way was to use my German bank to convert to pounds (don't use the UK bank to convert from euros - the rates are awful!), and then send the pounds directly to my British account. I don't know whether Spanish banks are as good value as German banks for currency charges. Ask your bank for a quote and see what the spread and charges are.

Otherwise, TransferWise are good for smallish amounts (flat rate). You can also get an initial discount for your 1st transfer. The problem for me for TransferWise is that it takes them some time to receive euros from your bank, so by that time the exchange rate could have changed. Other places, like HiFx, let you get more control on the rate, at an extra cost. Moneysavingexpert has some more information on these companies. I suppose a crash may be the time that one of these companies goes bust, and you risk your money, so check for FCS regulation at least.

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Thanks xiox, useful advice. I have used Azimo in the past for electronic transfer although they are suspending services on Thursday due to expected currency disruptions.

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