With more and more customers using our services from the likes of Ireland, France, Spain, Portugal, Greece and Italy, it has become essential to be able to send Euros to our Continental cousins.
Typically, most banks take a hefty commission and also tend to delay payments unnecessarily when transferring money abroad.
If you are looking for a gold buyer who sends Pounds Sterling and you need Euros in your account, check to see how they send payments to you.
|Typical High Street Bank||Goldealers|
|Typical Exchange Rate||2.5% off Spot||1% off spot|
|Transfer Times||2-3 Days||Same / Next Day|
Typical Euro Transaction
Maria from Spain posts to Goldealers UK, 150g of 18ct Spanish Gold.
We receive the jewellery, and after valuing the gold jewellery, we confirm that the total value is £3612.00. But because Maria has a Euro bank account, most gold buyers would just send GBP to Maria and let the banks offer their own currency exchanges.
Based on the current exchange rate of 1.233 Euros per Pound, most would be forgiven for thinking that Maria would receive 4453.59 Euros into her bank account. Not true. The bank would subtract £25 from the transaction to cover the international bank transfer fee, and then take a hefty 2.5% commission.
High Street Bank sending Euros
( GBP 3612.00 - GBP 25.00 ) * 1.233 * 0.985 = 4356.42 EUR
That’s right, the bank has therefore taken a whopping 97.17 Euros from Maria, just because they are sending payments from the UK to the EU.
Goldealers sending Euros
Goldealers were not happy with this, and as such, we partnered with a live Foreign Exchange trading house to give you amongst the best Foreign Exchange Rates in the world.
GBP 3612.00 * 1.233 * 0.99 = 4409.06 EUR
For those of you who are doing the maths for yourselves, that means by using Goldealers, Maria is 52.56 EUR better off for the simple reason that Goldealers don’t use a Bank to send international payments to it’s customers.
What’s more is that typically, we can ensure that the funds are in your account on the same day, if not the next working day.