i have to buy a large amount of euros, about 70000, could anybody tell me were i can get the best exchange rate ,thankyou
Go back in time to last week.
Otherwise revolut etc. Calling your bank can get you a better deal than simply making a transfer.
Have you got a Euro account to transfer to? p2p exchange would be my choice, wise, currencyfair, something like that. Key currency could give you a good offer. Now's certainly the time to be buying Euros!
If you have an Interactive Brokers, you will get the best rate in the market hands down. For that amount, maybe even worth to open one just for the sake of converting so much cash.
+1 for interactive brokers
Wise (formerly TransferWise) quotes the following just now:
For EUR: 70,000
Cost: 72,252.35 CHF Total
Rate: 0.972999 (guaranteed for 17 hours; and currently falling)
Fee: 309.83 CHF (included in Total above)
If done now, would receive by tomorrow, 15 March.
-Dr. M.
With those fees you'd probably be better signing up for a premium service and/or going with an alternative such as Revolut.
Second the advice for Revolut premium, but beware that you may need to go through IML checks, your funds may be blocked until you provide evidence of source of funds, etc. Talk to Revolut support beforehand to make sure things go smoothly
Perhaps, but I'd be interested in seeing the Revolut quote on the same.
Personally, I think that 0.4% for fees, to buy 70,000 euros, while exchanging at the going mid-market rate, with a guarantee, is reasonable for the service provided. I have used Wise for 7 years now and they have performed flawlessly--reliable, fast, consistent.
Of course, as always, buyer beware and be well informed in any of this stuff.
-Dr. Memory
Right now CHF 72,222. No fees as far as I can tell.
IBKR rate at this moment, 72,131.50 CHF to 70,000.00 EUR with a fee of 2.00USD
CHF seems to be on the up this afternoon. The rate is increasing before my eyes.
I would just open a euro account at my bank, then agree a rate with the bank and transfer it over. Make sure the bank does not slap on any other charges. I've done this many times for larger commercial amounts, and the hassle and time taken to open accounts elsewhere makes it not worth your while for a few hundred francs.