GBP against Euro is over 1.2150

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GBP against Euro is over 1.2150

Post by stevegwmonkseaton on Wed Feb 12, 2014 5:36 pm

For anyone looking to exchange from GBP to Euro, rate is looking good at above 1.2150. Just a shame the Italian tax man might take 20% of any transfer... Wish those forms were out...  Laughing  Laughing  Laughing

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Re: GBP against Euro is over 1.2150

Post by Hazy on Thu Feb 13, 2014 7:14 am

I moved money on the weekend which arrived in my BancoPosta account on Tuesday with nothing taken off so that bank at least hasn't got itself sorted re withholding.

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Re: GBP against Euro is over 1.2150

Post by Vicino on Thu Feb 13, 2014 7:52 am

Has anyone seen these forms yet ? If Admin had not mentioned these changes I would have just carried on as normal !

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Re: GBP against Euro is over 1.2150

Post by ghiro on Thu Feb 13, 2014 10:29 am

My worry is this.  The 20% withholding tax started on 01/02/14.  It seems likely it will be implemented sometime in June when the banks will retrospectively deduct 20% from all transfers since 1 Feb - unless you've signed the form.

But will the forms be available before June?
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Re: GBP against Euro is over 1.2150

Post by Vicino on Thu Feb 13, 2014 10:42 am

ghiro...........I think that this is EXACTLY my concern !

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Re: GBP against Euro is over 1.2150

Post by stevegwmonkseaton on Thu Feb 13, 2014 10:54 am

This the answer lies in Angela post HERE Sure they will back date it and you won't know when it kicks in... Hence we have been looking at the best top-up card to use as back-up, looks like Caxton at the moment... Anyone using it?  Smile  Question  Question  Smile

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Re: GBP against Euro is over 1.2150

Post by Flying pigs on Sun Feb 16, 2014 3:50 pm

Was in the middle of applying for the Caxton card when the small print appeared.  There is no security for your money with this card if the issuing company goes bust.  Have therefore decided not to go ahead.  On further research if the card is issued by a bank there is some security but cannot find one issued by a bank.

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Re: GBP against Euro is over 1.2150

Post by Cassini on Sun Feb 16, 2014 5:36 pm

Have happily used Caxton card for a year and used them to transfer to Banco Posta. No issues so far.
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Re: GBP against Euro is over 1.2150

Post by stevegwmonkseaton on Sun Feb 16, 2014 6:14 pm

Flying pigs wrote:Was in the middle of applying for the Caxton card when the small print appeared.  There is no security for your money with this card if the issuing company goes bust.  Have therefore decided not to go ahead.  On further research if the card is issued by a bank there is some security but cannot find one issued by a bank.

Thanks Cassini... Flying... I also spotted the not covered bit, but reckon we would never keep the money there long enough to lose it.... We live there most of the time and it's more a case of a back up to "currency fair" transfers for us until we sort the 20% tax form... Smile  Smile  Smile  Smile

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Re: GBP against Euro is over 1.2150

Post by stevegwmonkseaton on Tue Aug 26, 2014 1:41 pm

Well we have now used a Caxton card for over 6 month and have not used any other transfer service since. We will need to top-up our Italian a/c now and then to pay bills, but this card has been very easy. We have found being able to transfer from a UK a/c to it on-line or simply by text msg very convenient. Not used it as you would a credit card as yet, but friends here use theirs all the time in shops and garages throughout Italy. I agree with what was previously said on the security of you money with the company not being covered if it went broke, but like I said we would never have too much on the card. The other thing being the transfer being almost instant, especially by text...  Would guess it is only something for those of us still with some ties in the UK and you likely need a UK address.

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Re: GBP against Euro is over 1.2150

Post by ghiro on Tue Aug 26, 2014 5:37 pm

We haven't tried the Caxton card.

We have an Italian bank account which, strangely (hard negotiation required!), allows us to withdraw through Bancomat €500 every day (should we need it!). Smile

To fund this account we use HiFx (others may be better, but we find it easy and convenient).  The more you transfer the better the rate - so, for example, changing £5001 is usually better than changing £5000.

Mostly we use a Halifax Clarity credit card.  No fee for using it in Italy and transactions are converted at essentially the current interbank exchange rate.

Further details on all the above available on PM (and we have no 'interest' in any of the financial instruments mentioned).


Last edited by ghiro on Tue Aug 26, 2014 5:38 pm; edited 1 time in total (Reason for editing : Repetition)
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Re: GBP against Euro is over 1.2150

Post by stevegwmonkseaton on Tue Aug 26, 2014 6:24 pm

Thanks for adding to the information Ghiro. I should have perhaps used another post when I look at the rate quoted in the old heading... 1.2270 for Caxton at the moment, not quite as good as the 1.2520 for Currencyfair...


Last edited by stevegwmonkseaton on Tue Aug 26, 2014 6:25 pm; edited 1 time in total (Reason for editing : clarification)

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