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Author, Mike Smith

Last Updated on August 2nd, 2024

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Sending money from Greece to the UK is a frequent requirement, particularly for the vibrant British expat community enjoying Greece’s sunny climate. 

Since 2019, around 17,000 British citizens have made Greece their home, and of course, many people need to make transfers back to the UK for various reasons. 

In this guide, we will explore the available money transfer options and most importantly, how you can do this most cost-effectively!

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Send Money from Greece Today

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The Best 3 Ways to Send Money from Greece

When looking to transfer money from Greece to the UK, you generally have three main options: banks, currency brokers, or transfer apps. Each has its pros and cons, influenced by factors such as cost, speed, and convenience. 

Let’s take a look at these in more detail…

Banks

Greece has a robust banking sector, people there have been banking since the 4th century BC, after all!

Greece has a combination of domestic, regional, and large international banks such as HSBC, and online banks including N26. 

However, when choosing to make an international money transfer from Greece to the UK – your bank may not be the best option for several reasons. 

Whilst writing this article, I discovered that Greek banks charge substantial transfer fees and apply an exchange rate margin of around 3.5%-5%. 

These figures are based on a quote I received from the National Bank of Greece. 

These high charges can significantly reduce the amount of money received by your recipient in the UK.

For example – if you were to send €100,000 with an exchange rate margin of 5% – that would give the bank €5,000 of your hard-earned money, not an insubstantial amount!

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Money Transfer Apps

Transfer apps offer a modern, app-based approach, boasting user-friendly interfaces and quick transfers. 

Some popular companies are Wise, Revolut, and Remitly.

Whilst they’re convenient for smaller amounts, they can be less transparent about exchange rates and fees for larger transactions. 

It’s possible to send money to the UK with PayPal, one of the largest transfer app providers, but it is expensive.

The average cost of transfers from Greece to the UK with PayPal is around 5.5% – to use an example here: 

If you needed to send €300,000 to the UK using PayPal – their overall fee, factoring in transfer fees and exchange rate margin would be €16,500. Daylight robbery in our opinion! 

Transfer apps will also offer different ways to pay for international money transfers, these include: 

Credit Card Payments

This method of payment is quick and convenient but comes with several drawbacks when compared to using a professional currency broker. 

Credit card payments are often classified as cash advances, which bring additional charges, on top of the currency conversion and usage fees. 

Forgetting to pay your balance can also result in high-interest charges and damage your credit score.

Debit Card Payments

Another convenient and quick option, much like a credit card payment, fees are less using a debit card for payment but you will still have additional ones added to use this method. 

Both are more expensive than using an international bank transfer, which is usually the cheapest method you can use. 

Currency Brokers

Currency brokers like Key Currency provide a middle ground, offering competitive exchange rates and lower fees than traditional banks.

Some brokers don’t add on any transfer fees.

They specialise in larger transactions, such as property sales, making them ideal for transferring significant sums of money from Greece to the UK. 

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Compare Our Great Euro to Pound Rates

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How much will transferring money from Greece to the UK cost?

Understanding the costs involved in transferring money internationally is vital. 

Greek banks, for instance, may charge hefty fees and less favourable exchange rates. 

Money transfer apps will offer much lower fixed fees and better exchange rates but this will increase the larger the amount transferred. 

On the other hand, currency brokers operate with much lower overheads than traditional banks, which allows them to offer competitive exchange rates and at times no transfer fees. Using a currency broker can help people save a lot of money on large transfers from Greece. 

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Top Tip: Make sure you get the best exchange rate

When sending money from Greece to the UK, securing the best exchange rate can significantly impact the amount received on the other end.

Understanding the difference between mid-market and customer exchange rates is crucial in this process.

In simple terms, the mid-market rate, often referred to as the interbank rate, is the real exchange between currencies without any added margins or fees.

However, banks and online app services frequently offer customer rates that include these extra charges, resulting in a less favourable exchange rate for the sender. 

To ensure you’re getting the best deal, it’s advisable to compare customer quotes from various transfer services, including banks, with currency brokers.

Currency brokers often provide more competitive rates than traditional banks, passing savings back to customers. 

 

How long will the transfer from Greece to the UK take?

Transfer times from Greek banks to UK banks are between 3 to 5 days. 

In circumstances where speed is essential, for smaller amounts, a transfer app may be the better option.

However, for quick, large money transfers, a currency broker can complete transfers much faster than a bank.

For example, if you were to use Key Currency to make your transfer, it would take 1 to 2 working days. A considerable difference!

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What details will you need to send money from Greece to the UK?

To complete a money transfer from Greece to the UK, you’ll need the recipient’s bank details, including account number, sort code, and any necessary international codes e.g., IBAN and BIC/SWIFT for UK transfers. 

Note: it’s vital to double or triple-check these details! Getting just one digit wrong can make reversing the transfer very complicated!

You can even use our IBAN checker tool to confirm you’ve put in the right details! 

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Are there daily limits when transferring funds from Greece?

There are no legal limits on the amount of money you can send to the United Kingdom. The UK only restricts the amount of cash you can physically bring into the UK. You have to declare cash of £10,000 or more. But there are no limits on money transfers sent through the banking system.

It’s worth mentioning though that banks and some transfer apps will apply their daily limits for international money transfers. 

Alpha Bank, in Greece, has a transfer limit of €15,000. This applies per transaction per day. 

Online apps may also have differing limits depending on the account you hold with them. 

Using a currency broker, like Key Currency, allows you to transfer all of your money in one fell swoop. No added-on costs or limits. 

Great for large money transfers from Greece.

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Are you transferring funds from property sales in Greece? 

Kieran Wiles, one of our traders tells me his experiences when handling money transfers from Greece to the UK:

“When receiving funds from Greece, or handling an international currency transfer the most likely/common transfer we will assist with is a property purchase or sale, in my experience.

When selling a property in Greece, the best option for clients who are exchanging the proceeds ready for an international transfer is to have their lawyer/notary send the funds directly into the client’s account at Key Currency. 

This typically has to be set up with the lawyer/notary beforehand to ensure a smooth and straightforward transfer of funds.

If this does not happen, funds can be issued in Greece as a banker’s cheque which can be a nightmare to clear, and then getting the funds out of a Greek bank is extremely difficult in some cases!”

Useful insight indeed!

A friend of mine had a similar experience when selling her holiday home in Mykonos.

After finalising the sale, she needed to transfer €200,000 back to her UK bank account. 

Aware of the high fees with Greek banks, she used Key Currency. 

Key Currency helped her take advantage of an exchange rate closer to a mid-market rate, saving around 3-5% compared to using her Greek bank.

This saved around €6,000-€10,000 which is not small change! 

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Want to Read More?

• What are BIC/SWIFT Codes?
  
  
• Send Money from Spain in 4 Steps
  
  
• A Guide to Selling Property Abroad & Sending the Money to the UK

Author, Mike Smith

Last Updated on August 9th, 2024

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If you’re looking to send money from Belgium to the United Kingdom but aren’t sure where to start? 

In this article, we’ll look at the best ways you can make a money transfer from Belgium, what you can expect to pay, how long it will take to arrive in the UK, and much more.

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Send Money from Belgium Today

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How to Transfer Money from Belgium to the UK (simple process!) 

To transfer money from Belgium to the UK you can use your bank or an independent money transfer specialist such as a currency broker or online service. Banks are known to charge much higher transfer fees and offer poor exchange rates compared to other money transfer alternatives. 

Whichever service you choose, the process for sending the money to the UK from Belgium is pretty much the same. 

(1) Register

If you use your bank, you won’t need to register to make an international transfer.

For independent transfer specialists, you will need to, but the registration is very quick and easy. 

All it requires is a simple ID check.

This is for money laundering regulations.

Once you’re registered, you won’t need to do so again for future international transactions.

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(2) Secure a Euro-to-Pound Exchange Rate

The next step is to secure a favourable euro-to-pound exchange rate, which saves you money.

This is where high street banks fall short.

Independent foreign exchange specialists will offer much better rates for your Euros transfer from Belgium.

In some cases, these services will work with you to find the best rate at the best time.

Like our expert transfer specialists do at Key Currency.

Once you’re happy with the rate quoted to you, it is then locked in.

The rate will not move from this point and your money will be transferred at the quoted rate.

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(3) Send in Your Euros

Once you have agreed to a rate, you’ll receive a confirmation email.

This will have all the information about your transfer and where you can send over your Euros.

Always make sure the company you use is FCA-regulated and authorised. This ensures the security and safety of your funds.

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(4) Euros Converted and Transferred

Once your money has been received, the money transfer service will convert your Euros into Pounds.

They will then complete the process by transferring the money to your intended recipient, or it could be your personal bank account in the UK.

Done!

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A couple of other considerations are worth mentioning here as to which is the ‘best’ way to send money from Belgium, for you.

• Why are you sending the money?
  

   

• How much are you looking to send to the UK from Belgium?

Let’s take a look at why these matter:

If you’re making a small one-off transfer, the excessive fees and less favourable exchange rates may not impact you as much.

In this case, the convenience of using your bank, to make an international bank transfer to the UK could be the best option.

Are you looking to send quick regular transfers of under €1,000? Maybe to a loved one?

An online transfer app such as Wise, Revolut, or Remitly could be the best option via the online payment methods shown above.

This will allow for quicker transfer times whilst also paying much less in overall fees compared to a bank.

Want peace of mind and security when making a large money transfer from Belgium to the UK?

An international bank transfer with a currency broker may be the best option.

Not only can currency brokers save you money by adding no fixed fees and finding the best exchange rate available, at the time of your transfer.

But you have personal traders assigned and consistent communication throughout the process.

This is where other services are lacking, with only online chat-bots available.

Especially for those looking to transfer large amounts regularly, you can build a relationship with a real broker.

These relationships help form reassurance that your money is in safe hands, at all times.

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Compare Our Great Euro to Pound Rates

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How long will the transfer from Belgium to the UK take?

Transferring money from Belgium to the UK usually takes 1 to 3 days. For most transfers, money will be converted and sent on the same day. The time it takes for the funds to clear into a UK bank account is what can cause delays.

This will vary depending on the bank you or your recipient use in the UK.

As noted above, other methods of payment for quicker transfer times (money arrives in 24 hours) can be used.

The most commonly use here are debit or credit card payments.

But be aware of the additional fees that will be added if you use these methods.

 

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How much will the transfer cost?

The cost of a money transfer from Belgium to the UK can be broken down by:

1. Transfer Fees (clearly shown)
   
   
2. Margin on the Exchange Rate (usually hidden)

Both are common amongst all types of money transfer services, especially your bank.

The final cost will depend on whom you choose to transfer your money.

Let’s take a closer look…

Common Banks in Belgium (total costs)

Bank	Transfer Fee	Exchange Rate Margin (% of the transferred amount).	Total Cost (for a €5,000 transfer to the UK)
ING	€25	5%	€225
BNP Paribas Fortis	1% of the transferred amount.	3.1%	€205
BeoBank	2% of the transferred amount. Max €9.99	3.6%	€189.99

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Online Transfer Apps (total costs)

Transfer App	Transfer Fee	Exchange Rate Margin (% of transferred amount).	Total Cost
Wise	€0.45	0.56%	€28.29
Revolut	€0	1%	€50
World Remit	€1.99	1.5%	€76.99

As you can see by the above comparisons, the biggest cost for an international money transfer comes from the exchange rate margin applied by the services.

Unfortunately, for the average customer, this isn’t communicated clearly on most websites.

A lot of the time, a transfer service will display the ‘fixed fee’ which is usually low.

The margin on the exchange rate is taken from how much the recipient will receive at the end.

So, in short, the more you look to transfer the higher the charge and amount taken from the money received. 

Which is why it is so important to find a service with lower margins.

How can currency brokers help?

Especially with large money transfers, anything above €5,000, currency brokers become your best ally.

At Key Currency, we charge no fixed fee on international money transfers from Belgium to the UK, regardless of how much you transfer.

Our margins on the euro-to-pound exchange rate are much lower than those of the banks and much more flexible than online transfer services.

We aim to save you as much money as possible by finding the best rate available when transferring money to the UK.

Tom Lobb, Head of Trading at Key Currency, explains this further: 

“It’s important when comparing quotes from different providers that you focus on the end amount that will be received in pound sterling.

Banks and online services will display low fees, but, what they don’t state is that these fees are taken before any currency conversion happens. Our margins are added to the overall rate quoted. 

Currency brokers convert all of the money you’re trying to transfer internationally from Belgium. Not only that, but we are proactive for clients, we will let you know if the current euro-to-pound rate is in your favour or not. 

With other transfer services, what you see is what you get, if you’re not checking the rates yourself, you won’t know if it is good or bad. They provide little support in helping you save as much as you can.” 

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How much money can I send to the UK?

Technically, you can transfer any amount of money to the UK from Belgium. There are no legal limits in place set by the government. However, services like your bank or some online money transfer apps will put their daily, or monthly limits in place.

For example, a lot of high-street banks will have daily limits of around €10,000-€100,000. 

This means you would have to do multiple transfers if sending a significant sum.

We’ve seen how big charges with a bank are, doing them repeatedly, really piles up.

Certain online services also have limits.

Instead of the total amount you can send, if you go over the limit that your account has set, fees will increase.

You can see this on Revolut’s standard fees page. 

Transfer limits are another area where currency brokers offer support. 

Most currency brokers do not add transfer limits, of any type.

You can send as much as you want, from Belgium to the UK, all in one go.

At no extra cost.

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Quick Summary: Money Transfers from Belgium to the UK

1. To transfer money from Belgium to the UK you can use your bank, online transfer app, or a currency broker. Each comes with its pros and cons.
   
   
2. It usually takes 1 to 3 working days for money to arrive in a UK bank account from Belgium.
   
   
3. To avoid big fixed transfer fees and high exchange rate margin charges, do not use your bank to transfer the money.
   
   
4. There are no legal limits set for how much money you can send to the UK. Some providers may have daily limits or charge more for higher transfers, however.

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Get a Quote

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Want to Read More?

• What are BIC/SWIFT Codes?
  
  
• What is the Best Way to Transfer Money Internationally? (clear guide)
  
  
• How to Transfer Money from the Netherlands