Guide to Send Money from Greece to the UK: Options and Steps

Transferring money from Greece to the UK is a common necessity, particularly for the substantial British expatriate community residing in Greece. Since 2019, approximately 17,000 British citizens have chosen Greece as their home, often requiring regular transfers to the UK for various purposes.

This guide provides an overview of the available methods for transferring funds, with a focus on cost-effectiveness and efficiency.

Transfer Methods from Greece to the UK

1. Banks

Greece boasts a well-developed banking sector, including domestic, regional, and international banks such as HSBC, as well as online banks like N26. However, using banks for international transfers might not always be the most cost-effective option due to substantial fees and exchange rate margins ranging from 3.5% to 5%. For example, transferring €100,000 with a 5% exchange rate margin would result in a €5,000 fee.

Popular Banks in Greece:

• Piraeus Bank: Greece's largest bank by assets, offering a variety of financial products suitable for expatriates.
• Alpha Bank: The third-largest bank in Greece, providing a comprehensive range of retail banking services, including current and savings accounts, credit and debit cards, and investment products.
• Eurobank Ergasias: Specializes in retail banking for international clients, including expatriates, and offers tailored mortgage and insurance products.
• National Bank of Greece: The oldest and second-largest bank in Greece, known for its low-cost current and savings accounts, popular with both locals and expatriates.
• Attica Bank: Although smaller, it provides a full suite of current, savings, payroll, and pension accounts.

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2. Money Transfer Apps

Money transfer apps offer a modern and convenient approach with user-friendly interfaces and quick transactions. Notable apps include Wise, Revolute, and Remotely. While these apps are efficient for smaller amounts, they may be less transparent about exchange rates and fees for larger sums. For instance, PayPal charges an average fee of 5.5% for transfers from Greece to the UK, resulting in a €16,500 fee for a €300,000 transfer.

Payment Methods with Transfer Apps:

• Credit Card Payments: Quick but may incur additional fees classified as cash advances, along with higher interest rates and potential impacts on your credit score.
• Debit Card Payments: Less expensive than credit card payments but still incurs some fees. Generally, more costly than bank transfers.

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3. Currency Brokers

Currency brokers such as Regency FX offer competitive exchange rates and lower fees compared to traditional banks. They specialise in larger transactions, such as property sales, and some brokers do not charge transfer fees, making them ideal for significant money transfers.

Costs of Transferring Money

Understanding the costs involved in international transfers is essential. Greek banks often charge high fees and offer less favourable exchange rates. Money transfer apps may provide lower fixed fees and better rates but can become costly for larger transfers. Currency brokers, with lower overheads, generally offer more competitive rates and no transfer fees, resulting in significant savings on large transfers.

Transfer Process with Regency FX

1. Registration: Create and verify your account.
2. Quote: Obtain a competitive exchange rate quote.
3. Transfer: Deposit your Euros into a secure Regency FX client account.
4. Conversions Transfer: Your Euros will be converted and transferred to the designated UK account within 1-2 working days.

Ensuring Security

Using an FCA-regulated Authorised Payment Institution like Regency FX guarantees secure and efficient handling of your funds. FCA regulation ensures adherence to strict financial standards and ethical practices.

Required Details for Transfers

To complete a transfer, you need the recipient’s bank details, including account number, sort code, and any necessary international codes (e.g., IBAN and BIC/SWIFT). Double-checking these details is crucial to avoid complications.

Transfer Limits

There are no legal limits on the amount of money that can be transferred to the UK. However, banks and some transfer apps may impose daily limits. For example, Alpha Bank has a daily transfer limit of €15,000. Currency brokers like Regency FX allow transfers of any amount without such restrictions, making them suitable for large transactions.

Handling Property Sale Proceeds

For those transferring funds from property sales in Greece, currency brokers can simplify the process. It is advisable to arrange for funds to be transferred directly to a Regency FX account by the lawyer or notary handling the sale to avoid complications associated with banker’s cheques and high bank fees.

Conclusion

For British expatriates in Greece or those involved in significant financial transactions between Greece and the UK, Regency FX offers a secure, efficient, and cost-effective solution. With competitive rates, exceptional customer service, and a high Trustpilot rating, Regency FX is a trusted partner for international money transfers.

Contact Regency FX today.