Hi again, Croc,
I didn't put my posting in "Money matters" as I thought that this related to money matters in connection with translation business.
...which, strictly speaking, is true, but I don't see a problem.
I suppose it might be an idea to open a euro account in the UK, but the interest rates don't seem to be very high and I'm not sure whether this would compensate the losses incurred by the exchange rate on GBP accounts.
Depends on the expected frequency of transfers, of course.
I don't know whether the Yahoo currency converter uses any "official" exchange rate, but on the day in question in October both ask/bid were quoted at something like 1.465 with only a small difference between both figures. Maybe the fact that the the difference was so small is what irritated me and made me think I was getting a bad deal. Are there any "better" Internet currency converters, or are they basically similar?
I'd say they're pretty similar - the problem is that tight bid/offer spreads do not reflect the reality of exchanging small amounts (the notion of 'small' is relative, of course, but in international foreign exchange, the amount you mentioned is small). Ask your bank which reference rate they're using, and which spread (the difference between buying and selling rates) they apply. As I said, six cents sounds about reasonable.
Perhaps you could let me know what the regulations for cross-border euro payments stipulate, for example for larger amounts up to 50,000 GBP, or maybe you could point my attention to a suitable website.
Search for standard euro cross border in the forum: you'll find numerous threads on this.
This was discussed in a number of threads, e.g.:
The relevant EU Regulation 2560/2001/EC currently applies to payments not exceeding EUR 12,500; this threshold will rise to EUR 50,000 on 01JAN2006 (Article 3).
HTH - best regards,