Jonathan Davis replies:
I always recommend that my clients go to specialist currency brokers for this
type of transfer. If you ‘Google’ the words “currency transfer” (keeping the double quotation marks), you will find a host of firms offering low-cost services.

For this type of transaction, I would think it appropriate to telephone three or four to gauge the savings compared to high street banks, to whom we would normally think of for these transfers. You might also consider a firm we know to be competent in this area, Caxton fx – more details at www.caxtonfx.com.