Transferring GBP to EUR

[iteles]

As we have office expenses in Europe and will have interns outside of the UK as well, there will be a need to transfer money from UK bank accounts to European accounts at some point.

In conversation with a friend today, she told me that she thoroughly recommends Currency Fair as the service is excellent and the transfer fees are much much lower than banks (of course) but interestingly, also much lower than Transferwise (now wise.com).
https://www.currencyfair.com/

However, having compared a £10,000 illustrative transfer (for round numbers) although the claim is that this would cost just €3 in transfer fees on Currency Fair:

And £35 on Transferwise:

In reality, because the exchange rate is better on wise.com, this is still the better option.

When transferring money, both of these options should be compared at the time so that the recipient can reap the benefits.

Furthermore, she mentioned the possibility of amounts over a certain value (around £7.5k) being taxed.
This is something to be investigated.