If you have large amounts of Euro in cash (25 thousand) which you wish to change to pounds is it better to change it here or in the UK? is it better to just do it at a bank or a foreign exchange? Thank you for your advice!
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how and where to change large amount of euros to pounds?
Feb 5, 12 15:17
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If you have large amounts of Euro in cash (25 thousand) which you wish to change to pounds is it better to change it here or in the UK? is it better to just do it at a bank or a foreign exchange? Thank you for your advice!
loublueFeb 5, 12 15:17
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Re: how and where to change large amount of euros to pounds?
Post 1
Feb 8, 12 20:10
lucky you!
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Re: how and where to change large amount of euros to pounds?
Post 2
Feb 8, 12 20:35
foreign exchange have the highest commission. If the money is legal and money laundery is not your concern, then I would simply transfer it to your UK account, is the safest and cheapest way. Good luck
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foreign exchange have the highest commission. If the money is legal and money laundery is not your concern, then I would simply transfer it to your UK account, is the safest and cheapest way. Good luck
Ann C, Feb 8, 12 20:35
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Re: how and where to change large amount of euros to pounds?
Post 3
Feb 8, 12 21:19
Transfer to UK account in certainly not cheapest. You get bad inter-bank exchange rate plus bank comission.
First of all don't do double exchange in Switzerland. They do calculations through CHF. Do it directly in UK or in France (or other Euro country).
The text you are quoting:
Transfer to UK account in certainly not cheapest. You get bad inter-bank exchange rate plus bank comission.
First of all don't do double exchange in Switzerland. They do calculations through CHF. Do it directly in UK or in France (or other Euro country).
anushka, Feb 8, 12 21:19
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Re: how and where to change large amount of euros to pounds?
Post 4
Feb 8, 12 21:54
Don't cross the border with more than eur 10'000 in your pocket unless you fill in a customs declaration declaring it.
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Don't cross the border with more than eur 10'000 in your pocket unless you fill in a customs declaration declaring it.
Marcus T, Feb 8, 12 21:54
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Re: how and where to change large amount of euros to pounds?
Post 5
Feb 9, 12 09:24
It is not money laundering! My friend made a small profit selling an apartment and is now moving to the UK so wondered how to change the money at the best rate. Anyone know any places offering good exchange rates in France or UK?
The text you are quoting:
It is not money laundering! My friend made a small profit selling an apartment and is now moving to the UK so wondered how to change the money at the best rate. Anyone know any places offering good exchange rates in France or UK?
loublue, Feb 9, 12 09:24
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Re: how and where to change large amount of euros to pounds?
Post 6
Feb 9, 12 09:38
the banks all use pretty much the same exchange rates, the commission is the one that differs.
if he/she goes to their actual bank (in france or euro denominated account) and requests a rate you may find that they offer a good rate.
You wont get better by going to a bank that doesnt know you.
Alternatively open a Euro denominated account with a UK bank and deposit the cash.
The text you are quoting:
the banks all use pretty much the same exchange rates, the commission is the one that differs.
if he/she goes to their actual bank (in france or euro denominated account) and requests a rate you may find that they offer a good rate.
You wont get better by going to a bank that doesnt know you.
Alternatively open a Euro denominated account with a UK bank and deposit the cash.
Charlie, Feb 9, 12 09:38
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Re: how and where to change large amount of euros to pounds?
Post 7
Feb 9, 12 09:42
if you do find a "no commission" deal then you should check the "spread" on the exchange rate. This is the" Buy" and "Sell" price, you will find that it is wider (or more expensive) than your banks.... thats how xchange firms offer "no commission"... they just widen the spread...
The text you are quoting:
if you do find a "no commission" deal then you should check the "spread" on the exchange rate. This is the" Buy" and "Sell" price, you will find that it is wider (or more expensive) than your banks.... thats how xchange firms offer "no commission"... they just widen the spread...
Charlie, Feb 9, 12 09:42
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Re: how and where to change large amount of euros to pounds?
Post 8
Feb 9, 12 11:30
Most banks will kill you on the exchange rate. May I suggest HiFX or xe.com (you probably already use the latter to see daily exchange rates). You create an account with them, then over the phone they will give you a spot trade for your sum at a rate that is usually much better than anything any bank will give you (well, they are a kind of bank too I guess). Then you send the money to a special account (in this case in EUR), and they deposit to an account you specify in GBP. THey also claim to charge no commission fees, though my bank on my side DID charge (but about 20$, just normal, not a %)
I've done this once with hiFX with more EUR than what you have here and no problems. A friend of mine also recently did so and no problem. I must admit though, it was a little scary the first time...
The text you are quoting:
Most banks will kill you on the exchange rate. May I suggest HiFX or xe.com (you probably already use the latter to see daily exchange rates). You create an account with them, then over the phone they will give you a spot trade for your sum at a rate that is usually much better than anything any bank will give you (well, they are a kind of bank too I guess). Then you send the money to a special account (in this case in EUR), and they deposit to an account you specify in GBP. THey also claim to charge no commission fees, though my bank on my side DID charge (but about 20$, just normal, not a %)
I've done this once with hiFX with more EUR than what you have here and no problems. A friend of mine also recently did so and no problem. I must admit though, it was a little scary the first time...
David W, Feb 9, 12 11:30
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Re: how and where to change large amount of euros to pounds?
Post 9
Feb 9, 12 14:06
On the assumption you want the pounds in a bank account rather than cash then I would suggest placing the euros in a euro account with your bank and then opening a £ account with the same bank and make the exchange when the rate suits you. but David W's post above seems a reasonable alternative
If you want to deal only in cash then you have to shop around but not in Switzerland as already mentioned in a previous post
The text you are quoting:
On the assumption you want the pounds in a bank account rather than cash then I would suggest placing the euros in a euro account with your bank and then opening a £ account with the same bank and make the exchange when the rate suits you. but David W's post above seems a reasonable alternative
If you want to deal only in cash then you have to shop around but not in Switzerland as already mentioned in a previous post
Paul E, Feb 9, 12 14:06
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