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best way to convert a one-off sum of euros to uk pounds...?

hi

(if this question has already been answered somewhere here recently, please feel free to point me in the right direction)

my friend is expecting some of the proceeds of a house sale in Euros, and is wondering about where/how best to convert this to UK pounds...?

(presumably businesses are able to negotiate better deals if they are doing this kind of exchange on a regular basis, but this is just a one-off)

thanks james

Reply to
james
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Contact a firm like

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(Foreign Currencies Direct). No personal experience with them, but this and similar firms are a lot cheaper than High St banks. Alec

Reply to
Alec

I've used Currencies Direct for this in the past. They do good rates for spot exchanges of large(ish) quantities of cash.

Reply to
Steve Firth

one important advantage of such places seems to be that they offer a service where they commit themselves to a particular rate -- banks will just convert the euros when they receive them, so it seems the only way to compare different places is to ask what they would have given were they to have done the transaction at that particular moment.

for example, i asked the Co-operative Bank (several times!), and was informed they would convert at a rate of 1.5183 for smaller sums, but a ?preferential' rate of 1.5040 for larger sums like the one in question. the corresponding figure from the Bank of Scotland international dept (preferential rate) was 1.5085. likewise, First Direct quoted 1.5080. All the banks said there would simply be about a six quid flat rate fee for accepting the transfer of Euros, and there would be no other charges.

the guy at

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reckoned that the best they could do on the amount in question would be between 1.5080 to 1.5090... he expressed disbelief that the Co-op bank could be offering what they were... (ie a better rate than theirs...). Similarly, another place
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thought the best they could offer was 1.5100

(> this and similar firms are a lot cheaper than High St banks.

but on the above evidence, this doesn't seem to be the case! there doesn't seem to be any saving to justify the hassle of opening an account with such firms (if not the worry about whether you'll ever see all your money again after you wire it to them...), never mind the paperwork and the fact that it will take a minimum of 5 or so days for them to sort it all out...

...on the other hand, i'm wondering if i'm missing something...??

james

Reply to
james

(still hoping that somebody here has some useful experience or insight to share on this...)

thanks, james

Reply to
james

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