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Euros to Pound Sterling

richiebkerryrichiebkerry Settling In NicelyRegistered Posts: 45
in General accounting discussion
Which is the best way to change a large amount of euros (in cash) to pound sterling without paying silly exchange fees / rates.

I understand the implications on tax and am not trying to dodge paying it, just want to try and not pay a huge amount on admin etc.

Cheers

Rich

Comments

  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    Shop about for the best rate I guess. Try Lovemoney.com or MoneySavingExpert, they are all about doing things the cheapest way :)
  • sdvsdv Experienced Mentor Registered Posts: 585
    richiebkerry wrote: »
    Which is the best way to change a large amount of euros (in cash) to pound sterling without paying silly exchange fees / rates.

    I understand the implications on tax and am not trying to dodge paying it, just want to try and not pay a huge amount on admin etc.

    Cheers

    Rich

    you can open a euro account as as you would open a normal sterling bank account.

    deposit cash euros in your euro bank account

    Now you can use your euro bank account in euros or deposit (transfer) euros from euro bank account to your normal sterling bank account
  • oakleyoakley Feels At Home Registered Posts: 73
    depends on your definition of 'large amount'

    There are lots of currency transfer companies like transglobal payments who exchange currencies, these will always be cheaper than high street banks etc but would look for large value transactions, we can change up to $500k per month to GBP and the rates they offered are always good and would save us £30k per year easily (although we still use HSBC spot rate to exchange as USA head office percieve the risk to be lower)
  • JodieRJodieR Experienced Mentor Registered Posts: 1,002
    A client of mine has just started using a company called currencies direct http://www.currenciesdirect.com/ and seem happy with their service.
  • SandyHoodSandyHood Font Of All Knowledge Registered, Moderator Posts: 2,034
    I would recommend:
    FTT Currency
    Sandy
    [email protected]
    www.sandyhood.com
  • jwaltersjwalters Just Joined Registered Posts: 2
    FTT Currency

    I work for FTT currency and we exchange currencies at the best rate available and make international payments and money transfers simple.

    We save you time and money by offering competitive rates, zero commission and no fees. Online and anytime, 24/7.

    To open an account is easy and you can be up and running in just a few minutes. Our customer support team are on hand from 9:00 – 5.30 should you need any assistance.

    To open an account please go to fttcurrecy.co.uk and if you have any further questions you can contact me on [email protected].
    Thanks

    Jessica
  • richiebkerryrichiebkerry Settling In Nicely Registered Posts: 45
    oakley wrote: »
    depends on your definition of 'large amount'

    There are lots of currency transfer companies like transglobal payments who exchange currencies, these will always be cheaper than high street banks etc but would look for large value transactions, we can change up to $500k per month to GBP and the rates they offered are always good and would save us £30k per year easily (although we still use HSBC spot rate to exchange as USA head office percieve the risk to be lower)

    Looking at around 64k cash in euros. Thanks for all your help on this subject
  • jwaltersjwalters Just Joined Registered Posts: 2
    Hi richiebkerry,

    Are the Euros in a Eruro bank account? If so we would defiantly be able to help you, and give you a great rate! The Euro is very strong at the moment so now is a very good time to sell them as you will be achieving a lot more GBP than you would have done a few weeks ago.

    Please feel free to contact me on [email protected] with any further questions.

    Thanks

    Jessica

    FTT CURRENCY
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