exchanging euros to pounds

I've inherited about 50,000 Euros but would like to exchange them for pounds as I live in UK. Does anyone know where I can get best rate for this amount?
Do you think it is better to keep Euros for now- is it possible to have a bank account with Euros in UK?
Also, what is the best way of transferring this money from the bank in Switzerland?
Thank you very much!
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  • Paul_Varjak
    Paul_Varjak Posts: 4,627
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    Welcome lola.

    Sorry, I do not know the answer to your question. Hope someone can help.
  • ManAtHome
    ManAtHome Posts: 8,512
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    Tricky choice - several UK banks have offshore operations offering euro accounts (Citibank, Nationwide, HSBC, Barclays at least, probably more). Big problem is guessing where exchange rates are going as the best interest rates on a euro account are likely to be over 3% lower than sterling accounts. Advantage of having (some of) the cash in sterling is that you can bung some of it into tax-free/efficient accounts.

    Haven't looked at how to quote previous threads yet (..awaits deluge), but if you search this site for 'currencies.co.uk' there is a discussion on converting pounds to euros which I suppose would work the other way round.

    For interest, Interbank Pound to Euro exchange rate for today over last 4 years:
    2002 - 1.586
    2003 - 1.402
    2004 - 1.484
    2005 - 1.451
    (numbers from http://www.oanda.com/convert/fxhistory )

    As you can see, you could have broken even, lost money, or gained money depending on when you moved between sterling and euros... Current forecasts are for sterling to decline against the euro, but zillions of different forecasts about how much and when (ie most of them will be wrong).

    Alternative option: take a gap year and blow it on Wine (France), Men (Spain/Italy), and Song (Greece)...
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276
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    lola wrote:
    Also, what is the best way of transferring this money from the bank in Switzerland?
    Thank you very much!

    You're sure you have Euros?

    It's just that Switzerland is not in the EU so I would expect you to have Swiss Francs.
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • climbgirl
    climbgirl Posts: 1,504 Forumite
    I use this site to send money between NZ and the UK - https://www.tranzfers.com They have consistently better rates than any bank (often making hundreds of pounds difference to the total) and their fees are a lot less. You transfer it between two bank accounts online.

    If you go onto the site, it'll say they do transfers between NZ, OZ, Singapore and the UK. But my friend and I have both made transfers between Europe and the UK - just give them a call and they should sort it out for you.

    If you want any more info, PM me!
  • Savvy_Sue
    Savvy_Sue Posts: 45,938
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    A Swiss bank account? Oh yes please! :D

    (Sorry, that's not necessarily very helpful.)
    Signature removed for peace of mind
  • lola_2-2
    lola_2-2 Posts: 10 Forumite
    You're sure you have Euros?

    It's just that Switzerland is not in the EU so I would expect you to have Swiss Francs.

    yes it's euros but coming from the bank account in Switzerland.
  • ManAtHome
    ManAtHome Posts: 8,512
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    ManAtHome wrote:
    Alternative option: take a gap year and blow it on Wine (France), Men (Spain/Italy), and Song (Greece)...
    Hope you all backed them...
  • My question is about exchanging Euro NOTES into GBP...

    What is the best way for me to do this as I have about 10,000 Euro and therefore every commission percentage point is important. I am fully aware that the exchange rate fluctuates so I'd like an option where I can strike quickly while the rate is in my favour.

    Thanks in advance,

    Mark
    Regards

    Mark
  • black-saturn
    black-saturn Posts: 13,937
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    The post office will exchange them for nothing. If it's a very large amount you will have to book. Then you can put them in your bank account.
    2008 Comping Challenge
    Won so far - £3010 Needed - £230
    Debt free since Oct 2004
  • Cook_County
    Cook_County Posts: 3,085
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    Are you domiciled within the UK for tax purposes; if not you should keep the money offshore.

    If the money came from a trust set up by a non-UK domiciliary then the money could stay outside of the UK IHT net on your death.

    The message here is don't forget to include UK tax planning in however you structure the money or you will give 40% to Gordon Brown at some point...

    The currency is your choice, you can hold Swiss Francs, US dollars, GBPounds or whatever you like offshore but it could save you tax to keep it there...
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