Quickest way to convert 10K+ of £ into euros?

gunnaknow

I was planning on opening a euro savings account but I have to renew my passport for ID before I can do that. How can I exchange £10,000-50,000 for euros quickly, whilst I am waiting for a euro savings account to get set up? Ideally, I'd like to fix a competative rate with a foreign exchange dealer tomorrow and then exchange my money in my current account into euros, ASAP. Where could I transfer the euros to whilst waiting for a euro savings account to be set up though? Where would I get the best exchange rate for transfers, Moneycorp? Thanks.

gunnaknow

I'd also, be happy to withdraw my £ as cash and exchange it for euros as cash, if somewhere offered a cash exchange at a competative rate. I doubt that anywhere with a decent rate would have 10K+ in euro notes though?

Baldur

gunnaknow wrote: »

I was planning on opening a euro savings account but I have to renew my passport for ID before I can do that.

For FX transactions in excess of £10k you are likely to be required to provide ID to satisfy money laundering checks, wherever you conduct the transaction.

innovate

If you have a current account in Euroland, you could look into opening a Moneybookers account (https://www.moneybookers.com) which I found the smartest way to make Pound to Euro transfers.

You can register both, you sterling and your euro bank account on your Moneybookers account, and then transfer whatever you need to transfer. Moneybookers basically uses the ECB exchange rate, and you only pay something like €1.80 for withdrawals to your bank account (nothing for depositing into your Moneybookers from your bank account).

The downside is that you will have to do some account verification before you can fully use your Moneybookers account, that will take a week or so. Until you have done the verification, you will have "outgoing" limits on your Moneybookers that are probably too low for what you want to transfer.

Your other alternative is to just ask your current account bank to do the transfer for you - they will most likely charge up to £50 for this, and you might not get the best exchange rate.

gunnaknow

Thanks Innovate, I don't have a euroland account though. It looks as though I am stuck until my new passport comes through. By then, exchange rates might have bottomed out and I won't have anything to gain from changing to euros anymore. I asked lloyds international if they could open a euro account for me before my passport is renewed and they said no! I already have a sterling account with lloyds UK, they know who I am already!

Cook_County

You would of course be subject to CGT on the currency gains. Can you not buy an ETF to provide currency hedging?

Cuzzy_2

Try giving MoneyCorp a call. A few forms to fill out but they do very good rates. We use them for business although I am pretty sure they do personal transactions as well.

dwsjarcmcd

I use HiFx for transfers and everything has always gone very smoothly. Rates and fees are miles better than my bank - First Direct.

Just glad that my mortgage payment is fixed at 1.26€ / £, which I wasn't happy about at the time!!

rebelliousgranny

Thank you for this! I have pre-registered with three money exchangers. Will have a look at Moneybookers though! Has anyone tried to transfer money for the UK to their Irish bank via Paypal?

innovate wrote: »

If you have a current account in Euroland, you could look into opening a Moneybookers account (www.moneybookers.com) which I found the smartest way to make Pound to Euro transfers.

You can register both, you sterling and your euro bank account on your Moneybookers account, and then transfer whatever you need to transfer. Moneybookers basically uses the ECB exchange rate, and you only pay something like €1.80 for withdrawals to your bank account (nothing for depositing into your Moneybookers from your bank account).

The downside is that you will have to do some account verification before you can fully use your Moneybookers account, that will take a week or so. Until you have done the verification, you will have "outgoing" limits on your Moneybookers that are probably too low for what you want to transfer.

Your other alternative is to just ask your current account bank to do the transfer for you - they will most likely charge up to £50 for this, and you might not get the best exchange rate.

jammin_2

rebelliousgranny wrote: »

Has anyone tried to transfer money for the UK to their Irish bank via Paypal?

www.currency.ie every time. Excellent rates, same day transfers, no fees.

mickymellon

another vote for hifx, have used them a few times with no problems :money: