Investing a cheque which is in Euros

John_D._2-2

I have been presented with a cheque from a relative, and it's in Euros. It's for a fairly substantial sum, and I'm wondering about the best way to exchange it into sterling. I can then think aboutthe best way to invest it!

The answer may simply to be to open up a high interest savings account at my local bank and deposit the cheque - but I'm not sure and would be very grateful for advice.

Thanks

John

innovate

There was a very similar question not too long ago, you might find it if you search for 'euro'. Not sure what was concluded, but advice included that you

1. look up the European central bank Euro/Pound rate
2. go round high street banks and see who will give you the best deal. Watch out for any commission they may want to lump on top. Don't settle for tourist rates since you have a larger sum.

Look for a 'good place' for your pounds in parallel so you can move the moeny as quickly as possible

The other alternatives are that your relative tears up the cheque and does a bank transfer to your current account, or uses a Moneybooker transfer. Again, if you search the forum for 'euro' you should find some threads about this.

Greycrow

If it's possible the Moneybooker route will give you a pretty keen exchange rate and most certainly better than any of the high st banks.
http://www.moneybookers.com/app/
http://www.ecb.int/stats/exchange/eurofxref/html/index.en.html

innovate

agree, Moneybookers are in fact my favourite for money transfers involving currency exchange - but you cannot pay a cheque into Moneybookers. That's why I listed them in the alternative that involves tearing up the cheque.

kenshaz

need to open a Euro account

innovate

kenshaz wrote:

need to open a Euro account

not sure this would be the best option - most of them have charges or onerous minimum balances, and interest rates are poor