How to get 25000 euros in cash deposited into a UK Pound bank account?

neil9327

I have just finished a period of time working in Holland, and I have 12000 in cash that I have withdrawn from there (in 100-euro notes) and an additional 13000 still in the account. I won't go into the reasons why I have the cash, but safe is to say that I have not been able to get an online account set up, and that is the only way you can do an electronic transfer (you can't even do a transfer in-branch with Dutch ING).

So I will have a bundle of 25000 notes now in the UK. What is the best way to get them converted into pounds and deposited into my UK bank account so that I don't lose too much through conversion charges etc?

The money is all completely legal, and I have kept receipts showing the cash withdrawl, and dutch tax paid.

Thanks

StrawberryYogurt

We live in Germany as we are a forces family so have a German and UK account..when we want to transfer money ( which is pretty often as trying to clear OD..e.t.c...) but we go into our German bank with the swift and IBAN number I think its called of our UK account and it gets done. Surely a Dutch bank will have that ability?

sillystudent_2

So I will have a bundle of 25000 notes now in the UK. What is the best way to get them converted into pounds and deposited into my UK bank account so that I don't lose too much through conversion charges etc?

The money is all completely legal, and I have kept receipts showing the cash withdrawl, and dutch tax paid.

Thanks

I might be wrong here (not 100%) but I think the best way would be just to deposit it straight into your UK bank account - changing it at a bureau de change like M&S money will a) get you a worse rate and b) be way too much of a hassle in terms of money-laundering checks etc.

Your bank on the other hand will be much more used to such large deposits, and should give you quite a good exchange rate, though there will most likely be some kind of handling fee (hopefully smallish, check with your bank first.) I've deposited dollars straight into my account before, and from what I remember got a pretty good rate - though its worth bearing in mind it was a low three-figure sum, not a five-figure one!

Of course there will still be plenty of money laundering checks, but given that its all 100% legal there shouldn't be any problems - just bring all your documentation and show it to them if they ask. You never know, they might not even be that interested - someone I knew deposited £30k cash into an account without hearing so much as a whisper from his bank (though large foreign currency deposits will probably attract some attention.)

This is, of course, assuming that you have to deal 100% in cash (as you said in your post) - you would get a much better rate/be much less hassle if you could transfer the money online through an fx broker.

Hope this helps

jonesMUFCforever

This will be messy and it will cost you a lot of money.
You always get a better rate for foreign exchange transfers ie an international payment either from a bank or Forex dealer than cash which is expensive to deal with.

Sorry just realised I have duplicated what sillystudent has just said.

dzug1

Deposit them back in your Dutch account and do a bank transfer/forex dealer would be the best bet. You'd probably save enough to pay for the trip!

I don't think depositing them in your UK account will save you anything - the bank will give you at best the same and probably a worse rate than M&S for cash - you will lose 5 to 10% of the middle market rate on the deal.

sillystudent_2

I don't think depositing them in your UK account will save you anything - the bank will give you at best the same and probably a worse rate than M&S for cash - you will lose 5 to 10% of the middle market rate on the deal.

Hmm I stand corrected, would have thought the bank would give a better rate, but guess not - to be fair I've never dealt with five-figure cash sums The only thing I'd wonder about a currency place like M&S is - do they even deal in such large amounts? I mean obviously they could get the cash together, but would they be set up to process all of the money laundering checks? (again, have no idea as the most I've ever changed at somewhere like M&S is under £1000 )

Either way OP, I think the conseus is that if at all possible, you should try to use some kind of forex broker - it will save you quite a lot

arnovl_2

I just used 2 Currency Brokers to transfer 75,000 Euro's to the UK.

The rates the brokers give you are a LOT better then the bank, especially for anything over 10,000

I used 2 companies : imsfx and Currency Solutions
You sign up (free) with both of them, you'll need to send a scan/copy of your passport and proof of address.

When you think the rate is in your favour , you ring them both and get their best prices; then "play them out" against each other.

My offered Euro/GBP rate went from 0.8675 to 0.8718. Not a huge amount, but still £4.30 difference per 1000 Euro, and a lot better then the bank rates.

The process is very easy - once you've agreed the price, you make a SEPA transfer from your Euro account to their Euro account in the UK
SEPA transfers are free, but limited to 50000 Euro.

SWIFT transfers are fine too ofcourse, but they'll cost about £10.00 - £15.00

Once they've received the Euros , your UK account will be credited with the agreed amount in Sterling.

Hope this helps.

choc_mouse

Open up a Citibank EURO account and take the cash to Citibank who will happily deposit it into your account. You can then transfer it to any account you wish using Citibank's exchange rate (which isn't bad).

Though with such a large amount I would consider getting quotes from an FX broker and explain that you have cash - to maximise your profit (or miminise your loss) when you change from EUR to GBP.

Cumbrianinexile

Re Arnovl's suggestion about the SEPA: I thought the UK banks had (selfishly and greedily) unilaterally opted out of participation in the SEPA?

As I am hoping one day to buy a property in the Eurozone, I'm interested in this thread. I had wondered about getting on the ferry and going to open a bank account in Calais, but that would still mean that I would have to get oodles of pounds out of the bank here and convert it at high street bank rates. Your use of exchange brokers is interesting.