Euro Cheque what to do with it

rocco1

:beer:I am about to receive a cheque in euro’s (55Kish) and I don’t have a euro account any ideas.

skid112

most UK banks will be happy to open you a Euro account
just watch out for the charges

alanq

Most (all?) UK banks will be happy to deposit the cheque in a sterling account perhaps after waiting several weeks for it to clear and after charging a fee. Faster clearance may attract a higher fee and for such a large sum may not be offered at all.

Nationwide B.S.
http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=1347

Voyager2002

For an amount like that, it is worth going to some trouble. I suggest that you open a Euro account: Citibank offer this, as do several other banks.

You then need to decide what to do with the money. If you want to take it in sterling, then research the various foreign exchange brokers who take money from a bank deposit in one currency and in exchange transfer funds into an account of your choice in the currency that you need. (I usually use https://www.xe.com, but there are many other reputable firms.) It is probable that a broker will offer you a better exchange rate and lower charges than any bank. Of course, once you have a good quote from such a broker you could ask your bank if they could match or beat the quote: they can only say no!

calypso_rhapsody

I'd second the recommendation of Citibank ...

If you use a broker to exchange the cash into sterling do make sure you unedstand any credit risk you are taking - there have a been a few forex brokers go bust and you are probably not protected by FSCS. For that sum of money it may be worth paying the higher charges/accepting a worse exchange rate to avoid that risk ....

Noebys

I am in a similar position to ROCCO1. I have 150,000€ in a UK euro account which I want to use in sterling and am 'wobbling' about how to do it. The only sterling account I have is Nationwide who, as alanq says can accept euros but may take up tp 3 months to clear it!! I was going to investigate broker but now CALYPSO RHAPSODY rhapsody has put doubt in my mind. They say money causes problems - its the first time I have had this amount of money and its giving me a headache already!!! Obviously I want to do the best I can with it - has anyone got any definite way forward I could investigate please?