Euro chq

m139195

Hi,

I have received an inheritance chq from ireland in euros and i want to convert it to sterling but not sure the best way to do it so i'm not stung too much by the bank rate and fees. I hear high-street banks are a no-no so i was considering maybe opening a citbank euro account and keeping it there in euros and then at some point in the future transferring it electronically to my normal current account (hsbc) - good idea or not? Would I save anything on the rate doing it that way?

Or, given the current state of the euro, should i just get it converted now and take the financial hit so at least it's in sterling and safe? Thanks people for any advice

Voyager2002

m139195 wrote: »

Hi,

I have received an inheritance chq from ireland in euros and i want to convert it to sterling but not sure the best way to do it so i'm not stung too much by the bank rate and fees. I hear high-street banks are a no-no so i was considering maybe opening a citbank euro account and keeping it there in euros and then at some point in the future transferring it electronically to my normal current account (hsbc) - good idea or not? Would I save anything on the rate doing it that way?

Or, given the current state of the euro, should i just get it converted now and take the financial hit so at least it's in sterling and safe? Thanks people for any advice

I think your plan is very sensible. Citibank is not the only institution to offer a Euro account to people in the UK, but operating it is very convenient. Do be aware that they are quite choosy about who they accept as customers, and since you will be applying for an account with an overdraft you should expect credit checks and a little while for them to make a decision.

Currency conversion with the Citibank Euro and sterling accounts is quick and easy, but the exchange rate is not all that good. Once the proceeds of the cheque are in a Euro account in your name, you would do better to move them to a sterling account using a currency broker.

Of course, if you can afford to take a long-term view there are some excellent investment opportunities in Euro-land: Germany has many good companies and shares in them look like bargains at the moment.

m139195

Is there much of a difference between a Citibank Euro Account and a Barclays Euro Account? Its just that Barclays would be more convenient to get to as Citibank only have branches in London (and I don't like sending chqs in the post), thanks