advice needed quick- re exchange rates

dazco

mods- I know this is in the wrong place, but could not find where it should go. it involves both banking and houses.

My mother has sold a house in spain and has a large bankers cheque in euros. she has taken it to Barclays.

The exchange rate is hovering around 140 euros per pound and the dirty rotten barclays have exchanged it at 157.

This costs my mum almost £10,000 to bank a cheque. OUTRAGEOUS!!

1, can she get the cheque back, she only did this an hour ago

2, where should she cash this to get the best rate.


Thanks

allthatmularky

As you're probably aware, you'll never get the market rate of €1.40 - the banks have to make their margin.

However on a large transaction - you'll easily beat the tourist rate (which appears to be what you've got) - I would think you should be looking at €1.47 as an exchange rate.

As to whether you can renege on the agreed transaction, I doubt it - the only way would be to kick up a stink on the banks profiteering from naive customers.

hartcjhart

Not sure but if they have not cleared the cheque she should be able to get it back,

I advise people to use Currencies Direct for large transactions(normally UK to Spain)

give them a call and find out,or go to their website

https://www.currenciesdirect.com/

hope this helps

hartcjhart

P.S, I would phone the bank NOW and tell them not to process the cheque

dazco

thanks for your replies.
They are stopping it/renegotiating the rate at the moment

nomoneytoday

The mid price is 1.4656
The rate of 1.40 is what a bank will give a tourist for cash, and on the other side a High Street bank should give you around 1.52ish as the buying tourist rate.

For larger amounts, there are better ways to move money, such as swift.

hartcjhart

as a quick example,currencies direct calculate online 200,000euros comes out at around £136,500