Euros to Sterling for UK house deposit. HOW? Without massive conversion charges?

JoJoMc

Thank you for all the advice. The 7K euro cash I have is in the UK as my bank account is dormant in Ireland. My mother who gifted the money to me does not believe in the Irish banks so had brought the cash over to me in the UK.

When I researched converting this sum of money HiFX cropped up yet when I rang them they said I woud need to open a Euro account in UK as I no longer have one in Ireland so I could transfer from bank acc to bank acc.

So all I need to do is within the UK change euros to sterling, hadn't thought about the money laundering issue, how could that be money laundering?

Thanks again!

trailingspouse

The Euro is currently worth around 85p. In 2007 it was worth around 67p. It's all relative.

agrinnall

JoJoMc wrote: »

So all I need to do is within the UK change euros to sterling, hadn't thought about the money laundering issue, how could that be money laundering?

Thanks again!

If you turn up with 7K in Euro notes how does the bank know that your mum has given it to you rather than it being the proceeds of your hydroponic dope-growing business? They would be likely to have the same questions for you if the money was in sterling - large amounts of cash arouse suspicion I'm afraid.

antrobus

JoJoMc wrote: »

... hadn't thought about the money laundering issue, how could that be money laundering? ....

Because money laundering simply consists of paying cash into a bank account and then using the proceeds to buy something (like a house for example) which is exactly what you're doing. Now granted, the cash would need to be obtained from engaging in some kind of 'illegitimate' enterprise in order for it to be 'criminal' money laundering, but that's why you might be asked questions regarding the source of the cash.

wriggly

With cash, you are pretty much stuck with high-street currency exchanges. Travel agents may baulk at that much, as they typically deal in 100s and low-1000s. A bureau de change or a bank may be your best bet.

If you can get it into a Euro bank account, I would recommend http://www.currencyfair.com/ over the above providers. CurrencyFair lets you exchange directly with others who are going the other way (GBP -> EUR), so you typically get closer to the mid-rate. Using their Marketplace, you can set the exchange rate you're willing to accept, and wait for someone to meet that rate.

orcocan

i'd try to open a eur account with citibank, depositing your euro notes, then use an fx broker to convert it into gbp

the amount is not that large to get into trouble i dont think