Changing euro cheque to GBP

Martina1986

I recently recieved a cheque to the sum €24,500 and am wondering what is the best way to change this to GBP. I am currently getting a rate of 1.19 from Llyods whom I bank with but am wondering if there is a better way to do this. Please help!!

benjus

In that situation I'd probably open a Euro account, deposit the cheque there, then work out how to convert it at my leisure.

The cheapest way to transfer money between currencies is usually to use an FX broker like transferwise.com although this lacks the security of using the banks. You could try talking to Lloyds or the bank you have your Euro account with to negotiate a better exchange rate for the bank transfer.

grumbler

TBH, 1.19 is a surprisingly good rate.

The other ways are

• Openigng a € account, depositing the cheque, then using some currency broker for conversion that possibly will offer you a better rate (I guess 1.175 is achievable). Downsides: you'll struggle to find a free € account; € transfer to the broker will cost you.
• Returning the cheque and asking for a bank transfer instead: http://www.mycurrencytransfer.com/money-transfer-to-UK/25000-EUR