bank transfer or cash?

Hello!

A European colleague is to give me around 1000 euro from their personal account to mine, and we are wondering if it will be cheaper to do a bank transfer, OR to receive the cash and for me to exchange it into sterling once I return to the UK...

anyone have any clear ideas on this?

thanking you

KP

Comments

  • skid112
    skid112 Posts: 373
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    your bank will charge you a fee, plus unless you have a Euro account, a bad exchange rate
    Save 12k in 2020 #19 £12,429.06/£14,000
  • benjus
    benjus Posts: 5,433
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    3rd option - transfer between bank accounts via an FX broker such as https://transferwise.com/
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
  • J_B
    J_B Posts: 6,410
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    benjus wrote: »
    3rd option - transfer between bank accounts via an FX broker such as https://transferwise.com/

    I use https://www.currencyfair.com/
  • Cheapest way will almost definitely be CurrencyFair.
  • Voyager2002
    Voyager2002 Posts: 15,244
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    Do you want the money as pounds in your bank account, or Euro to spend while abroad?
  • Hello!

    A European colleague is to give me around 1000 euro from their personal account to mine, and we are wondering if it will be cheaper to do a bank transfer, OR to receive the cash and for me to exchange it into sterling once I return to the UK...

    anyone have any clear ideas on this?

    thanking you

    KP

    Or option no. four would be to use this transferwise invite link where you will get your first transfer for free + at the actual exchange rate. That makes everyone a winner. transferwise.com/u/5b84
    I am using it every month to transfer part of my uk salary from a uk bank to The Netherlands.

    Cheers!
  • Transferwise or Paysera could be an option - such services often offer better exchange tares than banks do. Using them money could be transferred to your bank account. Information about exchange rates can be found on the web pages of these companies.
  • Yolina
    Yolina Posts: 2,262 Forumite
    once I return to the UK...
    So you are in a eurozone country at the moment? Take the cash and use that whilst you're there and keep what's left for your next trip/holiday
    Now free from the incompetence of vodafail
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