How to convert > £10k to Euros, cash

Code

Hi, looking for suggestions on this please. I need to convert over £10,000 sterling to Euros, cash, for early next year to pay multiple suppliers (for a personal event) in Italy. Unfortunately I can't find a sensible way to do this.

Using a travel exchange gives a rate that's 0.4 off the spot, effectively costing me £500+, and the limitiations on total amount allowed to change in one transaction causes a problem.

Using an FX bureau gives me the right spot rate, but they only perform bank to bank transfers, so no cash - as it's going to multiple suppliers, this doesn't work.

The only solution I've come up with is to register a bank account with HSBC, get an international bank account denominated in Euros, then use an FX bureau to send cash from my UK £ bank account to the HSBC Euro bank account at the best spot rate. However then I'm stuck on how to get the cash out in Italy, as I'm sure there's a daily withdrawal limit. This is also a major hassle!

Does anyone have any suggestions on how to do this? Surely it can't be unusual for people to need to exchange a large amount of cash (e.g.: pay for house renovations, weddings, parties etc).

All advice appreciated.

Thanks

eDicky

Code wrote: »

Using an FX bureau gives me the right spot rate, but they only perform bank to bank transfers, so no cash - as it's going to multiple suppliers, this doesn't work.

Why can you not make multiple transfers to these suppliers - do they insist on cash? (Your requirement is not quite clear.)

Code

eDicky wrote: »

Why can you not make multiple transfers to these suppliers - do they insist on cash? (Your requirement is not quite clear.)

Correct, the majority of the suppliers require cash on the day. It's therefore easier on the day, easier in general (and, considering fees) theoretically cheaper to convert the entire amount to Euros than to convert 75% of it to Euros then make multiple smaller payments to different suppliers.

So my requirement is to convert £10k sterling to Euros with reasonable total cost (i.e.: low/no fees and at a rate close to the spot rate and much better than the 0.4 off that BdC will give)

NiftyDigits

Get all of your suppliers to register a Revolut account. Will cost them nothing. Once you have verified your account you can convert to Euros at the 'spot rate' and send them on to them. All done in seconds.. They can then withdraw to their bank accounts at no charge. Even without an account, they can withdraw to their bank accounts, but this might take up to three days.

Code

NiftyDigits wrote: »

Get all of your suppliers to register a account. Will cost them nothing. Once you have verified your account you can convert to Euros at the 'spot rate' and send them on to them. All done in seconds.. They can then withdraw to their bank accounts at no charge. Even without an account, they can withdraw to their bank accounts, but this might take up to three days.

Thank you, I'll ask but I don't think this is an option as it's not cash on the day - which is what I need.

J_B

In Paphos, Cyprus, there are a lot of 'sea-front' exchange shops.

Cash for cash. I wonder if something similar to this available where you are going?

NiftyDigits

Code wrote: »

Thank you, I'll ask but I don't think this is an option as it's not cash on the day - which is what I need.

It's not much different, as they will be able to withdraw the cash the instant that you send it. Revolut also supplies them with a debit card.

eDicky

It may be simpler just to get your own Revolut account and withdraw the cash euros from ATMs in Italy as you need them for payment. Spot rate and no fees.

Voyager2002

Don't do it: they ask for cash so that they can keep it "off the books" and cheat the tax man. This also means that if something goes wrong you have no come-back. So tell them that you will pay by bank transfer, and if they don't like that there are plenty of other suppliers.

If you are determined to take the 'cash' route then get several cards that allow fee-free ATM withdrawals (Metro bank; N and P; Cumberland; Halifax Clarity...) and arrive a few days in advance. Ask if there is any way to increase the daily limit. Just be sure that you have a safe during your stay!

Oh: and please give details of all cash payments to the Revenue Agency at http://www1.agenziaentrate.gov.it/english/

J_B

Voyager2002 wrote: »

get several cards that allow fee-free ATM withdrawals (Metro bank; N and P; Cumberland; Halifax Clarity...)

N&P don't do that on a new card any more

glentoran99

Voyager2002 wrote: »

Don't do it: they ask for cash so that they can keep it "off the books" and cheat the tax man. This also means that if something goes wrong you have no come-back. So tell them that you will pay by bank transfer, and if they don't like that there are plenty of other suppliers.

If you are determined to take the 'cash' route then get several cards that allow fee-free ATM withdrawals (Metro bank; N and P; Cumberland; Halifax Clarity...) and arrive a few days in advance. Ask if there is any way to increase the daily limit. Just be sure that you have a safe during your stay!

Oh: and please give details of all cash payments to the Revenue Agency at http://www1.agenziaentrate.gov.it/english/

presumably he's paying them after the event, and its also nonsense that paying cash means no comeback