How to convert > £10k to Euros, cash

benjus

The ATM option looks promising, seeing as Revolut has a high daily limit for ATM withdrawals (£2k).

Where have you looked for cash rates? As far as I can tell the best rates for cash (e.g. Thomas Exchange in London) are comparable to most FX brokers. If you don't live near London it's probably still work a special trip. Make sure you check in advance that they will be OK to exchange £10k in cash and what documentation they will require.

The only other alternative I can think of is to open a Euro account (either with a UK bank or with something like Britline in France), use an FX broker to convert the money into the account, then go to a branch of that bank to withdraw the Euro cash. A lot of messing about though.

Asking all your suppliers to get a Revolut card sounds impractical to me. I suspect most would just say "I don't care how easy or free it is, I don't like it - I just want cash".

Code

Thanks all. Unfortunately I can't see how to quote more than one post in my reply, so in order:

JB & eDicky - I believe this will leave me with the same problem of how to withdraw Eur14,000 in one day in a country I don't hold any ID in (my original thought of an HSBC european account would somewhat solve this). I'm sure it is possible, but with only 1 day to make the arrangements in country in a small provincial city I'd prefer not to risk it. Thank you.

glentoran99 - correct, suppliers will be paid after delivery of services, so it's not an issue. I also have protection on this via other means (in country agent).

benjus - thank you, I'll check into Thomas Exchange. I've spoken to a number of exchanges but so far they've either baulked at the amount, or given me a bad rate. Hopefully Thomas will be able to do it.

As a side note, we're looking at circa 20 providers who will want varying amounts (£hundreds - £thousands), so expecting them all to sign up to a new service just for me is impractical, hence my requirement to convert cash.

Thanks all.

peachyprice

Code wrote: »

benjus - thank you, I'll check into Thomas Exchange. I've spoken to a number of exchanges but so far they've either baulked at the amount, or given me a bad rate. Hopefully Thomas will be able to do it.

Thomas/Best Foreign (they're the same company) would definitely be my preferred choice, they give the best rates, they give you exactly what you order no quibbles, just fill in their fast track form online the day you want to collect and you'll get exactly what you order. My parents have used them for large sums, they've never batted an eyelid.

https://www.bestforeignexchange.com/fast_track_new.php

Code

For anyone else reading this thread at a later date. Thomas Exchange are circa Eur0.02 off the spot rate, (i.e.: on £1000 is Eur20 less than FX). They will do £10k conversions on the day and don't need prior notice. They will also ship currency to any address in the UK as long as you register with them first by going into a branch with ID. They have a limit on the amount they can ship in one go, but it's quite high.

A £160 difference seems like an acceptable spread for the convenience of a one step conversion in the UK.

Unless anyone has any further suggestions to get closer to the spot rate, or to save the hassle of travelling into London to register? At the amount I'm changing, every 0.01 is about £75-£80.

J_B

Code wrote: »

Thanks all. Unfortunately I can't see how to quote more than one post in my reply, so in order

It's to the right of the 'quote' button.*
* well, it is on the old style forum, but as a newcomer you may be forced to use the horrible new style!

Code wrote: »

JB & eDicky - I believe this will leave me with the same problem of how to withdraw Eur14,000 in one day in a country I don't hold any ID in.

In Paphos, Cyprus, the exchange shops (yes, they are just shops!) don't ask for any ID, I've done £1500 without the blink of an eye.
Maybe £7K would need a few hours notice???

Anyway, well done for finding a solution and for coming back and leaving the info for future users!
Good luck.

NiftyDigits

Code wrote: »

Thanks all. Unfortunately I can't see how to quote more than one post in my reply, so in order:

JB & eDicky - I believe this will leave me with the same problem of how to withdraw Eur14,000 in one day in a country I don't hold any ID in (my original thought of an HSBC european account would somewhat solve this). I'm sure it is possible, but with only 1 day to make the arrangements in country in a small provincial city I'd prefer not to risk it. Thank you.

glentoran99 - correct, suppliers will be paid after delivery of services, so it's not an issue. I also have protection on this via other means (in country agent).

benjus - thank you, I'll check into Thomas Exchange. I've spoken to a number of exchanges but so far they've either baulked at the amount, or given me a bad rate. Hopefully Thomas will be able to do it.

As a side note, we're looking at circa 20 providers who will want varying amounts (£hundreds - £thousands), so expecting them all to sign up to a new service just for me is impractical, hence my requirement to convert cash.

Thanks all.

If you have an in country agent, why don't you pay them and they pay the suppliers? Don't trust the agent?

Code

NiftyDigits wrote: »

If you have an in country agent, why don't you pay them and they pay the suppliers? Don't trust the agent?

Somewhat off topic, but I fully trust my agent, they have an extensive track record and have delivered consistently for me since I engaged them. The agent themselves does not want to take the entire sum and disburse it as required, I believe there is some law in Italy that puts legal constraints on them doing this (they may have to be incorporated as a certain type of company or whatever). Plus, regardless of this, the suppliers still want cash and this wouldn't solve the problem.

I don't fully understand the detail and, to be honest, they are acting as my intermediary and doing everything I require so I'm not really bothered to find out the detail.

One item I forgot to add in my last post re: Thomas Exchange. If you go into a branch and register with them, you don't have to do the transaction immediately. In my case they confirmed there was no issue registering now and not using them for 3 months.

Thanks again to all, and I'll leave it there. If I experience any problems down the line I'll post again.

NiftyDigits

Code wrote: »

Somewhat off topic, but I fully trust my agent, they have an extensive track record and have delivered consistently for me since I engaged them. The agent themselves does not want to take the entire sum and disburse it as required, I believe there is some law in Italy that puts legal constraints on them doing this (they may have to be incorporated as a certain type of company or whatever). Plus, regardless of this, the suppliers still want cash and this wouldn't solve the problem.

I don't fully understand the detail and, to be honest, they are acting as my intermediary and doing everything I require so I'm not really bothered to find out the detail.

One item I forgot to add in my last post re: Thomas Exchange. If you go into a branch and register with them, you don't have to do the transaction immediately. In my case they confirmed there was no issue registering now and not using them for 3 months.

Thanks again to all, and I'll leave it there. If I experience any problems down the line I'll post again.

Not at all off topic, since the agent would be best placed to disburse the funds to you on arrival....for you to then pay the suppliers.

I have friends in Italy and it would be no problem for me to send the funds to their account ....having the cash ready for me for when I arrive...is my point. That why i asked if you trusted the agent in this capacity.