Best way to convert 20k euro in cash.

Gulash

I will happen to have 20k euro in cash. What is the most efficient way to convert them into pounds? I think going straight to the bank and depositing them is the least efficient.

eDicky

Gulash wrote: »

I think going straight to the bank and depositing them is the least efficient.

That's probably true. Shop around for the best rates at exchange bureaux, the rate may improve slightly for that amount. There's an MSE currency exchange comparison. Thomas Exchange in London are supposed to be good for cash. Source of funds may be questioned these days for banking that amount of cash.

grumbler

http://travelmoney.moneysavingexpert.com/buy-back

Only one result for €20K, but you can try smaller amounts.

mgdavid

Gulash wrote: »

I will happen to have 20k euro in cash. .........

blimey, that flour you're taking with you must be a bit special :rotfl:

Gulash

Is it possible to send the money via post? 20k euros in cash? And receive a cheque by them in pounds? Is it safe?

AlexMac

As I told you in my many previous replies to your many previous questions about this subject of money laundering and your similar ones about whether you can take white powder on airplanes... you need to be talking to my family in La Cosa Nostra in la Sicilia

eDicky

Gulash wrote: »

Is it possible to send the money via post? 20k euros in cash? And receive a cheque by them in pounds? Is it safe?

Not a problem kiddo, mail it to me and I'll write you a cheque, safe, give you a good rate too. . .

Preedyboi

I wouldn't recommend posting the currency because Royal Mail only insure for £2500 per package so it would be quite expensive to post all those packages and probably not safe.

You are better off to visit a London based currency specialist in person, they will usually require you to provide info about where you got the money from, due to ant money laundering regulations. Check Martin Lewis' Travelmoneymax (buyback section).

jumperabv3

If I were you I would look for a EUR Credit-Card that has no FX fees/commissions - e.g. I use PenFed's card when I do what you want to do only with dollars (USD) and with a MUCH smaller amount:

https://forums.moneysavingexpert.com/discussion/5117022
(See mainly post #14 in that thread please).

Then after having this card I would withdraw GBP NOT from the ATM but using a CASH ADVANCE feature (go inside a bank, ask them to swipe the card and give you cash - don't take the cash, just ask them to DEPOSIT the cash into your account) - probably if you have good EUR credit rating - you could do it all in 4 different swipes (4 times only or even less) and when done you just have all your money in GBP without paying any FX fee - but in this instance you would get a different rate each day - but if you start on Monday then by Friday you should be done with the conversion.

I'm being serious about it by the way.

jumperabv3

Preedyboi wrote: »

You are better off to visit a London based currency specialist in person, they will usually require you to provide info about where you got the money from, due to ant money laundering regulations.

Why create the hassles in the first place if you can avoid them...?
If he can do it my way (see 1 post above) then he doesn't need to provide any info, he just gets the funds into the UK in a normal way without having to go through hassles.

Gulash

I think it's an overkill to apply for a credit card. Can't I just deposit the amount safely in the company's euro account and they will deposit my pounds in my pound account?