E20 Note to Pounds?

planteria

a relation has sent us a 20Euro note in the post, to put into our little boy's investment account.
what is the best way to convert it into pounds to contribute to his JISA? just put it into my own current account and write a cheque for the value? exchange at the Post Office? exchange at M&S?
i know it's not a lot of money, but we'd like to be able to show the right amounts from various people on the statement :A

agrinnall

You'll get the best value if you can sell it to someone who is planning to travel to the Eurozone - if you do it at the day's spot rate then you'll both benefit.

planteria

yes, with you, and i realise it's not a lot of money.. but i'm just trying to do it a sensible, but also very 'clean & tidy' way. i want to be able to demonstrate that i've put the relation's Euros into his JISA in Pounds.

PeacefulWaters

Keep the note for your next Eurozone holiday.

Exchange rate today is £1 €1.17.

€20 divided by 1.17 is £17.09. Deposit that sum.

eskbanker

"Dear relation,

Many thanks for your kind gift - however, as you sent it in the form of foreign currency it wasn't actually possible to pay in directly, so I've contributed an approximately equivalent amount of sterling into his account on your behalf....

Best wishes to you and yours,

Planteria"

eDicky

planteria wrote: »

but i'm just trying to do it a sensible, but also very 'clean & tidy' way. i want to be able to demonstrate that i've put the relation's Euros into his JISA in Pounds.

So exchange the €20 with yourself, at today's mid-market rate, and deposit the £17 odd into the JISA.

The €20 note is then yours, to use next time you travel to the continent or to sell at the mid rate to somebody else who is travelling.

You've then fulfilled your requirements sensibly. The alternative is to exchange it somewhere like Sainsburys, I noticed their rate today for selling euros was 1.31+. Losing £2 of your son's money that way is not so sensible.

jonesMUFCforever

eDicky wrote: »

So exchange the €20 with yourself, at today's mid-market rate, and deposit the £17 odd into the JISA.

The €20 note is then yours, to use next time you travel to the continent or to sell at the mid rate to somebody else who is travelling.

You've then fulfilled your requirements sensibly. The alternative is to exchange it somewhere like Sainsburys, I noticed their rate today for selling euros was 1.31+. Losing £2 of your son's money that way is not so sensible.

Did you mean to say their BUYING rate was 1.31?
If not sorry I don't believe you.

eDicky

jonesMUFCforever wrote: »

Did you mean to say their BUYING rate was 1.31?

Yes, sorry, I mean Sainsbury's buying rate. I was thinking of the OP selling euros at that rate to the pound.

McKneff

If he is your little boy just stick £20 in . Easier all round

planteria

haha yeah.. he'll be well looked after, i assure you

this was more of a specific re. a gift that i wanted to show being contributed correctly. it's done. E20.00>£15.85[HSBC]>£15.85[George'sJISA]

thank you for all replies.