Bank Account - Euro advice

vale94

Hi Everybody.

I would like to summarize what my situation is:

I currently have a TSB current and savings account, which I use for my usual everyday things.

I have a sum of savings in Euros from when I used to work back in italy, around 7k or so. It is all in cash, and I do not have an euro bank account in Italy for many reasons, because I am not a resident there first of all, and because it costs money to upkeep one (and they are generally terrible) - and so I find myself unable to use Transferwise.

What is my best bet? Is there any account in the UK which takes Euros, where I can deposit in cash and get a favourable conversion rate? Or will I have to actually take all the cash to a physical exchange office?

I currently live in Scotland and the only way for me to exchange the money (in cash) without ridiculous rates and not lose hundreds would be to travel to London.

Thanks in advance!

jonesMUFCforever

What denominations is it in?
If you have any 500's then most places won't take them.

benjus

You're going to have to either pay the money into a Euro bank account or physically get it to an exchange place in order to do anything with it.

Many of the exchange places in London that offer good rates will allow you to send them the money by post using Royal Mail Special Delivery. This costs about £10 with insurance up to £2500, so you'd have to send it in 3 batches, paying £30 or so for postage. Which is probably less than a trip to London would cost you.

vale94

Thanks for your replies. It is 50s and 100s.

Any euro bank accounts in the UK? I have seen theres a barclays one but its unclear to whether i can physically deposit euros and then get favourable exchange rates if I decide to transfer money? Or simply pay with transferwise then.

Is the mailing system deemed safe for such amounts? Thanks for the advice.

benjus

vale94 wrote: »

Is the mailing system deemed safe for such amounts? Thanks for the advice.

If you use Royal Mail Special Delivery, pay extra for insurance up to £2500, and don't send more than £2500 in a single package, then yes it's safe.

benjus

vale94 wrote: »

Any euro bank accounts in the UK? I have seen theres a barclays one but its unclear to whether i can physically deposit euros and then get favourable exchange rates if I decide to transfer money? Or simply pay with transferwise then.

I'm not sure, but this suggests that you can deposit Euro cash directly into a Barclays Euro account: https://www.barclays.co.uk/content/dam/documents/personal/current-accounts/9911230LP_current_account_0617.pdf

You'll need to open a Barclays Sterling current account before you can open a Euro account with them.

eDicky

If Barclays truly allow cash euro deposit be aware that they will put a 3%+ margin on conversion to pounds, or charge a fee to send the euros to a better alternative such as TransferWise or Revolut. If you take this route please update us on how it goes.

The pound is still relatively cheap to buy with euros, especially if you earned them at least eighteen months ago, so this may relieve the unease about the cost of exchanging cash. Look for the best 'buyback' rates on the exchange comparison tools.

vale94

I have resolved, updating the thread in case someone is searching the same matter and I can help.

I ended up opening a currency account with Barclays. I have now been able to deposit euro in cash, and then send it to my EUR transferwise accounts for better conversion rates. Not had any issues. If anyone is in a similar situation as me this is very convenient. No fees to send the EUR.