Lodging Euros in a UK bank account

lavenderowl91

Hi everyone,
Firstly, thank you for allowing me to join and apologies if I am posting this in the wrong forum, I couldn't spot anything about conversion but may have missed it as a newbie.
I am looking for some advice about lodging 5K in euros in my UK bank account without losing a lot of money in the process due to conversion fees. After being gifted this money by family for future purchases I went to lodge it into my savings account with my bank today. The lady on the counter told me that I would be better off going to a travel money shop/service as my own bank's rate isn't very good. Having Googled quickly online, my 5K should translate into about 4,400 GBP, give or take. I went to several different companies including Bureau de Change and Thomson, but the best rate they could give me was around 4,100, a loss of nearly 300 pounds! I know my family member would be upset if I were to lose this amount through conversion. I was wondering if anyone knew of a way to transfer euros into a UK bank account without losing several hundred pounds in the process, maybe through a particular kind of transfer or cheque? I could give my family member back the cash and try another, more economical method if one exists, though dealing with the cash I already have would be preferable. I have tried Googling but so far have been unsuccessful. I would really appreciate any advice/ideas. Thanks in advance.

eskbanker

https://www.moneysavingexpert.com/banking/foreign-currency-exchange is the go-to article on here for cost-effective conversions at close to interbank rates rather than tourist ones, with Transferwise often quoted as a popular one.

Note that such services are all geared to electronic transfers rather than dealing with actual cash in note form, so if you have the option of returning the cash and using an online service, this is likely to deliver significant savings....

bowlhead99

When I came back from Vegas a few months ago with a few thousand dollars of cash to convert back to pounds, I used Airgo FX, they are part of ace-FX who have a few branches in the London Bridge area and Canary Wharf. Their rate on Euro would be competitive - as of now, €5k would net you £4.4k and a bit. The people in the branches are always friendly and helpful.

You will need to provide ID of course (more ID the more you want to exchange), and if you're not in London you can do it by post, sending it to them royal mail insured delivery and then they will electronically transfer the sterling you bought into your bank account.

https://www.airgofx.com/exchange-rates

eskbanker

bowlhead99 wrote: »

When I came back from Vegas a few months ago with a few thousand dollars of cash to convert back to pounds....

One of the better humblebrags to start a post with, and somehow more credible than the plethora of fantasist losers who clog the place up with drivel in the school holidays! Or did you perhaps start with a few million?