cashing a cheque

purplepetals

I have been looking into the condition of Revolut and been on the chat with them they say if I can provide documents of where the money comes from there should be no problem and it is´t as much as their maximum plus there is no problem with a bank transfer with them ...I think this will be my opcion as I have worked out that between one thing and another my bank will swallow nearly 2,000 euros plus if I have it in pounds I can change it into euros when it suits me and the exchange rate is higher....I paid 1.65€ per pound 3 years ago and at the moment it´s 1.13€ so I think this is going to be my option...or Leupay which looks good to.

eskbanker

purplepetals wrote: »

I paid 1.65€ per pound 3 years ago

The only time the pound has been higher than €1.30 in the last ten years is during 2015, when it peaked at €1.45, so if you were buying pounds with euros at €1.65 then you were being ripped off!

http://www.xe.com/currencycharts/?from=GBP&to=EUR&view=10Y

KJSmith

Westie983 wrote: »

...If you are not living in the UK you wont be able to open a UK account...

Errr... if you're resident in the EU you are able to open a basic account in the UK.

purplepetals

In 2015 in the month of June I paid 1.64!!!8364; per pound in Madrid airport but a few weeks later I paid 1.65!!!8364; in an exchange in a travel agents in Glasgow and it was more or less the same all summer as I travel 3 times between june and august I wasn't being ripped off that was what the pound was worth a few years ago.....maybe not what it was worth but what you had to pay for it as I say I got euros changed in different places and the exchange was nearly the same everywhere

purplepetals

Yes you can open a basic account but with great difficulty and some banks have already said that technically yes you can open an account on-line but in practise the story changes...I have either spoken too or chatted with about 5 or 6 banks .

eskbanker

purplepetals wrote: »

In 2015 in the month of June I paid 1.64!!!8364; per pound in Madrid airport but a few weeks later I paid 1.65!!!8364; in an exchange in a travel agents in Glasgow and it was more or less the same all summer as I travel 3 times between june and august I wasn't being ripped off that was what the pound was worth a few years ago.....maybe not what it was worth but what you had to pay for it as I say I got euros changed in different places and the exchange was nearly the same everywhere

Ah, that explains it - if you exchange currency in airports or travel agents without pre-ordering online then you will pay spot rates which are indeed very poor value (hence you paid about 12% over the odds), whereas if you're serious about exchanging money at good rates (as you apparently now are) then you'll be more careful to plan ahead!

purplepetals wrote: »

Yes you can open a basic account but with great difficulty and some banks have already said that technically yes you can open an account on-line but in practise the story changes...I have either spoken too or chatted with about 5 or 6 banks .

You might wish to read https://forums.moneysavingexpert.com/discussion/5802134, a current thread about where to find basic bank accounts.

xylophone

https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/index_en.htm

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

zerog

xylophone wrote: »

https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/index_en.htm

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

Metro Bank (several branches) refused to do this for my EU resident friend.

Most of the big banks are OK though.

mgdavid

zerog wrote: »

Metro Bank (several branches) refused to do this for my EU resident friend.

....

probably early preparation for Brexit.

purplepetals

True they don´t refuse to let me open an account but they PUT loads of obstacles in your way one being proof of your address ok I have utility bills but they are in Spanish and need to be translated and certified.....I am trying to do this without actually going to the U.K as I really can´t go at the moment but I do need or want an account to keep this money in GB pounds...I am seriously considering a REVOLUT o Leupay account as I have been incontact with both and they don´t have so many issues with opening an account plus their exchange rates are very good.