What to do with euros - cash?

kleshnia

Hi, i have euros that i received from my Latvian family in cash.
I keep it at home, but I'm worried in case the house gets burglarized/burnt etc that I will lose it.
Also, the idea of money lying around doing nothing worries me too as it can lose its value.
What can I do?
Should i open a savings bank account in Latvia and deposit the cash there? (it would be a bit of an issue right now due to covid)
Would a UK bank accept euros without switching it to gbp??
What is the best solution?? i can't figure out as I'm all new to this!

jsmith9

sigh .....

evanescent

Barclays offers a Euro account to their customers, so you will need to open first a regular current account (£) with them, then the Euro account. 

barclays.co.uk/current-accounts/euro-account/

evanescent

PS. They don't offer interest on Euro accounts though, but good luck finding a UK bank that does. 

eDicky

evanescent said:

Barclays offers a Euro account to their customers, so you will need to open first a regular current account (£) with them, then the Euro account. 

barclays.co.uk/current-accounts/euro-account/

Do Barclays accept euro cash deposits to that account..? I vaguely recollect previous mention of a high street bank that does so. Even so, I would never use such an account, it would certainly involve fees and adverse exchange rates to access any funds deposited.

OP, it sounds likely that your euros will be useful to you in future. Any value lost due to exchange rate fluctuation over time will also apply to bank deposits. I've usually found that a safe method of keeping a bit of cash can be devised, but by all means open a Latvian bank account when you have the opportunity.

[Deleted User]

eDicky said:

evanescent said:

Barclays offers a Euro account to their customers, so you will need to open first a regular current account (£) with them, then the Euro account. 

barclays.co.uk/current-accounts/euro-account/

Do Barclays accept euro cash deposits to that account..? I vaguely recollect previous mention of a high street bank that does so. Even so, I would never use such an account, it would certainly involve fees and adverse exchange rates to access any funds deposited.

OP, it sounds likely that your euros will be useful to you in future. Any value lost due to exchange rate fluctuation over time will also apply to bank deposits. I've usually found that a safe method of keeping a bit of cash can be devised, but by all means open a Latvian bank account when you have the opportunity.

Are you just guessing?  Why would a Euro account have exchange fluctuations? 

No fan of Barclays here but they do offer free note deposits, don't charge for the account, offers free SEPA payments and free note withdrawals too.

Clunky experience though. 

[Deleted User]

kleshnia said:

Hi, i have euros that i received from my Latvian family in cash.
I keep it at home, but I'm worried in case the house gets burglarized/burnt etc that I will lose it.
Also, the idea of money lying around doing nothing worries me too as it can lose its value.
What can I do?
Should i open a savings bank account in Latvia and deposit the cash there? (it would be a bit of an issue right now due to covid)
Would a UK bank accept euros without switching it to gbp??
What is the best solution?? i can't figure out as I'm all new to this!

1. Take euros to currency exchange place.
2. Exchange for £.
3. Place £ into your bank account.
4. ..
5. Profit!

SJshah

I believe Santander offers free Euro accounts, though not sure if this has changed.

Otherwise, to exchange into pounds, go to the "buyback" tab on this link: https://travelmoney.moneysavingexpert.com/
See if you can get a good exchange rate to exchange into pounds sterling.

phillw

dahj said:
Why would a Euro account have exchange fluctuations? 

 

I think he means that for keeping a large amount of Euros as either cash or in a bank account puts you at risk of exchange rate changes, because if you live in the UK then it's most likely you'll want to spend the money in the UK. Ideally you would convert your euros when sterling is at it's weakest, which is probably around now.

If they aren't going to spend it, then I would wonder why they've been sent it.

Edi81

I always keep a couple
of hundred euros and USD in the house. 

How much are we talking about? Sounds as though it’s a lot. Do you expect to need GBP or  EUR in the near future. 

eDicky

dahj said:

eDicky said:

evanescent said:

Barclays offers a Euro account to their customers, so you will need to open first a regular current account (£) with them, then the Euro account. 

barclays.co.uk/current-accounts/euro-account/

Do Barclays accept euro cash deposits to that account..? I vaguely recollect previous mention of a high street bank that does so. Even so, I would never use such an account, it would certainly involve fees and adverse exchange rates to access any funds deposited.

OP, it sounds likely that your euros will be useful to you in future. Any value lost due to exchange rate fluctuation over time will also apply to bank deposits. I've usually found that a safe method of keeping a bit of cash can be devised, but by all means open a Latvian bank account when you have the opportunity.

Are you just guessing?  Why would a Euro account have exchange fluctuations? 

Why would euros in a bank account be immune to exchange rate fluctuation..?