I would like to convert Euros into sterling here in England

trigan

I live in Nottingham, England. I have a sterling bank account and a Euro currency bank account with the same bank. I would like to convert the Euros into sterling. I can do so on my online bank account but my bank’s current exchange rate is only 82 pence for 1 Euro and it has been like this for many months.

I am wary of scams going on, online at the moment. So, I am thinking of withdrawing Euros in cash from my bank, finding a firm that will give a very good exchange rate, travelling there and then exchange my Euros to sterling over the counter. This way I am not risking any online scam. 

Please advise on this idea and what firms are known to give a good exchange rate and can exchange my Euros into sterling over the counter. What town are they based in? 

How would you go about it? 

Thank you. 

 

Grumpy_chap

trigan said:

I live in Nottingham, England. I have a sterling bank account and a Euro currency bank account with the same bank. I would like to convert the Euros into sterling. I can do so on my online bank account but my bank’s current exchange rate is only 82 pence for 1 Euro and it has been like this for many months.

I am wary of scams going on, online at the moment. So, I am thinking of withdrawing Euros in cash from my bank, finding a firm that will give a very good exchange rate, travelling there and then exchange my Euros to sterling over the counter. This way I am not risking any online scam. 

Please advise on this idea and what firms are known to give a good exchange rate and can exchange my Euros into sterling over the counter. What town are they based in? 

How would you go about it? 

Thank you. 

 

Depending on how much you are intending to exchange in this way, I always understood that all Bureau de Change cab exchange EURO for Sterling over the counter.

You should be able to check the rate of those sufficiently convenient for you, and check the rate ahead of doing the withdrawal.  In particular, you will need to verify that the rate is better than your bank is giving you, especially considering the time and other efforts / risks of having to do this in person.

Another consideration is to be aware that the action is not seen as "risk" activity in terms of the money-laundering checks.  If it is a large sum, then you'll be withdrawing EURO and then depositing Sterling (which will effectively be "untraced" once you take it to the bank).

If it is a lower value that needs to be exchanged, then it is likely not worth the effort for the extra return.  If it is a larger sum, then the risks may outweigh the extra return.  Can you even get a better return through this process than your bank will give you?

TOP_CAT

Im not sure you even have your current bank figures correct as you dont mention bank charges to convert?

If its possible via ones own £ and euro accounts ....which I imagine it would be ...?

Wise/Transferwise may convert it online from your accounts at the best rate so you can forget travelling to a bureau with a mark up or using a rip off bank .

You will get defeatists on here spouting doom and gloom regarding using Wise ...you can safely take very little notice so long as you can account for the money .

Mykelacts

  Yes, you should checkout  Wise.

greyteam1959

Wise.com is the way to go