We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Currency swap with colleague

Options
For various reasons I have ended up with a lot of euros (1000+) which I won’t need for the foreseeable future. A colleague has suggested buying them from me (at xe.com rate) to save us both conversion costs. And I’m hoping for suggestions how we could do this transaction electronically (one has starling, the other wise accounts in both euro and sterling currencies), so one isnt able to receive the money and then not carry out their side of the deal. (A sort of escrow arrangement or simultaneous transfer…but for free). 

Comments

  • The_Unready
    The_Unready Posts: 651 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Why don't you both get the necessary cash, meet up at work then swap the currency?

    Unless he can run significantly faster than you that sounds to be the safest way.
  • CKhalvashi
    CKhalvashi Posts: 12,134 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Same time, together, sounds fair to me.

    Write a quick document explaining that you're exchange £x for €y at x rate if you really don't trust this person, take 2 copies, both sign them.

    This sounds like the money potentially isn't in cash.
    💙💛 💔
  • leafy211
    leafy211 Posts: 281 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Not liquid cash (cash in bank accounts) and we could easily be in different countries even, hence needing to be done electronically 
  • leafy211
    leafy211 Posts: 281 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I see there are some p2p exchange portals.. maybe that could be a solution..
  • leafy211
    leafy211 Posts: 281 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Ps anyone can run faster than me - ha!
  • warby68
    warby68 Posts: 3,135 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    In smaller amounts and take turns going first?
  • CKhalvashi
    CKhalvashi Posts: 12,134 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Note 2 copies of everything down, both sign them with the rate inserted in pen, make the electronic transfers at the same time. This assumes you have details for each currency.

    You then have letters if there's fraud on the part of the other party, it doesn't need to be fancy, just needs to state the intention of the contract.
    💙💛 💔
  • leafy211
    leafy211 Posts: 281 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    thanks - those are excellent ideas and should solve my conundrum.  Thank you! :-)
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.