NOW LIVE: The Forum 'Ask An Expert' event. The theme is ENERGY. Please post your questions on bills, switches, alternative fuels etc. Our expert MSE Andrew will answer as many as possible

Currency swap with colleague

leafy211
leafy211 Forumite Posts: 254
Part of the Furniture 100 Posts Combo Breaker
Forumite
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 Forumite Posts: 538
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Forumite
    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 Forumite Posts: 11,982
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Forumite
    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 Forumite Posts: 254
    Part of the Furniture 100 Posts Combo Breaker
    Forumite
    Not liquid cash (cash in bank accounts) and we could easily be in different countries even, hence needing to be done electronically 
  • leafy211
    leafy211 Forumite Posts: 254
    Part of the Furniture 100 Posts Combo Breaker
    Forumite
    I see there are some p2p exchange portals.. maybe that could be a solution..
  • leafy211
    leafy211 Forumite Posts: 254
    Part of the Furniture 100 Posts Combo Breaker
    Forumite
    Ps anyone can run faster than me - ha!
  • warby68
    warby68 Forumite Posts: 2,970
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    In smaller amounts and take turns going first?
  • CKhalvashi
    CKhalvashi Forumite Posts: 11,982
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Forumite
    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 Forumite Posts: 254
    Part of the Furniture 100 Posts Combo Breaker
    Forumite
    thanks - those are excellent ideas and should solve my conundrum.  Thank you! :-)
Meet your Ambassadors

Categories

  • All Categories
  • 338.8K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.7K Work, Benefits & Business
  • 600.8K Mortgages, Homes & Bills
  • 171K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards