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Currency swap with colleague

leafy211
Forumite Posts: 254
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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).
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Comments
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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.2 -
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.💙💛 💔1 -
Not liquid cash (cash in bank accounts) and we could easily be in different countries even, hence needing to be done electronically0
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I see there are some p2p exchange portals.. maybe that could be a solution..0
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Ps anyone can run faster than me - ha!1
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In smaller amounts and take turns going first?1
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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.💙💛 💔1 -
thanks - those are excellent ideas and should solve my conundrum. Thank you! :-)0
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