Currency swap with colleague

leafy211

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). 

The_Unready

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

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

Not liquid cash (cash in bank accounts) and we could easily be in different countries even, hence needing to be done electronically 

leafy211

I see there are some p2p exchange portals.. maybe that could be a solution..

leafy211

Ps anyone can run faster than me - ha!

warby68

In smaller amounts and take turns going first?

CKhalvashi

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

thanks - those are excellent ideas and should solve my conundrum.  Thank you! :-)