Options for putting Euro notes into UK bank account

JRCuthbert23

My son won a tournament in Spain and was given his prize money in €100 and €200 notes. Is there any way he can pay them into a UK bank account? I appreciate that money laundering regulations might make this tricky but I wondered if it was possible. Thanks.

eDicky

Is there documentary evidence of his prize money payout?

I read recently that one of the 'high Street' banks accepts euro notes paid into their euro currency account (which would be to be opened), but I forget which one.

It might be best to convert them to cash GBP, ideally at the mid-market rate with somebody who needs cash euros, or at a bureau with some loss on the rate. Then present the receipt along with the prize money documentation, if asked when depositing to a regular UK account.

wmb194

eDicky said:

Is there documentary evidence of his prize money payout?

I read recently that one of the 'high Street' banks accepts euro notes paid into their euro currency account (which would be to be opened), but I forget which one.

It might be best to convert them to cash GBP, ideally at the mid-market rate with somebody who needs cash euros, or at a bureau with some loss on the rate. Then present the receipt along with the prize money documentation, if asked when depositing to a regular UK account.

Barclays. To open one of these you also require a current account.

https://www.barclays.co.uk/current-accounts/foreign-currency-account/

I don't know whether you still can but you used to be able to deposit foreign currency into NatWest current accounts via its in-branch bureaux de change.

retiredbanker1

Most banks have a system of purchasing Euro (and other currency) notes to an existing account - indeed if you didn't have an account they would not entertain you at all.

As far as I know the only Euro note that banks will not purchase is the 500 note.
Like all cash credits you may be asked to explain where you got them from so  get as much evidence of the win as you can.

TheMilkmansDad

If your planning on travelling to a country that uses Euros anytime soon I'd suggest you keep them. you can always just calculate the exchange rate and transfer/give him the £ amount (saves on any admin fees/charges!)