Paying in Euros €5k in cash with a decent conversion rate to £

Emily_Joy

friolento said:

Make sure you have evidence of the source of the cash with you when you come to deposit it. “It’s a present from my parents” may not be sufficient.

Would this apply to any amount or just relatively large deposits? e.g. I went to Canada over 5 years ago and still have some Canadian dollars in cash. I am not really sure I have any satisfactory proof of the source of funds anymore...

friolento

Emily_Joy said:

friolento said:

Make sure you have evidence of the source of the cash with you when you come to deposit it. “It’s a present from my parents” may not be sufficient.

Would this apply to any amount or just relatively large deposits? e.g. I went to Canada over 5 years ago and still have some Canadian dollars in cash. I am not really sure I have any satisfactory proof of the source of funds anymore...

I don’t know what the policies of the banks are but don’t find it difficult to imagine that if you just want to exchange a modest amount, you get this done [from cash to cash] at any foreign exchange counter, and quite possibly at a terrible exchange rate. If it’s several thousand, like the OP asked about, and if you want the proceeds deposited into a GBP account, it might not be so straightforward. 

WastedWords

For exchanging "some cash" try BUYBACK at https://travelmoney.moneysavingexpert.com/?_gl=1*5hbzb6*FPAU*MjEwNzQ0OTQyLjE3MzEyNTU2NzM.*_ga*Njk5NDA1MTgwLjE3MjM0NDkyNDE.*_ga_X74CWQS9F0*MTczMjQ2MTE0Ny40MTAuMS4xNzMyNDY1ODQwLjAuMC4xMjk4NzQxODM4 

winkowinko

I changed 5k euro into £ at Currency Online Group at Wateloo station a couple of months back. No questions asked. Received £4145

BlueonBlue

HobgoblinBT yes coins cost the banks to much to deal with its even getting more differcult to deposit sterling coins to a degree .
Previously though City bank Hanover Sq London had euro and usa accounts Im a little vague it was so long ago but I did deposit coins although they didnt like it .

flaneurs_lobster

Marchitiello said:

@Smudgemonster_88 If you bank with NatWest group, you should have the option of adding a Euro wallet to your main account, but I cannot remember if then you could only use it to spend via debit card or could also do SEPA bank transfers to other EUR account (I open it when it was offered to me but never fund it nor used it yet).

'Fraid not, the "Travel Account" can just hold EUR transferred (and converted) from the linked current account. Can only be used for spending (or withdrawing EUR from ATM) using debit card, without the usual transaction charges. 

Emily_Joy

friolento said:

Emily_Joy said:

friolento said:

Make sure you have evidence of the source of the cash with you when you come to deposit it. “It’s a present from my parents” may not be sufficient.

Would this apply to any amount or just relatively large deposits? e.g. I went to Canada over 5 years ago and still have some Canadian dollars in cash. I am not really sure I have any satisfactory proof of the source of funds anymore...

I don’t know what the policies of the banks are but don’t find it difficult to imagine that if you just want to exchange a modest amount, you get this done [from cash to cash] at any foreign exchange counter, and quite possibly at a terrible exchange rate. If it’s several thousand, like the OP asked about, and if you want the proceeds deposited into a GBP account, it might not be so straightforward. 

Visited an HSBC full-service earlier this week to deposit some left over notes in different currencies, totaling under £1500. No questions asked, all went into corresponding currency accounts I have with HSBC. It was a bit sad, however, to see an elderly gentleman in his 80s, who brought a large pile of money (certainly bigger than mine) in various Commonwealth currencies and was told that the bank cannot take them because the notes are too old/out of circulation.  They have accepted very old Scottish, Welsh, and Irish notes, though.