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RunningBloke63
Posts: 2 Newbie
Hi,
I've just joined this forum.
I'm in the process of selling a property abroad. The currency of the transaction is in Euros. At the moment, the Pound is strong against the Euro so obviously I'll be getting less Pounds for the selling price. It might be a few months before everything is signed off and the sale is complete, and the Pound might weaken against the Euro but there's no guarantee. Is it possible to open some sort of bank account where the money can be paid into and kept as Euros, then when the rate is more favourable, then be paid and converted into Pounds in a normal bank account?
I've just joined this forum.
I'm in the process of selling a property abroad. The currency of the transaction is in Euros. At the moment, the Pound is strong against the Euro so obviously I'll be getting less Pounds for the selling price. It might be a few months before everything is signed off and the sale is complete, and the Pound might weaken against the Euro but there's no guarantee. Is it possible to open some sort of bank account where the money can be paid into and kept as Euros, then when the rate is more favourable, then be paid and converted into Pounds in a normal bank account?
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Comments
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Quite a lot of UK banks offer Euro Accounts.
If you google something like 'euro bank account', you should get some examples.
There'll be bank transfer charges to pay, but the biggest 'loss' might be from the conversion rate that the bank uses, when you eventually convert the euros to GBP.
It might be worth looking for a currency broker when the time comes.0 -
Thanks.
Funnily enough - I did see something about HSBC doing this and had a chat with someone in the branch today.0 -
You've got a property in a Eurozone country, but you don't have a Euro account? How's that been working with everyday management of the property?
I'd be very surprised if the legals involved in the sale didn't require you to have a Euro account to transfer the proceeds into. Whether they'll accept a Euro-denominated account with a non-Eurozone bank, rather than an actual Eurozone account, is another question. You really are going to need to speak to them.0
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