Converting GBP to Euros?

[JMDVAN]

I am from the UK and currently in Italy for about six weeks for work. I have found a classic car here that I want to buy. Happy with the car and the deal. Only problem is the guy is an old timer and will only deal in cash.
Any ideas how I can convert my GBP to Euros cash in my hand easily and cheaply?

[dingg]

Revolut is the cheapest if you sign up for a monthly fee of about a tenner a month iirc.
You'll get the right rate as it is as you change your cash.
Transferwise and currency direct will charge you about £250 on 25k they either charge a fee (Transferwise) or build the fee into their rate (currency direct)

I've been shuffling a fair deal lately and have used all 3.

Could have saved a fair chunk if just using Revolut mind.

[psi310398]

What kind of money are you talking about? I have a house and bank account in Italy and I find it quite hard to persuade my bank (in the law-abiding North) to give me more than two or three thousand Euro in cash at a time (or indeed in any given week). The authorities are cracking down hard on the black economy and banks are reporting even relatively low amounts where cash in hand transactions are suspected. I also have a withdrawal limit on the number of ATM withdrawals I can perform in a week.

If you are going back and forth to Italy, I do wonder if it is worth getting the cash here in the UK (I found the Post Office gives the best rates) and simply taking it with you (remembering the limit for declaring imported cash at the border).

You can also pre-load a card at the Post Office and spend days withdrawing the cash from ATMs all over town...

[rdjohn]

psi310398 said:

What kind of money are you talking about? I have a house and bank account in Italy and I find it quite hard to persuade my bank (in the law-abiding North) to give me more than two or three thousand Euro in cash at a time (or indeed in any given week). The authorities are cracking down hard on the black economy and banks are reporting even relatively low amounts where cash in hand transactions are suspected. I also have a withdrawal limit on the number of ATM withdrawals I can perform in a week.

If you are going back and forth to Italy, I do wonder if it is worth getting the cash here in the UK (I found the Post Office gives the best rates) and simply taking it with you (remembering the limit for declaring imported cash at the border).

You can also pre-load a card at the Post Office and spend days withdrawing the cash from ATMs all over town...

I think that it is a European thing now. I can imagine that it is why he has not already sold the car. And just getting a UK FX Co to drop funds into his account leaves the OP exposed.

I think that a cashier’s cheque is the only reasonable solution, but OP will need an Italian bank account to achieve that.

[BaldOldMan]

How much cash are you talking about ?

Anyone at work you know well enough to trust ? transfer Euros to their account & they withdraw cash

Revolut (& others) would let you transfer GBP to EUR then make an outbound EUR payment to someone else - I did this for a deposit on a ski apartment before I had my own local EUR account.



And make sure you get the car back to the UK ASAP just in case BREXIT brings about something nasty.....

[Hashtaggggg]

psi310398 said:

What kind of money are you talking about? I have a house and bank account in Italy and I find it quite hard to persuade my bank (in the law-abiding North) to give me more than two or three thousand Euro in cash at a time (or indeed in any given week). The authorities are cracking down hard on the black economy and banks are reporting even relatively low amounts where cash in hand transactions are suspected. I also have a withdrawal limit on the number of ATM withdrawals I can perform in a week.

If you are going back and forth to Italy, I do wonder if it is worth getting the cash here in the UK (I found the Post Office gives the best rates) and simply taking it with you (remembering the limit for declaring imported cash at the border).

You can also pre-load a card at the Post Office and spend days withdrawing the cash from ATMs all over town...

I would question your Post Office recommendation, they are generally regarded as the worst on the high street