Paying euros in to UK bank

[reggie82]

Hi all,

My German relative has sent me €5000 in cash as a wedding gift.

Any idea of the best way of paying this into my bank account in the most cost-effective way?

Cheers

[reggie82]

Small denomination notes luckily.

Damn I was hoping there might be a cheaper way of doing it - the buy back rate works out around a £200 cost against the actual exchange rate when I’ve had a quick look at money exchange rates online.

[tanti007]

Save it...

The Exchange rate you'll get at banks and travel agents are not worth it.

Alternatively, exchange it at a better rate with family and friends who are going on holiday (god knows when will that happen)

[reggie82]

Thanks, I think that’s what I’ll end up doing!

[PushedDover]

especially on the current rollercoaster. 29th May . 1.1 to the pound, today 1.25.

[Monsterdan]

You could also consider opening a Euro current account and paying this in as your balance.

Most UK banks can offer currency accounts if you ask. Certainly HSBC, Barclays, Santander should be able to provide.

Be aware the credit interest benchmark rate set by the ECB is negative (-0.5%), but for small balances like this, the bank will likely set this at zero.

[dingg]

PushedDover said:

especially on the current rollercoaster. 29th May . 1.1 to the pound, today 1.25.

Where's that then?

I'll have some

[g4ry13]

Monsterdan said:

You could also consider opening a Euro current account and paying this in as your balance.

Most UK banks can offer currency accounts if you ask. Certainly HSBC, Barclays, Santander should be able to provide.

Be aware the credit interest benchmark rate set by the ECB is negative (-0.5%), but for small balances like this, the bank will likely set this at zero.

If you can pay in euros to a euro current account at your bank, then open a Revolut account.

Transfer money to Revolut. Convert to £ at a non-extortionate rate and then transfer £ from Revolut to your current account.

[PushedDover]

dingg said:

PushedDover said:

especially on the current rollercoaster. 29th May . 1.1 to the pound, today 1.25.

Where's that then?

I'll have some

just the exchange rate on the whole - not what you'd get per se

[Shnozz]

PushedDover said:

dingg said:

PushedDover said:

especially on the current rollercoaster. 29th May . 1.1 to the pound, today 1.25.

Where's that then?

I'll have some

just the exchange rate on the whole - not what you'd get per se

??? Today 1.25? Or do you mean the swing from 1.1 to 1.125?

[PushedDover]

Shnozz said:

PushedDover said:

dingg said:

PushedDover said:

especially on the current rollercoaster. 29th May . 1.1 to the pound, today 1.25.

Where's that then?

I'll have some

just the exchange rate on the whole - not what you'd get per se

??? Today 1.25? Or do you mean the swing from 1.1 to 1.125?

Ignore me. Diane Abbot moment...

[essayer]

Are there actually any UK banks that will allow you to deposit Euro notes into a Euro account?

[dingg]

PushedDover said:

Ignore me. Diane Abbot moment...

[Shnozz]

PushedDover said:

Ignore me. Diane Abbot moment...

Ha ha! Refreshing PH honesty. Far better the best policy

[Shnozz]

essayer said:

Are there actually any UK banks that will allow you to deposit Euro notes into a Euro account?

I couldn’t find any. I have a euro account with Cater Allen but no way to pay euros into it using cash.

[essayer]

Guess the only PH-approved answer is to go to Euroland, buy some €5000 car then sell it back here for £, hopefully for a profit

[Shnozz]

essayer said:

Guess the only PH-approved answer is to go to Euroland, buy some €5000 car then sell it back here for £, hopefully for a profit

Given that most of Europe has higher s/h car prices, that might be a difficult task.

[reggie82]

Thanks everyone. I’d already looked into revolute, but couldn’t work out a way of getting euro cash deposited anywhere.

I also like the idea of buying a car in Europe, my new marriage might not last too long if I do that though haha

[reggie82]

essayer said:

Are there actually any UK banks that will allow you to deposit Euro notes into a Euro account?

Looks like you can with Barclays?

https://www.barclays.co.uk/current-accounts/euro-a...

“ You can request a cheque and/or credit book, so you can make payments and deposits in euros.”

[essayer]

The T&Cs does say you can to be fair.

So, open the account, deposit the cash, then transfer it to GBP with Hifx/XE or TransferWise. Close the account, hopefully before any fees payable. I doubt you’ll find a more cost-effective way (unless you buy a barn-find E30 M3 for €5k and ship it back to the U.K..)

They might get sniffy about where you got the cash, have a proper answer and some documentation just in case