cheapest way to convert money?

[AJI]

If you have a certain amount of cash which is not pounds sterling, what is the cheapest way to have it in your bank account as pounds sterling?

Is it cheaper to convert the cash from foreign money into sterling cash at a bank, post office, travel agent through their individual buying exchange rate? And then place the exchanged cash sterling into your account?


Or is there a cheaper way to do it?
ie. a method by which you do not have to loose money through the buying exchange rate?





I have heard something along the lines of a dual currency bank account, by which you can pay in two different currencies, and then when you transfer one to another you do not pay the full exchange rate as it is all just electronic money... is this true or have I mis-understood the concept?


Cheers for any information/advice.

[fieldl]

I have an account with Citi which has 3 seperate accounts 1 in each USD, EUR and GBP. This allows intra-account transfers at the current bank rate without charge. It also allows me to draw on any using my debit card.

[Tom_C76]

You could set up a Euro bank account relatively easily, but unless you're regularly dealing in a second currency it would be a whole lot of hassle.

[Rude-boy]

fieldl said:

I have an account with Citi which has 3 separate accounts 1 in each USD, EUR and GBP. This allows intra-account transfers at the current bank rate without charge. It also allows me to draw on any using my debit card.

Any idea of where the hell I can get one of these?
I am pissed off that none of the banks seem to understand that I might want an account where I can set a DD of say £250pcm from my GBP account to a EURO account where it is converted to euros on arrival and which i can draw on when in europe.

i mean ffs i only need this 6-7 times a year, what do the poor buggers who work in Paris 2 days a week do.

[Adam B]

fieldl said:

I have an account with Citi which has 3 seperate accounts 1 in each USD, EUR and GBP. This allows intra-account transfers at the current bank rate without charge. It also allows me to draw on any using my debit card.

without charge? hmm or is the charge hidden in the bid/offer spread of FX rate?

[Broken Hero]

the cheapest way is if you can leave it all in currency and then exchange the whole lot through an fx broker in one go instead of a few times a year.