12 Dec 2016

A question about : Changing large amount of euros into gbp

Hi,

I'm about to finish working in Spain and return to the UK. Before I leave I will be emptying and closing my bank account (doing a money transfer from my bank here to the UK isn't an option.)

I will have around 2500-3000 euros in cash that will need to be paid into my HSBC account as soon as possible as I'm then leaving the country again and traveling to Central America.

My questions are:
Is it possible to pay euros directly into my HSBC account and will I get a fair exchange rate?

Would it be better to take the money somewhere with no commission and a good exchange rate like the post office and then pay into my account?

Will somewhere like the post office take that large an amount of cash?

I have about 3 weeks to figure this out so any information would be gratefully received!

Thanks title=Smile

Best answers:

  • You should always avoiding using the banks when dealing with foreign currency as their rates are always the worse on the high street.
    Also, the Post Office's rates are not very good, especially when converting currency back to Sterling.
    I would advise you to take your Euros to a reputable Bureau De Change, they will give you sterling cash or transfer the funds to your UK account. I usually use Thomas Exchange, see comparison below (i couldnt find HSBC's EUR/GBP rate online but it is usually among the worst on the high st):
    Thomas Exchange: Ђ3000 @ 1.2623 = Ј2376.61
    https://www.thomasexchange.co.uk/currency.asp
    Post Office: Ђ3000 @ 1.40 = Ј2142.86
    https://www.postoffice.co.uk/travel/travel-money/foreign-currency/sell-c...
    So that is quite a difference, if you change Ђ3000 to Sterling today you would get Ј2376.61 from Thomas Exchange UK.
    You would get Ј233.75 LESS from the Post Office, and even LESS from HSBC!
Category: 
Crown Currency Exchange Help & Discussion
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