Where to exchange euros?

[gsd2000]

I have just sold a gearbox to a belgium and he is collecting on sunday but cant get gbp by then. He can pay with euros though.

The gearbox has sold for £980 so what price should i ask in euros?

How much do banks charge to exchange the cash?

Thankyou

[Ford 2]

980.0 GBP = 1123.63036061 EUR exatly at the very second I'm sure any bank will change it for you. not sure on the rates in the uk though

[driverrob]

You won't get the same rate exchanging euros for pounds as pounds for euros. Also, some places will impose a limit on cash purchases because of money-laundering regulations. Best do some research.

[5potTurbo]

driverrob said:

You won't get the same rate exchanging euros for pounds as pounds for euros. Also, some places will impose a limit on cash purchases because of money-laundering regulations. Best do some research.

As long as there are no EUR500 notes in the amount, it'll be fine.
Ask the chap for 1-2% more to cover commission you'll have to pay ... as since there's a spread on the buy/sell rate, use the rate the Bank would BUY EUR from you for, then you'll get closer to £980 rather than £940 after commission/ buying spread.

Edited by 5potTurbo on Sunday 10th October 16:56

[marky1]

Use a rate of 1.22 and you will have it well covered. Spot is about 1.15 at the moment.

[gsd2000]

damn it, i never read this thread yesterday, he gave me 2 500 euro notes. Am i screwed?

[gsd2000]

well i got 1260 euros from him, i checked the sell rate on the post office and added a bit

[WWESTY]

Some banks etc are turning their noses up at 500 Euro notes, but there really isn't a problem with them, so long as source is legitimate and can be identified as such.

[gsd2000]

All sorted, i exchanged via barclays. They gave me a better rate than the post office so i am happy.

[DonkeyApple]

5potTurbo said:

driverrob said:

You won't get the same rate exchanging euros for pounds as pounds for euros. Also, some places will impose a limit on cash purchases because of money-laundering regulations. Best do some research.

As long as there are no EUR500 notes in the amount, it'll be fine.
Ask the chap for 1-2% more to cover commission you'll have to pay ... as since there's a spread on the buy/sell rate, use the rate the Bank would BUY EUR from you for, then you'll get closer to £980 rather than £940 after commission/ buying spread.

Edited by 5potTurbo on Sunday 10th October 16:56

1-2%???

Try 10% and even then you will probably walk away with a lower amount.

Cash FX is an expensive game.

Tell the buyer to convert to GBP himself and make him wear the currency risk/hassle/cost.