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Changing thousands of € to £

(5 Posts)
WhyHasAllTheRumGone Fri 12-Aug-16 18:33:32

Due to an inheritance I will shortly receive a draft for €35000. What's the best way to change it into sterling? I enquired with my bank and they said I'd just get whatever the rate was if I deposited it. As banks often have a very poor rate in not so keen!
Is there a better way to do it?

anotherdayanother Fri 12-Aug-16 18:42:16

Not sure about the bankers draft complication but definitely one of the big currency brokers such as Moneycorp should give a much better rate.

larrygrylls Fri 12-Aug-16 18:45:14

I can recommend Ebury partners (google it) but there are also lots like it. Banks will often take 2-3% margins whereas firms like Ebury will take more like 0.5%, saving you several hundred pounds.

Maudd Fri 12-Aug-16 18:55:17

Agree you need a currency broker. For example this one, they don't charge any fees:

www.currenciesdirect.com/en/uk/currency-tools/currency-converter?curIn=25000&curOut=28905.75&curTo=EUR&curFrom=GBP

And there's lots of advice here:

www.moneysavingexpert.com/banking/foreign-currency-exchange

WhyHasAllTheRumGone Fri 12-Aug-16 19:48:17

Thanks for all the replies. I really didn't have any idea where to start! I'll have a look at the links.

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