500 euro note

[motheru]

Some advice please?! We recently had an engagement family gathering in Europe and my generous grandad gave us 10000 euros in cash as a gift to help with wedding expenses and for a honey moon 😱 as much as it was so generous of him when we came back to the UK we realised there was a problem... as cash was in 500 euro notes which apparently have a lot of bad reputation which I had no idea about...after doing some research on google I understood why. so i am 'stuck' in the best possible way with 20 500 euro notes... depositing such large value of cash in my bank especially with foreign currency would probably be suspicious and I don't want to be treated as a criminal... my monthly income is 1.2 K after tax... post office and other exchange places I won't take it without a proof of origin like bank statement from my grandad account.... he says he been keeping that money in cash for 'Rainy day' for a long time and thought best to give it to his only granddaughter for her wedding... so there is no bank statement... what's the best way to go about it? May be keep it and spend in Europe but after reading not many places in Europe accept it either despite it being a perfectly legal tender. Even breaking it is not possible. Anybody has experience exchanging such a note? Depositing money into the bank in similar situation? Even thinking of next time we abroad blowing it all in a Gucci store and then getting a refund?! Please help

blowing it all in a Gucci store and then getting a refund?!

This is a classic method of money laundering....
Perhaps a bank in Europe could change it, without it being paid into an account first. But perhaps not to try all in one go.

There really shouldn't be a problem putting it straight into your bank?

Just go to your UK bank, explain the situation. If you aren't a criminal, then you're not a criminal! Relax!

Is it?! Good Girls come to mind (if anyone not seen it yet, highly recommended) :) read so much on google about it, seems like even Central Banks in Europe start asking for the evidence of where it came from if it's over 2K and can even refuse... when went to travel agents here, same, need a proof of where it came from. Even if I deposit let's say 1K every month that would be unusual activity as it's twice the amount I usually get ... and wedding in 6 months 🤔

Ask your bank. They will be able to help, but they may charge for accepting them as a deposit (it’s usually in the T&Cs).

Anyone ever managed to pay with or break 500 note in Europe?

Just take it to your bank! It's a lot of money to you, but not to them!

Why wouldn't you be able to pay with it?? It's only the same value as the biggest late Deutsche Mark note, which is essentially why it exists.
Obviously you're not going to buy bread with it (though I have seen a German friend do it with a 200), but for larger purchases why not?

Surely banks can check if the notes are genuine?

Really, best place for the money is the bank. Or if you want a better exchange rate, go to a specialist place. As for proof of provenance, can your grandad write a letter saying something like To My Special Granddaughter ..... on her Engagement Gift of 10K EUR towards your wedding .... Love Pop. It needs Grandad & your address on it! And just say it's family €€€ & no idea about statements.
They will scan / copy the letter, all should be well above board. I had similar with an inheritance - they just copied the letter that I had which stated I received X € from Z relative on YYYY as part of my inheritance (all was written in different language including the numbers! )
It's to ensure the money is traceable in case of fraud investigations.

PS inheritance money was over 10k....

It's not about checking the notes are genuine. It's about paying large sums of money in large denomination notes flags up money laundering.

Agree with others though, you have done nothing wrong and there are no laws stopping you paying the money into your account. The bank may ask questions. You answer them honestly. No drama.

I should try tomorrow! Good idea about the letter though, will ask grandad and may be go bank with cash and letter so there are no suspicion from the start...

Your bank teller might ask its origin and your intentions for the cash, but otherwise there shouldn't be an issue.

OtraCosa

Only a month ago, my husband bought a car in cash (it's the done thing here in Germany for private sales). How was the guy ever going to deposit the cash if it was such a problem?
I wasn't very happy about my husband carrying that amount in cash, but other than that banks don't have a problem with it (at least here they don't).

One way is to buy a life insurance policy, then change your mind within the 14 day period and you will receive back your deposit, as a cheque in the name of a nice reassuring life insurance company.

Simples.

Go to your own bank, it's fine - but be prepared with photo Id and you can tell them exactly what you told us. It's perfectly legal to bring in cash

Pay it into your bank. It will flag up as money laundering but that's exactly what you want, the only people who don't like money laundering checks are money launderers. It may take a few days and some paperwork but that's all

We once tried to ‘break down’ a €500 note in France, they wouldn’t take it in the bank because we didn’t have an account there, but we had no problem using it in the supermarket!