Anyone moving back to the UK - suggestions on what to do with my euros.

[mamafridi]

We've just sold our flat and we need to transfer our euros into pounds and I haven't a clue how to go about it. I do have a bank account in UK, but they were very vague about exchange rates and the actual process I'd have to go through to transfer the money (probably because I'm not the most financial-minded person ).

So if there is anyone out there that has been through a similar process and could advise me on the best way to exchange these euros which are quickly losing value, I would be eternally grateful!!!

Hiya, have a look at the below link which explains the options.
www.hsbc.co.uk/1/2/international-money-transfer/details
I know that this is sending money overseas, but SEPA works both ways as do other methods!
You don't say what bank you are with in the UK but a call to them should mean they are able to help you.
If you look at the bottom of the page there is live online help too
Hope this assists - good luck with your move back!

Have a look at this.

I may have other suggestions for you.

The website I linked to earlier might give you a variety of options. Alternatively, there are other companies that pop up when you google international money transfer e.g. www.hifx.co.uk/Personal/Online-Transfers/Features-and-benefits.aspx.

Although I have never organised a money transfer on a large scale, I would not proceed to do one with one of the major banks as the exchange rate will be poor and the charges would be extortionate.

I have done a few transfers of currencies and used hifx for it. They had better rates at the time than anyone else.

Don't go through a bank, definitely go through a foreign exchange broker. I use PureFX as I found that they had the lowest margin. If you need the money now, you can go for the rate on offer. Alternatively, you can go in tranches specifying the rate you are seeking (limit orders) but you may want to wait a little. It looks that there might be more quantitative easing - possibly quite soon (during next few months), this would weaken sterling. There has been quite a bit of bad UK news (weakening Sterling) whereas the euro area in spite of the mess it is in seems still strong.

I'll be honest there's quite a bit of financial speak that I'm going to have to brush up on before I do anything definitive! However, the fact that banks are not the best place to transfer my money to is an eye-opener. And I was wondering about the euro and worrying whether it was going to continue weakening, but if what you say dikker that actually the opposite is happening then maybe it's worth my while waiting a while longer before exchanging the euros (??). I'm looking into above mentioned options and thank you so much for all the advice. X

Here you can follow the exchange rates (you can choose if you want to see the graph for 1 year, 3 months etc. don't forget to refresh so it updates). In the latests Bank of England report (published this week, you can find stories about it on BBC website or go directly to Bank of England website for Monetary Policy Committee (MPC) meetings), has raised expectations of more quantitative easing (money printing basically, thus lowering value of Sterling), furthermore there is a lot of bad economic news in the UK, whereas on the Continent there has been good German data, quite good Italian data and it looks there will be some sort of solution to the mess in Greece. All in all it looks that the Euro area will come better out of this then the UK in the short-term. (I am on the other side, trying to buy euros, which is very costly at the moment given the weakness of Sterling).

Also keep evidence where the money came from (i.e. evidence of sales of house) as Inland revenue will investigate large sums coming in (or going out for that matter). Also, when you go through a broker, you will get a contract for the rate you agree (this is binding, ie. you have to pay up as they have bought the currency on your behalf). Usually you then have a few days to transfer the money to the broker, they will then transfer the money back to you (you will need to specify that you want it to go to your UK account). At this point, the money may not show up for 3-4 days. The bank will tell you that they can see the money but that Inland Revenue is looking at it. It will then be released and you will have access to it. Keep this in mind, it is highly unlikely that you will get immediate access to it. Also, inform your bank in advance of how much is coming and where it is coming from so they let Inland Revenue know (Banks have to report large transactions to Inland Revenue).