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daemonoid
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PostPosted: 11:11 - 31 Oct 2013    Post subject: Converting £ to € Reply with quote

I've managed to sell my house in the UK, now I just need to get the cash over to the continent...

Anyone know a decent way to manage that with minimal fees? Up until now it's only been small amounts so I've not really bothered about finding the most efficient solution.

I know a few on here live(d) / work(ed) in the euro zone... any recommendations?
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oldpink
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PostPosted: 11:19 - 31 Oct 2013    Post subject: Reply with quote

there is a couple of ways

taking it in person is best if its under £10k any more than that and you will get pulled at the airport
and you will have to account for every penny and show any tax due has been paid

Bank transfer - only way if your transferring a large amount without getting raped on conversion

money exchange via the net Ok for medium amounts and some have limits on amounts
I used Forex Link
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daemonoid
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PostPosted: 12:07 - 31 Oct 2013    Post subject: Reply with quote

oldpink wrote:
there is a couple of ways

taking it in person is best if its under £10k any more than that and you will get pulled at the airport
and you will have to account for every penny and show any tax due has been paid

Bank transfer - only way if your transferring a large amount without getting raped on conversion

money exchange via the net Ok for medium amounts and some have limits on amounts
I used Forex Link


The €10k limit is only outside the UK according to HMRC, but it's the best conversion rate I'm after. The bank/exchanger's cut is always huge and that's what I'm trying to minimise.

The forex seems a good bet... Do they give the exact rate - https://www.ukforex.co.uk/customer-rates or is there a transaction fee on top?
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GhostRider
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PostPosted: 12:23 - 31 Oct 2013    Post subject: Reply with quote

Bitcoin Cool

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oldpink
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PostPosted: 12:26 - 31 Oct 2013    Post subject: Reply with quote

daemonoid wrote:
The €10k limit is only outside the UK according to HMRC, but it's the best conversion rate I'm after. The bank/exchanger's cut is always huge and that's what I'm trying to minimise.

The forex seems a good bet... Do they give the exact rate - https://www.ukforex.co.uk/customer-rates or is there a transaction fee on top?


as far as I'm aware the 10K limit is a sort of standard in the EU
my boss got pulled when carrying €11000 coming from France to the Uk
also on Boarder control (TV Show) there was an episode at heathrow when an Indian guy got stopped with just over £8k in cash
stashed throughout his luggage, they confiscated the cash until he proved there was no tax due on it (he owned a restaurant)

it could be its Ok if you declare it and have proper paperwork
but I thnk there is a tax on taking more than 10K out the country

Can't remember if there was a charge with Forex but I got a pretty decent rate from them
but it was only €300 I was sending
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The Shaggy D.A.
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PostPosted: 12:38 - 31 Oct 2013    Post subject: Reply with quote

Paypal gift to yourself?
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P.
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PostPosted: 12:49 - 31 Oct 2013    Post subject: Reply with quote

The Shaggy D.A. wrote:
Paypal gift to yourself?


Sure there are charges on there now.
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anthony_r6
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PostPosted: 12:51 - 31 Oct 2013    Post subject: Reply with quote

Paddy. wrote:
The Shaggy D.A. wrote:
Paypal gift to yourself?


Sure there are charges on there now.


Usually the first one on a day is free, though I'm not sure about a limit, I've done a couple of hundred in one go for free.
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smegballs
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PostPosted: 12:58 - 31 Oct 2013    Post subject: Reply with quote

oldpink wrote:
also on Boarder control (TV Show) there was an episode


That's the one out in the red sea right? Where they show all the ship-guys repelling the pirates with giant tasers and water cannon?

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Walloper
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PostPosted: 13:08 - 31 Oct 2013    Post subject: Reply with quote

Rent a fishing boat and Motor over.

Buy some gold today sell when you get there or when the price is right.
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Suntan Sid
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PostPosted: 13:23 - 31 Oct 2013    Post subject: Reply with quote

When I did it, with my house proceeds, I did it via bank transfer.
You must insist that the bank uses the commercial exchange rate and NOT the "tourist" rate, the one that flashes on the digital screen in the bank! You will, literally, save thousands using the commercial rate!

It took me three visits to finally find a bank employee who, actually knew what they were doing, the first two claimed they didn't know there was difference between commercial & tourist rates!
No doubt wanted to relieve me of some more cash! Rolling Eyes

There is a minimum fee for larger transfers, so try and move as much cash as you can in one go!
When I did it there was a threshold of 25k above which the fees level off, in other words moving 25k chunks of cash is very expensive, moving larger amounts works out cheaper!
Not all bank branches are prepared to do international transfers with large sums, you may be sent to their main branch!
Even when doing a bank to bank transfer the money will not apppear in your account instantly, it will take a couple of days.

For my own part, I looked into the money exchange companies, but decided that it was just adding another transfer into the process, therefore adding another possibility of a cock up/disaster!

The best advice I was given was not to close my UK accounts, leave a nominal sum in each account, it saves monumental hassle if you ever need a UK account again!
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fatjames
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PostPosted: 14:25 - 31 Oct 2013    Post subject: Reply with quote

Can't you just put it in your bank account then go abroad and take it out? (I've obviously have never had enough money for this not to work..! Laughing )
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oldpink
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PostPosted: 14:50 - 31 Oct 2013    Post subject: Reply with quote

fatjames wrote:
Can't you just put it in your bank account then go abroad and take it out? (I've obviously have never had enough money for this not to work..! Laughing )


no you get raped twice, once on the currency conversion then again for a foreign withdrawal
unless your bank has a subsidiary bank in said country you can go to
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Old Thread Alert!

The last post was made 12 years, 102 days ago. Instead of replying here, would creating a new thread be more useful?
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