Buying Euro notes- recommendations please

[Oldrat]

Apologies for a 21st century problem!

(and not quite the same as the other topic on playing the exchange rates which I didn’t want to hi-jack)

Has anyone bought a large amount of Euros (£10k plus) in cash and how?

I’ll be using money from UK savings accounts, BUT I want the Euros in cash, not transferred to an account.

From my research the high street banks are going to fleece me.

TORFX and similar international currency traders it seems will allow me to buy Euros but only transfer them to an account or cash postal delivery for small sums.

My intentions are entirely legitimate, I don’t wish to consider anything underhand. And I won’t be keeping them at home!

I’d welcome your experiences on how I can obtain Euros without getting fleeced.

Thanks

 

[Bolti]

Do you know any amounts over 10,000 need to be declared at customs both on departure and on entry to another country.

 

[Mr porky]

Travel to benidorm. When the exchange was at €1.20 to the pound the onstreet vendors where offering €1.18 to the pound so probably €1.19 at the minute. You exchange and get a jolly at the same time.

 

[Bolti]

If I were doing it, i would travel abroad (i assume this is where you are spending it) and draw it out of an atm, although we do have a fistful of cards we can draw on.

 

[Phill D]

If I were doing it, i would travel abroad (i assume this is where you are spending it) and draw it out of an atm, although we do have a fistful of cards we can draw on.

10K in cash from ATM's..... is that even possible let alone the costs if it is.

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[Just smiffy]

I wouldn’t pay anyone in cash…

 

[15isto2]

I only discovered this last week (when watching a Russian youtuber getting dollars from an Russian atm) but there are multi currency ATM machines mainly in airports but in some other places as well (my nearest is in a co-op in a tiny village!) perhaps transfer to a multi currency account like revolut and withdraw it from an ATM but would probably need multiple withdrawals.

 

[gus-lopez]

Do you know any amounts over 10,000 need to be declared at customs both on departure and on entry to another country.

Yes & they count ALL the money you are carrying including the change in your pocket/purse .woman at Alicante got held due to it.

10K in cash from ATM's..... is that even possible let alone the costs if it is.

yes .I can draw 2500/week with my N26 account so it would take me 4 weeks.With my old spanish bank account it was 600/day,1800/week 3k/month but if you wanted you could ask to have the limits increased or removed completely.

 

[PJGWiltshire]

https://www.coventgardenfx.com

I use this company for cash delivers in the UK. These have been around the £1000 to £1500 range without issue. Under money laundering legislation there is a limit as to amounts in transactions without due diligence.. If you tried to do £10K in one lump you may have issues. You need to crack on. The Euro pound has slipped this last five days. Last Thursday you could get 1.2 E now just under 1.18

 

[Emmit]

What's so wrong with declaring the money?

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[Bolti]

What's so wrong with declaring the money?

Nothing. Just pointing out that it needs to be done.

 

[Ridgeway]

Do you have a Euro bank account ?

 

[Bolti]

10K in cash from ATM's..... is that even possible let alone the costs if it is.

What costs, all the accounts I hold allow commission free withdrawals.

 

[Emmit]

Nothing. Just pointing out that it needs to be done.

Thank you.

I've seen enough of those Airport programmes to understand that some peeps don't declare and find themselves in the Doo-Doo.

 

[Phill D]

What costs, all the accounts I hold allow commission free withdrawals.

OK then.

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[Nyvern]

People like FairFX will deliver cash to your home.

 

[Mikeco]

The best rate that I could find was the Post Office but online, I only got 2k out but they will probably do more.

 

[nicholsong]

If you have a € account there should be no charge for withdrawals.

We have a € account in Poland and I use Wise to change £ to € into that account(very low fees)

We normally take cash of €2-3,000 for a 4-5 week holiday. We just call the bank and order it for collection.

 

[Badknee]

We used Hayes travel as they had the best exchange rate at the time for £4K into Euros

 

[Podney]

Go on Money Saving Expert and click Travel Money.
Ive used Torfx in the past with no problem,but not for as much as 10k. You don’t have to buy it all at once.

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[jollyrodger]

Used to be a regular visitor to St Mary's hospital London.
Regular visitor also to exchange shops, (lots of them) along Pread Street Paddington
Good rates on no limit.

Praed Street - Wikipedia

en.m.wikipedia.org

But that was when €500 notes where the norm.

 

[Insider]

I used fexco to go from euro to sterling when buying my camper in the uk 2.5 years ago and saved £800 compared to the exchange rate my bank was giving me. Also had the advantage that I was able to get the transfer done instantly - essentially one country to another - bought privately. I assume you could do the reverse.

 

[georgio]

Just open a euro bank account

 

[frwjd]

Starling Bank will give you a Euro account. They also don't charge for cash withdrawals abroad and offer keen exchange rates.

 

[sonar]

Bank transfer is the safest way. But why on earth would you want cash to that amount. to take abroad
when as you say you have uk accounts and then start to worry about being fleeced …..?…

still none of my business but questions will be asked at any boarder and if not declared can be confiscated if you can’t prove where the cash started from.

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[Oldrat]

Why on earth would I not declare it, why would you think that I’d risk confiscation.

For that matter, if I was thinking of an illegal act, why would I publicise it on the internet?

It’s from a bona fide source, I’ve already said that I will not do anything illegitimate.

There’s no (reasonable) limit to how much of your own cash you take out of the country, and the reason that HMRC want to know is to prevent money laundering. I don’t have a problem with that.

 

[Marty Gilly and Pup]

Take cash in and out of the UK

You must declare £10,000 or more in cash, or the equivalent in another currency, if you take it between Great Britain and any other country.

www.gov.uk

Also says 10k limit for taking euros out. So if you are taking it out of the country, don’t have any change in your pockets or there’ll be a declaration required!

 

[Oldrat]

You must declare over £10k but it’s not a limit, according to the chap I spoke with at at HMRC. As I already said, it’s all about checking that the source of the asset is legit.

 

[Brains]

What on earth would you €10k in paper money for ?

The first thought by any authority be it the bank, customs or HMRC is there is something fishy going on.
No legitimate business deals with cash any more, indeed most businesses dropped cash deals 10 or 20 years ago.

If you want €10k in Euros to pay for something there are far easier and safer ways to do it.
Just open a £ account with Starling Bank, then transfer your pounds into your Euro account and then pay by card, or by bank to bank transfer.

 

[MisterB]

We have used The Currency Club for up to 5k and it was delivered in two separate packages by Royal Mail signed delivery.

I spoke to my bank before placing the order and went through their checks and balances re money laundering and scam avoidance.

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