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markinspain

Currency Diversification Anecdotal

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Obviously, here in euroland we are more than a little worried about our one size fits all currency. What with all the rumours and half truths flying around I thought it might be prudent to diversify a bit. However, I was quite surprised how difficult it was to change currencies. Three banks/building societies wouldn't even give me a quote without opening an account and the other one gave poor rates and high commissions. Quite amazed to find my own bank was the best in the end.

Anyone else in the UK tried to change one currency into another in cash outside of their own bank? Incidently, we aren't talking massive amounts.

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Obviously, here in euroland we are more than a little worried about our one size fits all currency. What with all the rumours and half truths flying around I thought it might be prudent to diversify a bit. However, I was quite surprised how difficult it was to change currencies. Three banks/building societies wouldn't even give me a quote without opening an account and the other one gave poor rates and high commissions. Quite amazed to find my own bank was the best in the end.

Anyone else in the UK tried to change one currency into another in cash outside of their own bank? Incidently, we aren't talking massive amounts.

for currency accounts there is little option but to buy physical currency there are firms like thompson global exchange ( I think thats the name) that offer rates at near spot and deliver special delivery to the door. Buying cash from a bank/post office/travelex/travel agent only leaves you with a sore bottom.

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Depends on what you call a 'small amount.' Due to money laundering regs, you can't change more than £5k (£10k with some companies) without an id check. Name address, passport or driving licence copy, utility bill etc etc.

If you want to change currency INTO £, i.e. sell Euros etc, I used Hifx a lot, they were good. Gave about 1% below spot rate but you'll need to open an a/c with them sign the terms / conditions etc before trading.

For BUYING foreign currency, CCE will send you your money recorded delivery in cash but you still need to pay by cheque or BACS. I've used them for £500 or so a few times. Very good rates if you buy well ahead:

http://www.crowncurrencyexchange.com/index.asp?adloc=Google&gclid=CJ7J5JyfhqICFVMB4wodOiYeVA

More than £5k in a year though and you'll have to do the id check thing.

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Depends on what you call a 'small amount.' Due to money laundering regs, you can't change more than £5k (£10k with some companies) without an id check. Name address, passport or driving licence copy, utility bill etc etc.

If you want to change currency INTO £, i.e. sell Euros etc, I used Hifx a lot, they were good. Gave about 1% below spot rate but you'll need to open an a/c with them sign the terms / conditions etc before trading.

For BUYING foreign currency, CCE will send you your money recorded delivery in cash but you still need to pay by cheque or BACS. I've used them for £500 or so a few times. Very good rates if you buy well ahead:

http://www.crowncurrencyexchange.com/index.asp?adloc=Google&gclid=CJ7J5JyfhqICFVMB4wodOiYeVA

More than £5k in a year though and you'll have to do the id check thing.

1% below spot isnt good and isnt worth the hassle of opening an acct.

The £5k limit applies per person per company, so if you are a couple is £10k per company, can change quite a lot in a year without the i.d hassle.

some of these companies are good, some not so, but it shows the rates and if you check some are only just below spot

http://travelmoney.moneysavingexpert.com/holiday-money/#results

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  • 144 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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