Changing Pounds to Euros

Discussion in 'Army Pay, Claims & JPA' started by Adjutant, Jul 17, 2006.

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  1. General knowledge question - grateful if anyone can help.

    Currently posted abroad (within the Eurozone) and want to buy a house where I am. Nothing new in this - know loads of folk who have bought houses in Germany.

    Applying for a mortgage and have a reasonable sized deposit in UK£ that I want to move into the Eurozone at FFR.

    Am I allowed to do this via the RAO? For example, write a (large) cheque in Sterling and get a larger one in Euros? Or is this money laundering?

    I'm sure there are all manner of rules about it - so if anyone has any (useful) advice, be grateful.


  2. Use a company that will exchange a large amount of money, they are on the web, you get a much better rate and they do all the paperwork i.e. Stating where the money came from and where it is going and what it is for (money laundering rules). If I remember the name of the company I used I will post it.
  3. The FFR can't be used for can cash cheques in the RAO but only while you are setting up you're local bank account.

    Your bank will move the money for you at a cost and at a specific rate. You just have to see which one's better: Bank you trust, or whoever Vermin nominates. It may be that the company will take a significant slice of your money for the transaction...

    I'd go bank to bank. Just need the bank number.
  4. Check with your own UK based bank, does it have an offshore branch in Jersey or IoM, then you can possibly open up a Euro account with them, it also pays a higher rate of interest on any savings you have.
    most banks have a rule that you must be resident outside UK to have one of these accounts.
  5. I used these guys, they were much cheaper than my bank, I changed £18k and saved about £300. If you watch the market and you feel the rate is particulaly good you can reserve the currency at the good rate and pay them your money with a certain ammount of time.

    Go to your bank and get a quote then call these guys. They are a reputable company and have been around at least 6 years (when I used them), go to their FAQ page.
  6. Another possibility is to open a Sterling account at your German bank and then transfer the money. UK banks are notorious for the outrageous fees they demand for currency exchange, whereas the German bank will give you very favourable terms, since you have an account with them.

  7. Yep, shopping around is the key. I moved a lot of money a couple of years ago, in the end it was my bank that came up with the better rate. Just make sure you get through to the people who know about currency transfer, i.e the international division - the mongs in your local branch will sometimes quote the tourist rate, which is shite and not applicable to large sums.

  8. When I move money to Asia I insist on it arriving in sterling before being converted. My UK bank once pulled a stunt where they converted it (against my orders) & left me £500 short due to differences in exchange rate; they reimbursed me when I produced my copy of the transaction clearly stating my instructions to them.

    Transactions take 3 days.....