EUR to GBP exchange w/o losing on FX rates when EUR is cash

[tidal9334]

I'm a UK resident and my father (not a resident) is visiting us and happen to bring €4000 with him instead of £4000 (yes, you heard that right). And this amount is entirely in cash.

What's the most effective way to exchange to GBP without losing a lot on FX rates?

Post office, local exchange houses and even the banks offer FX rates with a big spread to the mid-market rates seen on XE (just using XE to understand the variation and I'm fully aware that actual rates differ from what is shown on XE).

Could I obtain a prepaid travel card in GBP by paying in EUR? The rates offered are much better for travel card than cash. But not sure if a GBP travel card is something that can be issued or does it have to be a non-GBP travel card?

 

[beloved_dust_heap]

@tidal9334 Open an HSBC euro account then transfer to a cheap money transfer company such as Revolut.

https://www.hsbc.co.uk/international/currency-account/

 

[karole]

@tidal9334 Spread is still very wide but this place is a lot better than the post office at least.

https://www.thomasexchangeglobal.co.uk/sell-travel-money

 

[beloved_dust_heap]

@karole A little wide! 7.2%

If you want an easy life, at least pick a company that only charges a percent or 2

https://travelmoney.moneysavingexpert.com/

 

[julia736]

@tidal9334 Can't your dad deposit it in the bank?

Then he can SEPA the money to your Fineco account (easy to open) and you can convert it to £'s and withdraw from any cash machine.

I doubt if there's any cheap way to do this. Places I can think to change the money are: Heathrow airport, currency exchanges in central London, high street banks in other towns and cities - they're all going to be expensive, aren't they? I guess this is a cultural thing - we just don't do that here, and I guess they do in your dad's country.

 

[gsweeney]

@tidal9334 you're unlikely to get an amazing rate but our local BFC Exchange doesn't usually have a bad rate on any currency. maybe find a decent exchange and change half now unless he anticipates needing all 4k

 

[jb21]

@tidal9334 If you bank with HSBC or Barclays open a UK based Euro Currency account.

Otherwise, shop around for best bureaux de change rate near you.

They won't accept 500€ notes, but 200€ and below are fine.

 

[5fish5chips]

@tidal9334 would deposit in a bank account here and use Atlantic Money - best fx spot rate at £3 flat fee for transfers up to £1M