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Best way to convert euro cheque to sterling?

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  • 24-10-2010 2:03am
    #1
    barneystinson
    Registered Users Posts: 4,683 ✭✭✭


    Hi all,

    I promised a friend I'd find out the answer to this:
    They're being given a cheque for €3,000, which they need to convert to £sterling in order to buy a car in the UK.

    I'm thinking that they get the cheque made out to their little brother who has a student bank account with Bank of Ireland, lodge the €3,000 into that account, and then get him to draw it out in sterling from that account, as they have no commission on these accounts? They can then carry the sterling in cash to the UK and lodge it to their UK bank account...

    I can't see it saying about no foreign exchange commission for student accounts, on the BOI website at the moment, but I'm sure I remember hearing it somewhere...?! (Before anyone starts giving out about abusing the student account, strictly speaking this person is actually still a student, they just don't have a student account in Ireland any more, as they are now studying in the UK).

    Any suggestions welcome...!


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    #2
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    the above plan is probably the cheapest way, but BOI have people abusing the cheap FX in these accounts all the time, so expect questions when withdrawing the GBP.


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