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How to transfer Cash sterling to foreign bank?

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  • 06-04-2013 3:33pm
    #1
    CiniO
    Registered Users Posts: 16,067 ✭✭✭✭


    I have some cash (notes) in sterling.
    What are my options to transfer it to foreign bank account in sterling (within EU) without a need for currency conversion?


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    #2
    Marcusm
    Registered Users Posts: 10,320 ✭✭✭✭Marcusm


    CiniO wrote: »
    I have some cash (notes) in sterling.
    What are my options to transfer it to foreign bank account in sterling (within EU) without a need for currency conversion?

    Practically none unless it's a significant amount. Does the GBP account already exist? If not, it may not be that easy to set it up. The payment will not be a SEPA payment and thus will attract fees of (I would estimate) EUR20 at least. Next, you need to get it into the banking system to send it electronically. For that you would need a GBP account already or convert it into EURO and lodge it then do a transfer in GBP meaning a second conversion. You might be able to buy aGBP draft off an Irish bank and send it but there'll be charge for the draft, a delay in it being cashed and possibly a further charge to cash it. Alternatively, pop up to your NI bank and sort it out directly.


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    #3
    CiniO
    Registered Users Posts: 16,067 ✭✭✭✭CiniO


    Marcusm wrote: »
    Practically none unless it's a significant amount.
    Amount is definitely not significant. We are talking of below 1000 pounds.
    Does the GBP account already exist? If not, it may not be that easy to set it up. The payment will not be a SEPA payment and thus will attract fees of (I would estimate) EUR20 at least. Next, you need to get it into the banking system to send it electronically. For that you would need a GBP account already or convert it into EURO and lodge it then do a transfer in GBP meaning a second conversion. You might be able to buy aGBP draft off an Irish bank and send it but there'll be charge for the draft, a delay in it being cashed and possibly a further charge to cash it. Alternatively, pop up to your NI bank and sort it out directly.


    Ehh then it all doesn't calculate really.
    Account, while it's GBP account, is not in UK, but in other EU country.
    I was actually thinking about something like Western Union or similar, but it looks like it's not going to work.
    The easiest option will be to actually physically take the cash when I'm travelling there, and lodge it to the bank there.

    By converting it to Euro in Ireland and then sending there to be converted to GBP again, I'm loosing a fair percentage on currency conversion, so it's not worth it.


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