Complex money matter.
01 October 2008, 02:09 PM
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Complex money matter.
Colleague of mine has a flat in Prague. He found a new tenant and flew over to sort out the arrangements.
She has paid two months rent up front in cash = £1600 in Czech crowns. Unfortunately it was at 6pm after the banks closed.
He has now flown home with the cash. He needs it in his Czech bank account to pay the mortgage.
To pay the money into uk bank, convert to sterling, send to Czech bank, is going to cost approx £300
It would be cheaper to fly out and deposit the cash into the bank in person.
Does anyone know a cheaper way to transfer the cash into a foreign bank account?
She has paid two months rent up front in cash = £1600 in Czech crowns. Unfortunately it was at 6pm after the banks closed.
He has now flown home with the cash. He needs it in his Czech bank account to pay the mortgage.
To pay the money into uk bank, convert to sterling, send to Czech bank, is going to cost approx £300
It would be cheaper to fly out and deposit the cash into the bank in person.Does anyone know a cheaper way to transfer the cash into a foreign bank account?
01 October 2008, 02:15 PM
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Post a cheque for the amount to the Czech bank? Wouldnt have thought he'd inccur £300 in charges that way. Seems awfully steep though
01 October 2008, 02:29 PM
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It doesn't sound to me as though there's any currency exchange involved, just the straight payment of Czech currency into a Czech account, but done from the UK.
Has to be worth trying a couple of other banks IMHO - £300 sounds totally excessive to me.
Has to be worth trying a couple of other banks IMHO - £300 sounds totally excessive to me.
01 October 2008, 05:04 PM
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The £300 comes from the spread of selling the crowns to the bank, having them converted to sterling, then a conversion back to crowns at the other end.
Ideally he would pay the crowns into an account with no conversion, but that does not seem to be possible in the UK.
AndyC_772 can you pay cash into a Czech account? Surely the UK bank doesn't want to be left with notes that it can't spend, hence the conversion charges.
01 October 2008, 05:19 PM
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I've no idea, sorry - best contact a few banks and ask.
I know it is possible to have foreign currency accounts in the UK; a few years ago I had some money come in which was in US$, and my bank suggested opening a US$ account with them to keep it in, rather than convert it all into GBP straight away. (Fortunately I declined - the rate than was about $1.40/£!)
I know it is possible to have foreign currency accounts in the UK; a few years ago I had some money come in which was in US$, and my bank suggested opening a US$ account with them to keep it in, rather than convert it all into GBP straight away. (Fortunately I declined - the rate than was about $1.40/£!)
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