money changing

[briananddoreen]

I object to paying huge commisions to change £ into euros and as my bank has told me today that a new law has come into effect that they cannot change more than £2.5k into any other currency (even if I start a euro account with my bank and use Currenciesdirect.com with their high rate of exchange ie currently 1.511euros to the £ and place this in the bank euro account).

I wish to take enough euros with me to last at least a year aprox 7500 euros.

Please dont suggest that I use another bank in tandem because this would complicate matters.
I would like to get this matter settled quickly as I want to sail for the med at the end of the month for a two/three year cruise as a retirement way of life.

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[jeanne]

Why do you want to take the cash for the year with you? We are able to use our ordinary debit card in cash machines anywhere. The charge is £1.50 per transaction for any amount , so getting a months cash at a time is affordable. Having a years cash on board could also pose a security/theft problem and you are also tied to the present rate of exchange. If we had done what you suggest we would have lost out considerably as the exchange rate is more favourable at present than when we left UK last year.

The banks everywhere are much more aware of potential money laundering and it is this that has stopped transfers or changing of large amounts without questions being asked.

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