Can I change currency from US Dollars to Euros and then to UK pounds?

J

Jimbo2222

Guest
I currently live in the USA, but am looking to move back to the UK. I have 300.000 US dollars.

At the current exhange rate I would get 210,000 UK pounds, however, if I were to change my US dollars into Euro's and then change the Euro's into UK pounds, I would end up with about 270,000 UK pounds, which is quite a big difference.

Would I be able to do this? Are there any rules that would stop me from doing this. It seems too easy somehow. Also, if this is possible, how would I go about doing this? Through my bank? What kind of fees are involved in something like this? Any ideas anyone?

TIA
Jim
 
I Don't see how you have done your calculations...

$300,000 to Stg£ @ 1.43 gives £209,790
$300,000to € @ 1.30 gives €230,769

€230,769 to STG£ @ .91 gives £209,999

So you wind up with the same amount of Stg pounds ( less a load of bank charges)
 
If this were true you could keep converting $ -> € -> £ -> $ -> € -> £ -> $ ->...etc..etc..

and end up with all the money in the world.
 
Yep, my mistake, ignore me, sorry.

When I did the last part of the conversion, I must have clicked on US dollar instead of UK pound, doh. Sorry to have wasted your time, but thanks for pointing out my mistake.

Jim
 
Assuming you are now going to convert straight from dollars to sterling - it will almost definitely be cheaper to use a currency broker for amounts as big as 300k dollars.
We used Currency Solutions to change sterling to Euros. As long as you have a dollar bank account and a sterling account to transfer it too - they will get you better rates than the banks.
They helped us with picking the right time to do the exchange - one day can make a big difference. It might be an better to keep some dollars if you don't need them all straight away - the exchange rate might improve in the future.
 
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