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Selling Foreign Currency

Discussion in 'General Discussion' started by Martynt74, 6 Sep 2021.

  1. Martynt74

    Capodecina

    Joined: 20 Feb 2004

    Posts: 17,699

    Location: Higher Walton

    My dad has got a decent chunk of cash in Thai Bhat, Singapore Dollars and UAE Dirrums. He’s accumulated it on his travels and has maybe £5k in total.

    He was asking me the best way to convert to either GBP or Euros. I think the SGD might be popular enough for a high street currency place but I doubt the others would be.

    It’s at a point he doesn’t mind losing out on exchange costs. Just has accepted he’s unlikely to revisit these places for a while and so no point keeping it lying around.

    Any suggestions from anyone that’s done this recently?
     
  2. Omega_

    Gangster

    Joined: 8 Oct 2018

    Posts: 227

    Location: Bolton

    you could possibly find someone from the uk visiting one of these places and exchange it with them.
     
  3. Raymond Lin

    Capo Crimine

    Joined: 20 Oct 2002

    Posts: 68,519

    Location: Wish i was in .Lethal's house

    For £5k, I would just do it all on the highstreet and get it done without the hassle. Sure it's not the best rate but it's safe, it's quick and honestly the relatively small amount, in the grand scheme of things, you might lose out on may be £100 total?
     
  4. Jean-F

    Mobster

    Joined: 14 Apr 2017

    Posts: 3,117

    Location: London

    You’d probably have to be careful doing that, the authorities might interpret it as money laundering, you could do it on the down low by changing it with friends at mates rates.
    It’s not the same, but I’d take US dollars and euros in my taxi at exorbitant rates and use them on holiday, but if my wife was going shopping in New York or Paris for a long weekend, I’d give them to her.
    Failing that, take Raymond’s advice, seems good to me.
     
  5. swillsy

    Hitman

    Joined: 30 Oct 2011

    Posts: 977

    Buy Bitcoin :)
     
  6. Martynt74

    Capodecina

    Joined: 20 Feb 2004

    Posts: 17,699

    Location: Higher Walton


    That was my thought. Do high street places trade in the lesser used currencies though?

    The Singapore Dollars are worth around £3.5k I think so I think he’d be happy enough to just get that done.
     
  7. dLockers

    Sgarrista

    Joined: 21 Jan 2010

    Posts: 8,386

    I thought SGD was a closed currency? Or am I smoking something?
     
  8. Martynt74

    Capodecina

    Joined: 20 Feb 2004

    Posts: 17,699

    Location: Higher Walton

    No idea. That would be a ballache though.

    I might suggest he takes us all on holiday.
     
  9. dLockers

    Sgarrista

    Joined: 21 Jan 2010

    Posts: 8,386

    Winner - connecting flight via UAE to Singapore with a long weekend in Thailand!
     
  10. Martynt74

    Capodecina

    Joined: 20 Feb 2004

    Posts: 17,699

    Location: Higher Walton

    Haha superb.

    Just looked. The post office seems to do exchange.

    In Spain at the moment with him. I’ll see if I can do it here. Otherwise I’m not sure the deal if I try and bring it all into the UK due to the value.
     
  11. dLockers

    Sgarrista

    Joined: 21 Jan 2010

    Posts: 8,386

    Your dad took £5k of random currencies to Spain on holiday?

    I'd start asking the bigger questions... :eek:
     
  12. Martynt74

    Capodecina

    Joined: 20 Feb 2004

    Posts: 17,699

    Location: Higher Walton

    Its best not to ask sometimes. Once he had about $10k in USD in a tea packet but then forgot where he’d put it and thought he’d lost it. Went to throw some rubbish out and found it all!

    He does a lot of work in the Far East and I think sometimes gets paid in cash in various places.

    Realising this post makes it sound even more suspicious!

    EDIT. To clarify they live over here. Think he’s had this cash for around 5 years now just sat in a drawer.
     
  13. decmatt

    Mobster

    Joined: 10 May 2004

    Posts: 3,731

    Location: East Yorkshire, UK

    Closed currency I have done before in London with Rupees, where are you based?
     
  14. Martynt74

    Capodecina

    Joined: 20 Feb 2004

    Posts: 17,699

    Location: Higher Walton

    Just outside Manchester.

    The Post Office suggests I can buy each of the 3 currencies. Will just wait till I’m home to see if they buy it back too.
     
  15. MeatLoaf

    Capodecina

    Joined: 1 Dec 2005

    Posts: 14,099

    Location: Stoke on Trent

    Post office will buy it over the counter but you will need some photo ID
     
  16. im4gine3

    Hitman

    Joined: 7 Oct 2015

    Posts: 740

    Goes hand in hand