The euro, denoted by the symbol €, is a European currency adopted in 1999 and used by 17 European Union countries in the "Eurozone". It is used by 330 million people and has become the second most important currency worldwide after the US dollar. As the UK uses the pound sterling as its currency, ordinary cheques cannot be drawn in euros using an standard UK bank account. However, it is possible to send euros abroad by other means of paper-based payment.
- Skill level:
- Moderately Easy
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Shop around for the best deals on foreign currency accounts or foreign drafts, as the best price may vary from bank to bank.
Set up a foreign currency account in euros, offered by many banks in the UK. This allows you to send and receive payments in euros without being affected by the exchange rate with the pound. The account will include a chequebook allowing cheques to be made out in euros.
Ask your bank to provide you with a foreign draft, which is available for a fee depending on how much money you wish to send. A foreign draft is a type of cheque drawn on and payable via a foreign bank and can be made out in euros.
Send the foreign draft or cheque via post to the recipient who can then cash it as euros.
Tips and warnings
- Keep in mind that the recipient may be unwilling to accept a cheque due to collection charges levied by their bank.
- Foreign cheques and drafts are subject to the reliability of the destination country's postal and banking systems.
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