I am just about to sell my property in Spain. When this happens, I will no doubt have a bankers draft in euros. Whats the most cost effective way of getting this changed into sterling without suffering too much on the exchange rate and commissions etc? Do I just pay it into my uk sterling account and hope for the best or are there any other options worth exploring?
You will not be able to pay into your Bank account as your account will be Sterling, unless you open Euro account and( wait for the currency be favourable) Most banks will not have a Euro current account and if they do the charges are high.
Alternatively you can buy Sterling from brokers like HIFX, or currency 4 less etc.