Euro Question

I have just changed my money at the post office and they only gave me a rate of 1.11 to the pound ,if i changed less than £500 it went down to 1.08 ..think i've had my pants pulled down :-)

:DHi All,

The euro is going up and lets hope it keeps going :thumbup:


Heres the link to Martins Money Saving Tips, for the best exchange rates currently available at the normal outlets, i have put a basic £250 to exchange in the box but just fill out and click for a comparison

http://travelmoney.moneysavingexpert.com/holiday-money/#results

jon

ATOO wrote:I have just changed my money at the post office and they only gave me a rate of 1.11 to the pound ,if i changed less than £500 it went down to 1.08 ..think i've had my pants pulled down :-)

ATOO,
I think that sounds like the normal post office rate. As has been said earlier, most of the banks etc. charge up to 3% for converting currency on purchases with your card, and I've found in the past that the post office is usually about 1% worse than this.

JonG,
Thanks for that link - that's very useful. I will be going to London before I leave on my holiday so I could easily go to Waterloo station and get the 1.15 rate (assuming it's still that in a couple of weeks time).

Ally

AllyG wrote:

ATOO wrote:I have just changed my money at the post office and they only gave me a rate of 1.11 to the pound ,if i changed less than £500 it went down to 1.08 ..think i've had my pants pulled down :-)

ATOO,
I think that sounds like the normal post office rate. As has been said earlier, most of the banks etc. charge up to 3% for converting currency on purchases with your card, and I've found in the past that the post office is usually about 1% worse than this.

JonG,
Thanks for that link - that's very useful. I will be going to London before I leave on my holiday so I could easily go to Waterloo station and get the 1.15 rate (assuming it's still that in a couple of weeks time).

Ally

Hi Ally,


Not a problem , here's another link that looks pretty usefull...

http://www.crowncurrencyexchange.com/content/euros.asp


All the best


jon :D

Jon,
Someone else on this site was using one of these advance currency exchange companies, and when I looked them up they were a bit 'wobbly'. I don't know about this particular one, but there is an element of risk in ordering and paying for your foreign currency in advance (in case they go 'bust' in the meantime).

I had a bank go bust with quite a lot of my money in a long term fixed rate bond, but it was okay because it was guaranteed by the Financial Services Compensation Scheme. But I wouldn't be so sure about some of these currency exchange companies.

These days none of us can afford to lose any of our hard earned money.

Be careful.

Best Wishes :D

Ally

Hi Ally,

Cheers for the heads up on my last post...I think the reasonong behind them is that as the currency fluctuates quite a bit during the day and over time you can pre order at a specific rate and when the rate achieves that level they buy the currency.

But as you say it's a big gamble that the company in question doesn't go pear shaped with all the money.....or one them decides to do a runner....so actually as you rightly say probably best to be a bit carefull of these kinds of businesses and give them a wide berth.

I'm not entirely sure but i think some banks do a similar kind of thing but being banks would think they will charge an arm and a leg for the service.


Best Regards


jon

That Post Office rate is pretty good, the rates at the airport are outrageous.

I travel to the continent a lot, I think the best is to use an ATM when abroad. And as they charge a one off fee as well for the ATM, get out all you need at once.

Or better still, find a continental friend who needs ££ or needs something bought in £ and do a private deal, to cut out the banks, who make a big profit on changing both ways.

ATOO wrote:I have just changed my money at the post office and they only gave me a rate of 1.11 to the pound ,if i changed less than £500 it went down to 1.08 ..think i've had my pants pulled down :-)

I was in the post office a couple of days ago, and the poor lady in front of me only got 1.03 euros to the pound :shock:

What a change in only a month!

I have had my bank statements now, and in Courchevel on 17th Feb I got an exchange rate of 1.1178 euros to the pound when using my Visa debit card. It's amazing how much, and how fast the euro/pound exchange rate fluctuates.

Ally