jimmbo

We need to buy some €s for our visit next month. Can anyone recommend a Co that has a good exchange rate against the £ for smaller amounts of dosh?
My Bank offered 1.28 & a travel agent 1.29. Might just have to keep my hands in my pocket at this rate

crispy

I haven't loss my sense's here, try the Post Office, they don't charge commission and usually have a good rate.

jimmbo

Thanks crispy,
Have just tried the PO online they offer 1.2811. Have found a site that lists banks & the exchange merchants so that you can compare, not too sure about any hidden charges. Anyway best rate so far is 1.33. Have just hear that the States have cut their interest rates so will wait and see.

mikeoc

That 1.33 may well be a commercial rate!

Mitzyboy

Ive used travalex in the past

Sun Pay are doing 1.32 at the moment

EsuriJohn

The way it seems to work is, the quoted rate on many FX websites such as 1.33 is available for large commercial transactions say £2m+. For transferring say £70,000 for house purchase you would be offered say 1,30 - 1.31 but for travel spend the banks and money shops offer 1.28 - 1.29 and some even take commision out of that. So the Sun Pay rate is very good if they will change £500 at that rate

Mitzyboy

The rate is accross the board, if its £10 or £5000

couchpotato

I don't know of Sun Pay but surprisingly I have found M&S have pipped the Post Office over recent months on the rate but as with PO it is best to pay by notes rather than by debit'credit card as the provider may charge a handling fee which defeats the object of "commission free" offerings

chrismortley

Hi Jimmbo
Are you buying your euros for holiday spending money ,or to finance a property purchase ?
If you are buying large amounts you should get an account with a currency broker & get the benefit of the commercial rate.
We use interchange but there are several others if you want to compare rates.
The ones I have used don't charge any commission on purchases over £ 5000.00 & amounts lower than that are only £10.00-£15.00

Chris

onlineamiga

If its just a small amount of euros you are needing then 1.29 or 1.30 isnt going to make a huge different, youre talking about 1 cent per pound. So if your changing 200 quid, then the difference is literally just a couple of euros.
ie like 1 pound 50. so is it worth spending hours looking for the best exchange rate for just a couple of quid? Nah.

But yeah avoid commission and stuff like that. just want a straight swap.
The euro rate is great for us euro earners to go back to the UK with. Infact in gibraltar the other day people were saying its cheaper to pay in euros than in pounds due to the exchange rate.. normally its the other way round! But i was slightly dubious about that!

Bri and Katee

I think the point to make is that the money markets are so B*/*""+d at the moment any transaction is going to lose money. We changed cash last week of November and had a rate of 1.42, now it's down to 1.29, thats a big drop!

We come out again second week of March, just hope its gone back up a little by then

jimmbo

Hi Chris,
It's holiday money. Will be keeping a weather eye on the exchange rate before we transfer any £,s for the house.
jimmbo