It sucks the actual rate you get is always way below the official rate.. I'm finding it really difficult to discern when would be best to change my ££ to Euros and the best (cheapest) method by which to do it. Any advice would be much appreciated!
That's kind of how the exchanges make their moneyIt sucks the actual rate you get is always way below the official rate..
That's kind of how the exchanges make their money
The official rate is a guide. Unless where required by law, no one is bound to give you that rate. Competition dictates that exchanges will give you as close to that rate as they can to lure your business, but with enough cushion to make some money. Supply/demand for the currency is also a factor... I've seen rates for both buy & sell at above or below the official rate if the moneychangers think that currency is quickly heading south or north.
Even in business transactions, banks will usually have a small spread on the exchange (although not as much as tourist exchange booths)
Sterling actually hit a 6 month high against the Euro last night and the bbc news analyst said he thought it would improve further over the next few weeks. Happy days! (I hope).
I also heard on the radio that it is thought that the euro might peak at 1.20 by the end of the summer and therefore, the later you change your money up, the better! I heard over to the White Isle at the end of July. Can anyone suggest whether or not I would get a better rate taking out the money there (like in most places) or whether I should change up before I go? I prefer using Travelex (1.12 today) so 563 euros for £500 - things are hopefully looking up!