euro rate
- Thread starter duffy
- Start date
the best rate by far (in the uk and in newcastle) has always been the cheque centre or cheque stop, there current rate is 1.12 and has been gradually increasing each day over the last week. If it were me, i would wait a while yet before changing any money over as i think there is still some movement upwards towards the summer
Morbyd
Moderator
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)
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)
Lol yeah fair enough, I should have said that often the disparty between the official rate and real life rate is obscene, but I guess it's a matter of being smart about it and changing ££ at the right place and the right time. Cheque stop looks interesting, I've done a bit of research and it also seems like using a Nationwide Cash Card is a good option. Supposedly you can get money out in the desired country at a great rate without a crazy commission. Not really sure how it works but perhaps that is the way to go. Although thinking about it I remember the cash machine around the corner from Jet Apartments in pdb as being really dodgy and it probably wouldn't accept it..
Only worry is if sterling gets a downgraded rating which has been threatened. There were some stories about this and the outlook was change to negative a few days ago. That saw a drop againt the euro and had me rushing to pick up my currency at 1.10 per pound but I think I blew my load a bit quick there and wish I had waited....but I don't think it will imrpove that much more. Reckon the interbank rate will be 1.20 by the end of the summer but I dont think any higher.
ibiza_seeker
New Member
Exchange rate
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!
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!
JPF
Active Member
I am getting myself a post office credit card.
Will use for buying things over there that I can pay on card, will get the best rate and there is no commision fees etc by the card company.
http://www.postoffice.co.uk/portal/po/jump1?catId=19400177&mediaId=34100665
Will use for buying things over there that I can pay on card, will get the best rate and there is no commision fees etc by the card company.
http://www.postoffice.co.uk/portal/po/jump1?catId=19400177&mediaId=34100665
Sez
Active Member
I've got mine from here:
http://www.crowncurrencyexchange.com/content/euros.asp
Good rates if you're able to order/pay in advance.
http://www.crowncurrencyexchange.com/content/euros.asp
Good rates if you're able to order/pay in advance.
I would hang on a bit longer as rates seem to be consistently going up, current rate at cheque centre is 1.127. it comes down to personal taste really on where to change, i personally prefer to change before i go, and use my card if i need to when im there for any additional money