Foreign Currency Buy Back

taylos

I find the advice regarding what cards to take abroad/ where to obtain cheapest currency Useful. However recently on returning from holiday I was suprised that the no commission buy rate was poor. Does the website take this into consideration when mking recommendations

TiTheRev

The Post Office will change any currency FREE of charge.

benjus

TiTheRev wrote: »

The Post Office will change any currency FREE of charge.

Free of commission, but at terrible exchange rates.

As far as I know the website only considers rates for buying foreign currency. Some travel money providers will buy back at the same rate, but they charge a fee for this service. The best thing to do is use a good bank card (Nationwide) and only withdraw what you need. If it's a fairly small amount of money it's probably best to keep it until next time you go abroad (especially if it's something like EUR or USD which are useful in many countries).

If you can get to central London, Thomas Exchange Global (TEG) is quoting competitive buy rates, e.g. a Euro rate of 1.27221 which is only 1.75% over the mid-market rate (1.25029). I doubt you'll do much better than that. In comparison, the Post Office buys Euros at 1.3745, which is almost 10% over the mid-market rate!

If you can't get to TEG they offer a delivery service for selling foreign currency. I'm not sure if they have a similar service for buying foreign currency but it might be worth asking. It's unlikely to be worth doing unless it's a fairly large amount of money.

jonesMUFCforever

Free or no commission means that the financial institutuions make their mark up on the exchange rate.
There is no way round it unless you sell privately to somebody else wanting the same currency as you have left.

valiant23

I view 'no commission buy back' with the same scepticism as companies that offer freephone numbers or other perks that are invariably incorporated into the final price.

The best solution (as said by jones) is to find a friend who needs some currency. The best way to be fair in this way is to split the difference between the buying and selling rate (as recommended by another MSE'er).

I found that Thomas Exchange Global provided the best rate and service for my needs.

photome

TiTheRev wrote: »

The Post Office will change any currency FREE of charge.

Amazing how many peeps come on here and post this type of post.

In Norwich PO there is always a queue for travel money, a few yards away in a travel agent (cant remember which one) there is never a queue BUT always a better rate (no commission).

IT IS what you get that matters not the NO COMMISSION

sturll

Ill buy any dollars you have.

dzug1

taylos wrote: »

I find the advice regarding what cards to take abroad/ where to obtain cheapest currency Useful. However recently on returning from holiday I was suprised that the no commission buy rate was poor. Does the website take this into consideration when mking recommendations

There is no obligation to take it back to the place you bought it from - you CAN shop around.

Having said that, buy back rates are generally poor - at a greater spread from the mid market rates than selling rates.

This site doesn't make any recommendations (that I have noticed anyway) on buying back.