Exchange Euros to Pounds in Spain or UK?

competitionscafe

A friend is coming to the UK on 2 months study leave and has asked "Here (Spain) the rate given to me is 1 pound is equal to 1.52140 euros plus a fixed commision of four and a half euros, in other words, for 100 euros I receive 61 approx. Is it better to change my Euros to pounds here in Spain or wait until I get to the UK?"

As I have never changed Euros into pounds can anybody tell me where I can find the current rates here in the UK, so I can answer her question? I assume for reletively small amounts (few hundred £) the best place would be a bank/ post office or Marks & Spencers?

Thanks!

brodev

If she is in southern Spain then she would be better going to Gibralter to change her money as they do not charge commision

grumpyoldgit_2

We buy a lot of Euros - usually use Post Office (no commission) but not highest exchange rate.
never sold but you might have a look at their on-line calculator to get some idea what the rates are like:
http://www.postoffice.co.uk/portal/po/foreignexchange?type=sell&pageId=fex_main&catId=19300210

Rather annoyingly I have just noticed it wants sterling value despite being a sell page! Still I'll leave the post on in case it prompts other ideas.
Cheers
GoG

grumbler

Probably it will be cheaper to withdraw money here usung spanish debit card and use this card (or a credit card) for purchases. It is worth checking 'fees and charges' of your friend's card(s). The exchange rate this fees are based on is very close to the interbank rate: see http://www.oanda.com/, http://www.oanda.com/convert/fxhistory

monkeyspanner

Exchanging Euros for £ in the UK will be treated as a buy-back rate as if you were a returning traveller. The rate is generally not very good. Most high street exchange offices quote a buy-back rate.
Grumbler is probably right use debit and credit cards. Check the fees as use of debit card for cash withdrawal usually attracts a fee. Credit card purchases are usually OK and transacted at better rates than converting cash. Purchases with debit card can also attract a fee per transaction.