Euro Currency Change Back To Sterling

hemelheskey

I have 850 Euros which i want to change back to Sterling, ive been quoted £636 Post Office, £635 Nat West and £655 by a local currency exchange shop in town, these quotes are total cash i receive for exchange and no add ons.

Is this the best rate of exchange i can get? To me its a terrible rip off and as they get their cake and eat twice, giving me below the current Euro Sell Price and then selling it at 1.10 full price.

Surely this practice needs to be investigated as well, i dont expect them to exchange for nothing, but this is a huge mark up and a rip off, but i need the cash.

redwin11

I'll give you £680 for them. How's that?

suzejf

I'm in same dilemma, I've some money in Euros which I want to put in me savings account, but first have to convert it to Sterling and don't know where to get the best deal!!

Incapuppy

hemelheskey wrote: »

Surely this practice needs to be investigated as well, i dont expect them to exchange for nothing, but this is a huge mark up and a rip off, but i need the cash.

Hello and welcome to MSE.

It is not a 'rip-off' it is the way things *are*. If you have an alternate theory as to how the global currency market could work then I'm sure several world leaders would be very pleased to hear from you!

dzug1

hemelheskey wrote: »

I have 850 Euros which i want to change back to Sterling, ive been quoted £636 Post Office, £635 Nat West and £655 by a local currency exchange shop in town, these quotes are total cash i receive for exchange and no add ons.

Is this the best rate of exchange i can get? To me its a terrible rip off and as they get their cake and eat twice, giving me below the current Euro Sell Price and then selling it at 1.10 full price.

Surely this practice needs to be investigated as well, i dont expect them to exchange for nothing, but this is a huge mark up and a rip off, but i need the cash.

Unless you are prepared to send them off paying special delivery to the likes of Thomas Global Exchange then probably yes. If you've got anywhere else in town (M&S, Thos Cook?) they may be worth a look - you might improve things a trace. Or you might not.

Just how is it a 'rip off'? Operating premises and paying staff doesn't come cheap, plus your commodity is rather volatile in its value. (Spreads have widened since the credit crunch).

dzug1

suzejf wrote: »

I'm in same dilemma, I've some money in Euros which I want to put in me savings account, but first have to convert it to Sterling and don't know where to get the best deal!!

You will get the best deal by selling them to a friend at a mutually advantageous rate.

Otherwise it's a question of trogging round you local High Street to see who has the best deals today. (Tomorrow it might be someone else, so it's no good giving a categorical answer).

You can easily lose 15% of what you paid for them BTW - if it's any less you are getting a good deal.