Converting euros to sterling - did I get poor rate?

fitzroy

I paid 175 euros into my bank current a/c and see I got £143.13 for them. As this was my first trip in euro zone land for 5 years - and it was a quick there and back trip - I didn't have time to look into exchange rates. Is the conversion rate I received about right or is it a case of "must try harder"?

richardginger

This equals an exchange rate of 1.22 Euros. In a nutshell, you have been robbed, but this is always the case with paying euros into a UK bank. In today's market, 175 Euros is worth about £157. It does not seem a big difference but if it was 175,000 Euros, you would be looking at a shortfall of about £14,000. So, OK to go to your bank with small amounts but if you have large amounts, use one of the bigger specialist currency exchange companies like Global Currency Exchange Network. You will get a much better "commercial" rate and pay no charges whatsoever.

dzug1

richardginger wrote: »

In today's market, 175 Euros is worth about £157. .

Maybe, but for cash (notes) you are never actually going to get that rate in a commercial setting - there will always be a spread on the exchange rate. And if you are selling euros that spread is just about always bigger than if you are buying them.

Even so, you were probably at the worse end of what can be done on the High Street

spiro

Whenever you come back from the eurozone the two best things to do with remaining euros are (a) keep them for the next trip or (b) sell them to family/friends would are going on a trip.

Donnie

dzug1 wrote: »

Maybe, but for cash (notes) you are never actually going to get that rate in a commercial setting - there will always be a spread on the exchange rate. And if you are selling euros that spread is just about always bigger than if you are buying them.

Even so, you were probably at the worse end of what can be done on the High Street

Not altogether true. I have two Bureau de Change local to me that would give you £155 for £175 Euros.

dzug1

Donnie wrote: »

Not altogether true. I have two Bureau de Change local to me that would give you £155 for £175 Euros.

So what's in it for them?

benjus

Donnie wrote: »

Not altogether true. I have two Bureau de Change local to me that would give you £155 for £175 Euros.

But £155 is not the same as £157.80. Even though it's a very tight margin, it's still a spread on the exchange rate. The Travel Money Maximiser claims to have found one Bureau de Change in London that would give £156.31 for €175. These people must be shifting serious amounts of money around to make enough profit to stay in business - but then there's no shortage of tourists from the Eurozone in central London.

To the OP - another time, consider sending the Euros by special delivery to a place such as the one I mentioned above - most of them can send you a cheque for the Sterling amount or credit it to your bank account by BACS transfer.

Donnie

benjus wrote: »

But £155 is not the same as £157.80. Even though it's a very tight margin, it's still a spread on the exchange rate. The Travel Money Maximiser claims to have found one Bureau de Change in London that would give £156.31 for €175. These people must be shifting serious amounts of money around to make enough profit to stay in business - but then there's no shortage of tourists from the Eurozone in central London.

To the OP - another time, consider sending the Euros by special delivery to a place such as the one I mentioned above - most of them can send you a cheque for the Sterling amount or credit it to your bank account by BACS transfer.

Which was the one you mentioned above?

Some of them levy extra charges for amounts under £1000. So you can end up with £11 before you even touch the exchange rate.

Though there are some that offer bank transfers to them, therefore saving on the postage charges.

Of course we know there is going to be a spread. My point was that you can get close to the wholesale rate on the high street.

mad_rich

To the OP - yes, you got a shocking rate, but there's no point in worrying about it now.

Use it as a lesson learned for the future - shop around!

dzug1

Donnie wrote: »

.

Of course we know there is going to be a spread. My point was that you can get close to the wholesale rate on the high street.

Not my High Street I'm afraid.

Are your local ones that offer that good rate independent or part of a chain?

dzug1

Donnie wrote: »

Of course we know there is going to be a spread. My point was that you can get close to the wholesale rate on the high street.

Not on my High Street I'm afraid. Obviously you live in a favoured area.