Converting euros to sterling - did I get poor rate?

[Deleted User]

benjus wrote: »

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.

It's a well known fact that lots of dirty money get changed in some BdC.
Up to 65% of monies changing hands, according to this article:

http://www.independent.co.uk/news/uk/politics/bureaux-de-change-are-targeted-in-new-terror-crackdown-629864.html


http://www.thisislondon.co.uk/news/article-23437596-police-use-a-jcb-to-burst-into-fort-knox-of-100m-drug-gang.do

Therefore their low spreads. In the Far East, the difference between buy and sell is often less than 1%.


Just google 'bureau de change drugs' and see what comes up.

Donnie

dzug1 wrote: »

Not my High Street I'm afraid.

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

The two of which I'm thinking both have two Central London locations each.

I live in Central London.

But, as mentioned earlier, it is possible to get these rates via bank transfer.

dzug1

travellingbum wrote: »

In the Far East, the difference between buy and sell is often less than 1%.

and wages and therefore costs are significantly lower

even though the clerk here is probably on not much above minimum wage

[Deleted User]

dzug1 wrote: »

and wages and therefore costs are significantly lower

Just a poor excuse for being greedy. In Denmark, where wages and costs are much higher than here, the buy/sell exchange rates are typically 1-2% apart and 'no commission'. After all their commission is the difference between the buy and the sell rates.

benjus

Donnie wrote: »

The two of which I'm thinking both have two Central London locations each.

I live in Central London.

But, as mentioned earlier, it is possible to get these rates via bank transfer.

I also live within walking distance of the central London places that usually top the Travel Money Maximiser. However, I don't think it's valid to say it's "on the high street". Unless they plan in advance and order online, the average person in the UK is limited to the PO, the travel agents, the banks and maybe Tesco or M&S.

Donnie wrote: »

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

How does that work? If I have a bunch of Euro notes how do I transfer them to the BdC?

Donnie

benjus wrote: »

I also live within walking distance of the central London places that usually top the Travel Money Maximiser. However, I don't think it's valid to say it's "on the high street". Unless they plan in advance and order online, the average person in the UK is limited to the PO, the travel agents, the banks and maybe Tesco or M&S.



How does that work? If I have a bunch of Euro notes how do I transfer them to the BdC?

That was clearly aimed at the people buying Euros, as other methods can lead to extra charges. So I pointed out that it was possible, as it may suit some.

As to my description of 'High Street', they do have a High Street presence and it is possible for the average person on the High Street to take advantage of their rates. I didn't write on every High Street.

I'm sorry that it doesn't meet your definition, Louie...sorry I mean Benjus. :rolleyes: