Currency Exchange - Euro to Pounds

Joosh

Hello.
I have 590 EURO left over from when I was on holiday and I need to exchange them back to sterling.

When I first got them exchanged I got 1.1 Euro to the pound. I know the pound has got stronger since but I find the post offices quote of £400 rediculous!

If I exchanged them back at the rate I bought them, they are worth £536. I know theyre not worth that now but surely they have not dropped worth by £120???

Anyone know the best place to get these exchanged?

Thanks.

richardw

Yes, sell them to friends and rellies and mates down the pub or at work, much better return.

dzug1

What you are forgetting is that all exchange outfits have a spread between buying and selling rates of anywhere between 10 and 15% - the PO is somewhere in the middle of that, with the spread skewed in favour of those buying euros. That is around 5% on the money market rate to sell you euros and about 8% in the other direction to buy them back from you. So if you buy currency and sell it straight back you've lost an eighth of its value even at the same day's exchange rate

Are you sure that PO quote is correct though? Maybe they misheard the amount? It would be nearer right for 490 euro.

rediculous Interesting new word that. What's it mean? A superlative form of ridiculous?

Joosh

dzug1 wrote: »

What you are forgetting is that all exchange outfits have a spread between buying and selling rates of anywhere between 10 and 15% - the PO is somewhere in the middle of that, with the spread skewed in favour of those buying euros. That is around 5% on the money market rate to sell you euros and about 8% in the other direction to buy them back from you. So if you buy currency and sell it straight back you've lost an eighth of its value even at the same day's exchange rate

Are you sure that PO quote is correct though? Maybe they misheard the amount? It would be nearer right for 490 euro.

rediculous Interesting new word that. What's it mean? A superlative form of ridiculous?

Thankyou for your input. Although you are rather pedantic.

jammin_2

Joosh wrote: »

Thankyou for your input. Although you are rather pedantic.

Actually, I would phrase that as one sentence rather than two, separated with a comma:

"Thank you for your input, although you are rather pedantic."

Blue_Diamond_2

Don't do it, keep for your next holiday. I changed some at Tesco and the rate was appalling. Not something I would do again.

jammin_2

Blue_Diamond wrote: »

Don't do it, keep for your next holiday.

Yes, or at least until the mid-market rate has improved.

dzug1

Joosh wrote: »

Thankyou for your input. Although you are rather pedantic.

Is that a compliment or a complement?:rotfl: