Pounds to Euros exchange rate

mikeopvc

My wife is going to Ireland in the morning so changed her pounds for Euros today at the post office.

She gave £340 and got 370euros back

I did a quick search online and a couple of sites had a converter which both showed she should have got 394euros

Has she been ripped off or is there a commission taken by the post office?

McKneff

She will have been given a receipt with the exchange rate on it. The rate varies from place to place

Thats the only thing you can go by.

I find it cheaper to buy from my own bank, they are usually better than the post office.

jackieblack

Post Office rates are notoriously poor.

OTOH, online rates are usually better than 'in store' rates (for all sellers, not just the PO ) but there is often a minimum value, delivery charges and charges for paying with plastic.

catokelly

So you got a rate of 1.088 - other companies were giving a rate of around 1.14 today.... In future you should use Martin Lewis's Travelmoneymax tool to find the best rates http://travelmoney.moneysavingexpert.com/.

The Post office rates are very bad compared to other companies, also beware if you are converting leftover currencies back to sterling, again the post office buyback rates are awful!

mikeopvc

catokelly wrote: »

So you got a rate of 1.088 - other companies were giving a rate of around 1.14 today.... In future you should use Martin Lewis's Travelmoneymax tool to find the best rates http://travelmoney.moneysavingexpert.com/.

The Post office rates are very bad compared to other companies, also beware if you are converting leftover currencies back to sterling, again the post office buyback rates are awful!

Thanks I'll be sure to tell my wife next time she goes away;)

antenna

mikeopvc wrote: »

Thanks I'll be sure to tell my wife next time she goes away;)

Look on the bright side......at that rate she wont have enough currency to come back.

DirtyDick

They change them 'for free', but at a lower exchange rate, so it's disingenuous. This may or may not be better than paying a fixed fee or % of total to change them elsewhere.

McKneff

Shop around too if she has any to exchange back when (or if lol) she comes back and has some left.

benjus

The Post Office has done a very good job of convincing people that they offer a good deal for changing foreign currency - largely by relentlessly using the totally meaningless phrase "commission free". A lot of people are totally convinced that they will be ripped off if they use their bank cards abroad, when actually for many of them it would be cheaper than changing money at the PO.

EycplUK

Last time we went to belguim i checked out the PO rate , board said 1.12€ to the £ but when asked at counter this was only for a minimum £500 deal ! anything under was 1.08€ to a £ !!
Declined thier generous offer !
When we got on the ferry the exchange rate was 1.11 to a £ !
and no minimum amount to qualify .

Biggles

benjus wrote: »

A lot of people are totally convinced that they will be ripped off if they use their bank cards abroad, when actually for many of them it would be cheaper than changing money at the PO.

I would go so far as to say 'for most of them'.