Paying your Hotel Bill Euros or Pounds?

Proud_Peacock

We are travelling to Rhodes in August and have pre-paid half of our hotel bill. Still have the other half to pay on completion. We are always asked whether we want to pay in Pounds or Euros. What should we do at present with the pound so strong?

peachyprice

That really depends on the exchange rate you'll be getting.

benjus

In most cases (and especially if you're using one of the credit/debit cards recommended on this site for overseas use) you get a better exchange rate if you pay in foreign currency (i.e. Euros) and let your card handle the currency conversion.

NFH

Compare the EUR/GBP rate used by the hotel to the current EUR/GBP wholesale rate. If the hotel rate is higher (very likely), then pay in EUR.

Note that an inverse GBP/EUR will need to be converted to a EUR/GBP by taking the reciprocal (divide 1 by the rate).

Kefi

Dear Proud Peacock
You will get more for your pound sterling in Greece than you will here. The hotel will exchange the rate as issued by The Bank of Greece. All entities exchanging money must be registered with the police and their books are regularly checked. All registered companies use the Bankof Greece rate ie hotels, travel agencies etc. Personally unless you are exchanging vast amounts there is little be made or lost. It is more important to check how much your UK bank will charge you for withdrawals etc. Often hotels will charge no commission if you are exchanging sterling to pay your bill.
Have a lovely time. It is a great island and country.....whatever they may say on the telly!