best exchange rate - GBP to euros?

flossy_splodge

I am sad that we seem to be getting this superior attitude about mathematical ability. I am an ex maths teacher who does some private support work and am alaso invigilating in a secondary school for both SAT's exams and now GCSE. The state of our education system is SO appalling to beg belief. If a young person is not taught some skills in school would you really blame that on the youngster? If you don't pick up basic maths whilst at school it is incredibly hard to do so afterwards. THAT'S THE FAULT OF THE SYSTEM, NOT the person. The worst thing I see is the attitude of some teachers. I left teaching in school because I used to get formal reprimands for using my breaks to give a little one to one support to those struggling on a particular topic. It is EMBARRASSING to many youngsters to share the fact that they just don't get it so a teacher who mocks them (and I've seen this done) does not exactly encourage the next one to ask for further help. The problem is NOT what our school attendees know or don't know but that there are as few sanctions against poor teaching as there now are against disruptive pupils. The Blair era of "you have rights" with no mention of the responsibilities that go with rights has led us to a whole generation whose education is currently failing them horribly. Until the great British public stand up and demand better, it won't change. So some understanding and support please for those who are brave enough to own up to needing help in any area of life - it takes a big person to do that and they deserve better than mockery.:eek:

o_t_e

inmypocketnottheirs wrote: »

Are you really telling me you can not work that one out?

It seems a mute point when the best rate is also the rate that charges no commission.

Buy online from travelex using a Switch card to avoid the cash advance fee then use their pricematch facility to get an extra two per cent as decribed by Budget flyer.

LesD

o_t_e wrote: »

It seems a mute point when the best rate is also the rate that charges no commission.

OK, let's have a quick maths (or is it arithmatic?) lesson...

"Would you rather change (a) £100 at €1.46 at 2% commission,

or

change (b) £100 at €1.39 with no commission?"

(a) will cost £100, but you will only get £98 (100 less 2%) of Euros. £98 of Euros at €1.46 to the £ would give you c€143.

(b) will cost £100 and you will get £100 of Euros. £100 of Euros at £1.39 to the £ would give you €139.

So, even paying 2% commission, you still get more for your money.

budgetflyer

This isnt about mathematic ability. Its about advertising. 0% commission is a marketing tool to persuade people they are getting something for nothing.The bottom line is all that matters. How much in my hand do I get for A tenner, a hundred or a thousand.
Beware abroad, sometimes a really good rate can be offered. Only after the money changes hands do you realise that rate is "only for transactions of 5000 or more" and the rate you get is actually pathetic

o_t_e

LesD wrote: »

OK, let's have a quick maths (or is it arithmatic?) lesson...

"Would you rather change (a) £100 at €1.46 at 2% commission,

or

change (b) £100 at €1.39 with no commission?"

(a) will cost £100, but you will only get £98 (100 less 2%) of Euros. £98 of Euros at €1.46 to the £ would give you c€143.

(b) will cost £100 and you will get £100 of Euros. £100 of Euros at £1.39 to the £ would give you €139.

So, even paying 2% commission, you still get more for your money.

Your maths skills are excellent but I'm afraid you've rather missed the point of my post (the section you did not quote) - in the real world the best rate today is £1.455 with no commision via Travelex's pricematch - if your are aware of a bureau that charges commision that will give more than €145 euro on a £100 spend please tell us.

pin

1. Nationwide Debit Card for ATM withdrawals from destination country (no foreign loading) / the Audi credit card or the Post Office credit card for purchases in destination country (but watch out for Dynamic Currency Conversion) (no foreign loading for purchases, BUT watch charges for cash withdrawals).

2. Nationwide Credit Card (please note Nationwide's policy re chip and pin in foreign countries: see this thread from FlyerTalk) (no foreign loading for purchases, BUT watch charges for cash withdrawals).

3. SAGA credit card (if you are over 50) for purchases in destination country (no foreign loading for European purchases, 1% for rest of the world).

4. Any other debit card for ATM withdrawals from destination country / any other credit card for purchases in destination country (but for both CHECK T&C's to see exact charges).

5. Thomas Exchange Global ("TEG") in central London - pay and pick up at store (they also offer a delivery service, but charge £5).

6. Link Foreign Exchange ("LinkFX") in Victoria Station, central London - pay and pick up at store.

7. Travelex online (remember Travelex will price match any other exchange service, i.e. the one above) -pay online, pick up at airport.

For price matching: order through Travelex online as you would do normally, then call up TEG (02072401214 or 02078281880) or LinkFX (02072338822) and get a quote re their exchange rate. Email Travelex: [EMAIL="customerservices@travelex.com"]customerservices@travelex.com[/EMAIL] (must be done on the same day) stating the following: your Travelex reference number, your currency quote from TEG or LinkFX (and the fact you got it from TEG or LinkFX) and your address (Travelex will send you a cheque refunding the difference). Also Travelex normally acknowledge receipt of your email. Full terms and conditions of the Travelex Price Promise are on the Travelex website.

8. Marks and Spencer - pay online or pay and pick up instore.

9. Online FX (using this link ensures free deliver) - pay online, delivery to home.

10. HSBC (they seem to use Amex as their travel money provider and offer free delivery for orders over £350) - pay online, deliver to home or pick up from branch (and avoid any delivery charge).

11. Thomson Travel (they seem to use Amex as their travel money provider) - pay online, delivery to home.

12. Co-op Travel (they use Currency Express / Exchange and offer free delivery for orders over £300) - pay online, delivery to home.

13. Post Office (while probably not the best rate, there are many of them around, so may be convenient) - pay online, pick up at PO or pay and pick up at PO.

14. Haggle with High Street travel agent (which may ensure better rates than 5 to 9 above) - pay and pick up instore.

With 1 - 4 make sure you tell your card provider you are going abroad, where you are going and for how long, so they can put a note on your account.

With 5 - 14, if you are paying with debit / credit card check your T&C's as many providers charge for the privilege of using money exchange services.

Here are links to ATM locators: VISA and MasterCard

Here are various information links to VISA: Foreign Exchange Rate FAQ and Visa Exchange Rates

Also please read Martin's article: Spending Overseas and Loading Technicals

Also look at the these forum threads: The Cheapest Way to Spend Overseas Discussion Area and How to buy TCs and foreign currency

woohoo

Hi all,

thanks very much for all the replies and maths lessons :rotfl:

When using Travelex, do you pay at the time of order - or when you pick up the cash at the airport? I have always gone into a travel agent so feel a bit nervous paying first......... it will be OK won't it???

Thanks again

Steve_xx

woohoo wrote: »

Hi all,

thanks very much for all the replies and maths lessons :rotfl:

When using Travelex, do you pay at the time of order - or when you pick up the cash at the airport? I have always gone into a travel agent so feel a bit nervous paying first......... it will be OK won't it???

Thanks again

You pay at the time of order, and it will be OK.

If you get your currency from Travelex without doing it online, the rate is not as good.

inmypocketnottheirs

LesD wrote: »

OK, let's have a quick maths (or is it arithmatic?) lesson...

"Would you rather change (a) £100 at €1.46 at 2% commission,

or

change (b) £100 at €1.39 with no commission?"

(a) will cost £100, but you will only get £98 (100 less 2%) of Euros. £98 of Euros at €1.46 to the £ would give you c€143.

(b) will cost £100 and you will get £100 of Euros. £100 of Euros at £1.39 to the £ would give you €139.

So, even paying 2% commission, you still get more for your money.

Thanks LesD for taking the time to illustrate the point I was trying to make.

o_t_e

woohoo wrote: »

Hi all,

thanks very much for all the replies and maths lessons :rotfl:

When using Travelex, do you pay at the time of order - or when you pick up the cash at the airport? I have always gone into a travel agent so feel a bit nervous paying first......... it will be OK won't it???

Thanks again

Yeah it will be fine - just remember when ordering online to use a debit card that won't incur a cash advance fee - Travelex specifically suggest Switch cards, which is what I use, but if you use a visa debit card it seems to be down to the individual bank whether they charge you.

After you've ordered you can go through the pricematch process to get the better rate.

When you collect your money you will need a printout of you order, a passport and the card you used to make the purchase.