best exchange rate - GBP to euros?

LesD

o_t_e - I think YOU missed the point of the original post. These weren't meant to be current rates, just an example of why not to take 'no commission' as a best-buy.

pin - I hope you didn't mind me re-posting your old version!

o_t_e

LesD, I believe the original poster wanted to know how to get the best exchange rate when changing money into Euros.

You have pointed out in your calculation that 'no commission' does not necessarily give the best rate you will note I thanked you for that post.

I was aware your calculation was an abstract example; why you chose to preface it by quoting my practical post regarding Travelex is unclear to me – it hardly underpins you point, quite the reverse.

Addressing the original posters question I simply pointed out that the best rate when going to a bureau is obtained consistently through the Travelex online price promise, a commission free service.

Theoretical discussions about commission thus seem moot to me but, again, I thank you for your contribution.

woohoo

Hi again,

yet another question. sorry!

If I email Travelex to get the price match refund, how exactly do I calculate the total from TEG to compare? The reason I ask is that, I wanted to change £1000. Travelex round this up to £1001.89 for 1435.00 euros. Do I just work out what TEG would give me for £1000 (ie 1455.00 euros) or do I need to take the £1.89 added on by travelex into account? I know £1.89 is insignificant in the scheme of things but just wondered if it has to be an exact match??

Many thanks again

o_t_e

Hi Woohoo - here is the message I sent them today - the format is from Budget Flyers link:

My Name

My Address
Customer Name: : Me
Reference Number: : 123456
Purchase Date: : MON 28 MAY 2007

Amount £268.80 @ 1.4323 = €385

Hello - I have discovered http://www.thomasexchangeglobal.co.uk/ rate for same
amount is £1 = €1.455 which would have given me €391.04

Could you please refund the difference OR add it on at collection please. Many thanks.

Regards,

Me

Your calculation would be 1.455x1001.89=1457.75 where I have 391.04

[edit] Sent this message yeaterday and today received confirmation that a refund cheque will be in the post.

Garfielduk

For everyone exchanging pounds to Euros (or anything else) it is all rather simple.

99% of suppliers will say they don't charge commission, that is because they don't have to because the rate they use to sell to you is lower than the rate they buy them for on the currency market. Then of course if you have any left they then give you a really bad rate to exchnage them back into pounds and make some more profit (usually 2 or 3% buying and selling).

So all you can do is look for the best rate, taking into account any postal charges if you buy online, some send free for over £500 for example.
Here are the compared rates today :

Thomas Exchange (online) 1.44 BEST
Marks and Spencer 1.417
Online FX (online) 1.4227
Travelmoneyservices.co.uk (online) 1.4183
Post Office 1.3966 WORST

Most Travel agencies like Thomas Cook, First Choice and Travelworld will give rates about the same as the Post Office or worse.
Also, if you have ever noticed when you are on holiday you can usually get better rates than the UK High street when you get there.

Steve_xx

Garfielduk wrote: »

For everyone exchanging pounds to Euros (or anything else) it is all rather simple.

99% of suppliers will say they don't charge commission, that is because they don't have to because the rate they use to sell to you is lower than the rate they buy them for on the currency market. Then of course if you have any left they then give you a really bad rate to exchnage them back into pounds and make some more profit (usually 2 or 3% buying and selling).

So all you can do is look for the best rate, taking into account any postal charges if you buy online, some send free for over £500 for example.
Here are the compared rates today :

Thomas Exchange (online) 1.44 BEST
Marks and Spencer 1.417
Online FX (online) 1.4227
Travelmoneyservices.co.uk (online) 1.4183
Post Office 1.3966 WORST

Most Travel agencies like Thomas Cook, First Choice and Travelworld will give rates about the same as the Post Office or worse.
Also, if you have ever noticed when you are on holiday you can usually get better rates than the UK High street when you get there.

............and not forgetting Travelex @ 1.4262.

richardw

Worth checking

http://www.bestexchange.net/contactus.asp

BTW the more money you are changing at any one time the more significant the rate will be.