Getting the best exchange rate ever.

junior666

If you are going on holiday later this year and are going to be wanting to buy euros, and if you know someone who is going on holiday soon, tell them to get more euros than they are going to spend, ie, if they only intended to get 700 euros, tell them to get say 1,500-2,000 euros. Then when they get home, you buy their excess euros off them for 1.20 euros to the pound. 1.17 is the international exchange rate. It beats any rate of exchange you will get from cashing your £'s and/or euros anywhere else. Buying and selling your pounds and euros through the normal middlemen, Cash convertors, P.O. etc. is nuts and there's no need for it. Cut the sponging parasitic b***** out of the equation altogether. 'We sell at 1.07. We buy at 1.33' All designed rip off the wee man. 'Too stupid to do anything about it'. Think of this but. No matter how many euros you bring back with you, you know that after you come home from your holidays you already have a guaranteed available market of buyers who will give you 1.20 on your euros, as compared to 1.33 if you go elsewhere. It's not against the law.Everybody wins out of the deal except the middlemen. Well boo-hoo.Stay safe and keep it within your local community of family and close friends. The rule is that you need to buy more euros than you are going to need for your hols. This builds up the stock of available euros in the system.This solves the common quandry of guestimating how many euros to buy to take on holiday. Can anyone see how this won't work? The more people spread the word about this technique around, the better. Power to the people.Time for the wee man to wake up.:j

mcfisco

This time next year Rodney, we'll be millionaires

junior666

mcfisco.And the relevence of this comment is?

mcfisco

The relevance is that your plan is about as well thought out as one of Del Boys get rich quick schemes.

junior666

mcfisco wrote: »

The relevance is that your plan is about as well thought out as one of Del Boys get rich quick schemes.

My son has just returned from spain with 290 euros. He sold them to his uncle for £240 at 1.17 ER. (The actual buying figure was nearer £247). Both saved a lot of money doing it privately. Money which goes into their pockets and not into the coffers of a parasitic and sponging high st branch. So what is wrong with that & how come it's not going to work elsewhere?

Incidentally, the deal never made me one penny.

mcfisco

You were suggesting that people buy extra currency so they could sell it on when they come back, why? It's a stupid thing to do

You may want to check your maths again too

victor2

Have to agree with mcfisco there. Suppose you buy your Euros at what turns out to be a poor rate. Nobody is going to buy the excess from you at the rate you paid when they can get a better rate at the money changer. So you lose out. Very charitable though.

C_Mababejive

Buy your Euros in mid July when historically,there is a peak. mind you,would you want to hold too many euros in these troubled times?

junior666

You only do this within your own circle of acquaintences for 2 reasons. 1. It is done for altruistic reasons. It's called co-operation; helping one another out.( and also for reasons of safety).
2. To prevent those people from being ripped off by high St. rates.

If you establish your buyers before you go and know that when you return you can sell say 500 euros at the prevalent official ER, then why not buy 500 more than you need? Ok, the official rate may vary slightly in your intervening fortnight in the sun. Sometimes this may be to the detriment of maybe £10 or so. Sometimes, it's in your favour. As long as you stick to the official ER (or round about it), as your marker or yardstick, you can always negotiate the most favourable rate which favours both buyer and seller. No matter the rate you decide and agree upon, it will ALWAYS beat the High St.

Everyone seems to be concentrating on the potential couple of quid losses which may be sustained by the seller. Even although I have illustrated that this need not be the case. Would you be as so concerned with their loss of maybe a tenner if it was you who was the buyer and saving yourself over £100 on the deal?

jackieblack

junior666 wrote: »

then why not buy 500 more than you need?

Because you are going to lose money by doing this!
For this person not to lose money, they would need to sell them on at the same rate they paid.

junior666 wrote: »

As long as you stick to the official ER (or round about it), as your marker or yardstick, you can always negotiate the most favourable rate which favours both buyer and seller. No matter the rate you decide and agree upon, it will ALWAYS beat the High St.

But not the rate you bought at

junior666 wrote: »

Everyone seems to be concentrating on the potential couple of quid losses which may be sustained by the seller. Even although I have illustrated that this need not be the case. Would you be as so concerned with their loss of maybe a tenner if it was you who was the buyer and saving yourself over £100 on the deal?

So you do see that your 'scheme' really only benefits the buyer?
Thus answering your own question

junior666 wrote: »

then why not buy 500 more than you need?

fifeken

OP - it's taken you four years from joining to making your first post.

Maybe you should take another four before posting again if this is going to be the standard.