best way to convert EUR to GBP

benjus

colsten wrote: »

There seems to be a difference between 'buy back' and 'buy back'

E.g. Travelex guarantee:


Really?


ACE-FX don't provide a buy-back guarantee: "We reserve the right to refuse any transaction." They might also require proof of source of funds and certified ID, and you need to send them your cash by post. More hassle/risk than it's worth IMO.

I think you're missing the point. The link provided originally (in the 2nd reply) simply gives a list of exchange houses that buy foreign currency together with their rates for the requested currency. The fact it's called "buy back" is rather misleading as it has no connection to any buy back guarantees.

I don't think grumbler was claiming that Ace-FX offers a buy back guarantee - I think the point being made was that there are 2 different business models:

• Have a large spread between the buy and sell rates, but offer a buy back guarantee so that the customer is only exposed to one side of this spread (there may be a separate charge for this, or it may just be embedded in the rather bad exchange rate). e.g. TravelEx, some travel agents
• Have a small spread between the buy and sell rates, and just make those rates available to any customer regardless of whether they bought currency from you before. e.g. Ace FX, Thomas Exchange

Personally I wouldn't touch the first one with a barge pole. The first one is only likely to work out cheaper for the customer if they return from holiday with a lot of unused currency and the Sterling value of that currency has dropped significantly during the time they were away.

NiftyDigits

The cash idea is a bit of a waste of time. You'll spend £7 to send it Special Delivery and then another £5 to receive it. So you'll end up with more grey hairs and £718(if the rate remains the same) minus £12, equalling £706. Much the same as the offer from Barclays.
Whereas with Revolut you'll get closer to £723 minus the £15 Barclays change. £708 and less stress.
Of course the Barclays option carries the least stress.