Good time to change Euros to Pounds?

amd

Hi all,
My mum has just returned back here from abroad with just over 1400 euros cash to change back into pounds. (She sold her share of a family piece of land). I'm aware the exchange rate isn't as good as it has been, but wonder if anyone has any advice whether to hang on until the rate gets better, or change it now. She's not exactly needing the cash now, but doesn't want it lying around either.

Don't usually have cash to change back and we haven't the foggiest where is best at the moment to sell. Not so much online info for selling euros in Britain.

Any advice gratefully appreciated before I go and trail round the banks and post office in my local town!

BenL

She could set up her own little bureuax de change for friends and family. No commission and stick her rate inbetween travelex rates.

Everybody wins.

dzug

The best High Street place is usually M&S - significantly better than the PO and banks on buying back, less of a difference buying them in the first place.

She's going to lose a fair bit though - selling to friends is much a better idea.

Voyager2002

dzug wrote: »

The best High Street place is usually M&S - significantly better than the PO and banks on buying back, less of a difference buying them in the first place.

She's going to lose a fair bit though - selling to friends is much a better idea.

Agreed: she should have banked it there and used a service like Fidelity to get it changed to sterling at the commercial rate. Since she is in no hurry, she should see about changing money for friends (or even save it for her next holiday).

amd

She's desperate to see the cash banked. She's convinced she's losing interest already! As none of us are really likely to need that amount of cash from her in the near future and she's not planning any more trips to abroad I'll need to shop around the high st to see who's giving the best deal.

A friend (who works in a bank) suggest the " quick cheque cashing" place in our town as they supposedly give a better exchange rate than the PO. He uses them himself. Suppose it will be a long day trekking round all the various places till I've compared them all!

Inactive

Your Mum is in a fortunate position, the pound is low to the Euro, so it is a good time to be selling Euro's.

Any of your friends going to Europe would no doubt buy them from her.

dzug

If she changes them in a Post Office or most banks she will lose 8% on the exchange. M&S I think are about 5% and you will find it difficult (though not impossible) to do better than that. Selling them to friends over a few months is going to cost less in lost interest than that.

GLOSRANGER

Hi does anyone know if M&S can be beat?

dzug1

Probably, they are not as obviously better these days as they were in 2007 when this thread was started - but you are going to need to do the footwork. WHO can beat them, if anyone, will vary from day to day depending on who is feeling competitive on that day.

gmetford

Hi all

Following on from the posts above, if changing Euros for pounds in the UK would involve a minimum 5% loss, what would be the cost of using the other suggested method (banking the Euros on the continent and then having them changed to sterling at the commercial rate)?

I have tried to look up the service mentioned (Fidelity) but have drawn a blank. I have found other services like HiFX and TorFX - are these the equivalent of Fidelity?

Many thanks for any help offered

Regards

Gareth

Ponkle22

:pI read in Nov/Dec that the pound/euro exchange rate was predicted (!) to be better for the pound around March - so she had better sort it asap. Though in reality it probably won't happen yet-a-while.