Euro (€) Currency Thread

Incapuppy

shellsuit wrote: »

Thanks everyone!

I don't mind waiting, but I've had the holiday savings there for a while now and keep dipping into it

So stick the money in a High Interest account and then anything you might lose by the exchange rate worsening slightly over time you will hopefully make up in interest on your savings

If the exchange rate improves you will have been in a win/win situation :T

richardw

Do a spreadsheet and work out how much it will affect your holiday total cost.

Firstly start with todays £/€ exchange rate as a base, then work out what the rate will be for + or - 1,2,5,7,9,11,13,15,17,19,21,23,25,27,30,32,35 per cent.

Now do a list of anticipated holiday costs in Euros, then get the spreadsheet to work out what they will be in pounds as the rate changes by the + or - percentages as above, don't forget to total each column and do a comparison of the total costs.

If you can't do spreadsheets to work out the above, then just get the money before you go, to avoid the risk of losing it by having it lying around for weeks before you go, that should be peace of mind enough to stop you worrying too much about currency fluctuations and leave plenty of time for a cup of tea and a bit of watching telly.

brodev

The following is an email I received from one of the big exchange companies. I recently purchased a house abroad and therefore transferred a fair sum through them. Take out of the email what you will.

Good afternoon,Apologies if I have already spoken with you over the last few weeks, however I am writing to all my clients, because as your account manager I believe it is important to keep you updated with the currency markets, especially in these volatile times!It has been well documented recently that the UK economy is currently facing a challenging period, with many analysts stating we are facing a recession. Factors include; spiraling energy and food costs, the credit crunch and house prices falling at their fastest ever level. This has clearly had a major impact on the currency markets as the pound has weakened to some of the lowest levels we have seen against most of the major currencies.However, overnight we saw some data released which has pushed the pound up against several of the major currencies, and we are now seeing exchange rates for the Euro close to the best it has been for around 5 months. Recently we have become used to spikes in the market being short lived and with expectations still that the UK economy is yet to face the worst of the credit crisis it is possible this may also be a short lived spike.So, if you have an upcoming currency requirements please contact me as I would be happy to discuss all the options open to you, including how you can take advantage of the current rates even if you don’t need your currency for some time through a forward contract. This is where you can fix your rate of exchange for a period in the future with only a small deposit, meaning you know exactly how much your funds will achieve for you and will protect yourself from any further decline in the market.

belfastgirl23

thanks for this brodev, you've just given me the kick up the you know what that I needed to get a currency cheque sorted out...

MTW_2

I purchased my euros through currency express after using Martins Money maximiser. Barclays have added £4.50 to the transaction for some reason.

Surely it is just a normal purchase. I have queried it and await developments but would be grateful for any comments.

benjus

MTW wrote: »

I purchased my euros through currency express after using Martins Money maximiser. Barclays have added £4.50 to the transaction for some reason.

Surely it is just a normal purchase. I have queried it and await developments but would be grateful for any comments.

This is a well known issue. When you use the Travel Money Maximiser you will see the following line above the list of results:

CHECK FIRST Does your Credit/Debit card add a charge when you buy currency? Find out


Clicking on the link shows that Barclays is one of the banks that make a charge.

Unfortunately there are lots of links and messages on the Travel Money Maximiser, so you can miss it if you just skim down to the results.

This charge comes as a surprise to many people, who are not used to the concept of being charged for debit card transactions. However, it is in the T&C and the banks can do it, so disputing it is unlikely to make any difference.

jammin_2

Philip624 wrote: »

I have 1000 Euros I want to convert back to Pounds. Where is the best place to do this currently. I know in the past M&S usually have the best rates?

Thanks

https://www.currency.ie

anna2banana

Hi, I am travelling to Greece on holiday. I do not have a credit card, I am insolvant and so am unlikely to get one and I only have a cash card for my account. I was wondering if I should just get cash to go on holiday or whether I should take travellers cheques too but I do not know if you get charged to turn your cheques into cash. Any help or advice most gratefully recieved. Thanks anna

jammin_2

anna2banana wrote: »

Hi, I am travelling to Greece on holiday. I do not have a credit card, I am insolvant and so am unlikely to get one and I only have a cash card for my account. I was wondering if I should just get cash to go on holiday or whether I should take travellers cheques too but I do not know if you get charged to turn your cheques into cash. Any help or advice most gratefully recieved. Thanks anna

Do you have an ATM card for your bank account? If so, does it have the Plus or Cirrus logo on the back? If so, you can use it for withdrawals in Greece. Alternatively, take cash (pound notes) to Greece and change it for Euros there.

Berks_Saver

OK, so I'm off to Europe On Sunday for a holiday
I have a Nationwide Debit Card
Does anyone know if I will get a better rate in Europe if I withdraw Euros from the machine OR from the UK?

thanks