Euro

I was asked today if I knew where the cheapest place to get Euros is (before we get seedy responses I am talking about the currency ).

I said NO!!

Anyone buy a lot of currency, I know some places charge commission, others don’t. Last time I got some I got it from the PO as they didn’t charge commission … the fee is obviously offset/hidden in the exchange rate though???

So where is the best place to get Euros (and yes, I know the rates change regularly, but presumably that effects ALL exhchangers?)

Shop around - you'll be surprised!

For larger amounts there are better firms. Eg, Caxton FX.

I usually go to the Holiday Hypermarket exchange rat is around 0.75 £ to the euro methinks....

The Post Office is surprisingly good.

I've seen Euro change machines in Tescos, but I don't expect that they give a very good rate.

If the amounts in question are not that big then the kind of outlets mentioned are what you would look at. For say a few thousand pounds or euros worth.

However if talking of higher amounts there are far better options. The secret lies in the margin between Commercial rate and tourist rate.This margin allows certain outlets to not charge commission as they have enough profit in the margin. What you are normally getting is more or less tourist rate. HTH.

To emphasise the point if someone were say purchasing a property in euros, they would be crazy to use the same outlets that they use for their holiday spending money.

Originally Posted by Pedrosa

..

As I understand it ‘credit cards’ run at the business rate, and they charge a percentage commission on top of that, but as there is a margin between business and tourist, it means that using your card is probably no more expensive than exchanging money (might even be lightly cheaper?!!)

Anyway, I digress, I'll suggest the PO then

I use my cash card when I get there. It is close to the commercial rate and if you take out a large sum the couple of euro charge is only a small percentage.

[dizzyblonde]

LA POSTE....always change me dosh fer euros before I go to france at the posty orrifice

When I was a student, I found that some places did 0% commission on producing a valid NUS card. I assumed they offset this by just charging higher than normal rolled into the rate, but even if they did on the normal rate, for students I found them cheapest. There was one at the airport in Cardiff airport a few years back. Doubt that helps! Might be worth slipping a student a pint to get them to buy it for you if there are prefereable rates for them.

[embee]

For a bit of holiday cash I usually use the P.O., then use the debit card in an ATM. The exchange rates in ATMs is usually quite reasonable. Also some banks have arrangements with certain foreign banks for favourable rates, worth finding out if yours does (Barclays has with BNP in France I think).

I used to fly to Vienna regularly and always exchanged cash at Vienna airport, the bid/offer spread was only about 5% compared to between 10-15% typical in the UK.