Pounds to euros...

[Lanky123]

I’m going on a trip to Spain this Easter and I’m going to need to change a bit more money than I ever have before, so before I hand over a huge fee to Thomas Cook I thought I’d ask if there was a better way of doing it like through a bank or something. I’m going on a skydiving course which is going to cost just over 1500 euros plus whatever I spend on other things over 11 days – so where I change it could make a reasonable difference (especially to a lowly student ). I’ve got an appointment at the bank on Monday to discuss all this, but I always like to have some impartial advice too.

So before I beat about the bush further, what is the best way of changing currencies?

Also, I’ve watched in dismay over the last few weeks as the pound has plunged against the euro. I’ve read around and some reports seem to suggest it’s a reaction to the interest rate being slashed and might even bounce back a bit? I really couldn’t afford for it to fall much lower. I’m sure there are many Hexites much more clued up about economics than I am, anybody have any opinions on whether I should change the money now or wait?

Thanks in advance.

[Aden]

I think the post office do currency conversion without commission.. or atleast they should from what I've seen on TV.

EDIT - Though I'd wait til closer to the time.. a lot can happen in a few months and you might end up worse off.

[TheAnimus]

if your doing 1,500 euros thats worth shopping around for!

There are plenty of places online that offer forex stuff, never used them myself.

What i'd consider thou is that 1.500 euros i'd want some insurance, even if i have to pay for it a bit. I'd buy it on a credit card.

If you do that you've a useful counterparty if you have any problems, if you have a good card you also get insurance too. Not to mention that the rates aren't bad at all, shop around and see what is offered to you.

[tonpal]

+1 for using your credit card. If the company that runs the skydiving course goes bust you will be out of pocket if you pay cash.

Also the Pound hit a record low against the Euro just before Christmas so it isn't the best time to be buying Euros.

[steve threlfall]

I’m going on a trip to Spain this Easter and I’m going to need to change a bit more money than I ever have before, so before I hand over a huge fee to Thomas Cook I thought I’d ask if there was a better way of doing it like through a bank or something. I’m going on a skydiving course which is going to cost just over 1500 euros plus whatever I spend on other things over 11 days – so where I change it could make a reasonable difference (especially to a lowly student ). I’ve got an appointment at the bank on Monday to discuss all this, but I always like to have some impartial advice too.

So before I beat about the bush further, what is the best way of changing currencies?

Also, I’ve watched in dismay over the last few weeks as the pound has plunged against the euro. I’ve read around and some reports seem to suggest it’s a reaction to the interest rate being slashed and might even bounce back a bit? I really couldn’t afford for it to fall much lower. I’m sure there are many Hexites much more clued up about economics than I am, anybody have any opinions on whether I should change the money now or wait?

Thanks in advance.

M&S have the best rate unless you are spending over £500, in which case, get yourself to the post office to swap your currency (Post Office Bureau De Change Kiosk are in some large WH Smith stores now too).

Don't use a high street travel agent for currency exchange though!

Will the rate improve or get even worse, no idea im afraid

[Mithrandir]

If you happen to be passing through London there is an excellent place (I always use). They have the best rates, commission free.
They have a branch in London Victoria and also on the Strand (Charing Cross).

Thomas Global Exchange

[Whiternoise]

I'd go for credit card, if the club take it (which i imagine they do). I wouldn't want to be wandering around with 1500EUR in my pocket, and if they do the course in segments - pay as you go sort of thing - then you don't want to keep loads of money with you all week either.

You might have to pay a bit extra for foreign transactions, but you might be able to find a deal for EU countries. And the insurance is a big bonus! If someone nicks your card, you're covered. If they nick your cash, you're just shy of 1500 out of pocket.

This does of course mean you're going to be tied to whatever the exchange rate is at the time. But then, if you buy now you risk it going back up - if you buy at the time, you risk it dropping further.

http://www.reidsguides.com/t_mo/t_mo_credit_cards.html have a look at that about cash advances, if you need to take out money directly - you might find it better to take the money for the course on the card, but also take a hundred quid in euros for day to day spending. Take into account what fees the credit card is likely to charge you and work out if that's going to be more expensive than the commission and whatever else the agents will charge you for cash.

[Lanky123]

Thanks for all the help guys, I'll ask about a credit card at my appointment this afternoon then. It's at Halifax, hopefully they aren't too bad for this kind of thing?

[jackvdbuk]

http://travelmoney.moneysavingexpert.com/

if you going ot go with cash, id have a look at that first basically a find-dvd.co.uk but for money

[TheAnimus]

i'd of thought the icelandic bank thing would of proved the moneysavingexpert really does have ideas far above his station when it comes to anything finance.

he should stick to telling people how to save 10 pence at tesco whilst getting a free cornetto and leave the financial advice to the regulated professionals.

(sorry just a strong personal disliking for the rubbishrubbishrubbishrubbish)

[G4Z]

To be fair, there were other financial experts saying Iceland was a good bet due to its high interest rates and the fact that savers were covered up to £38k (or whatever the limit used to be), I saw them recommend it on working lunch for one.

[TheAnimus]

To be fair, there were other financial experts saying Iceland was a good bet due to its high interest rates and the fact that savers were covered up to £38k (or whatever the limit used to be), I saw them recommend it on working lunch for one.

Yes but i bet you saw a regulated professional say that, and if they mentioned pasport i expect they also mentioned the quagmire of it?

The thing is, its not just icelandic banks, my flatmate saw that twonk on some breakfast news program saying fix your energy prices in July. WTF!? An all time record peak for fuel, and he was saying fix your prices now?

The problem with to many people like him, i even worked with someone who was also this way inclined. They think they are cleverer than the world. I'm not criticising someone who haggels, gets a good deal, but people who think that they are somehow able to beat "the system".

Why did icelandic banks offer better rates? They had to because of the increased risk.
Why where energy firms offering price fixing, advertising it so heavily? They knew that it was worth it to lock you into a contract.

[Blitzen]

Im off to Egypt in June for a few weeks.

This is the main reason i am not going to ANYWHERE were they spend Euros as the value is that poor.

[Mithrandir]

http://travelmoney.moneysavingexpert.com/

if you going ot go with cash, id have a look at that first basically a find-dvd.co.uk but for money

Nice tool.

[TheAnimus]

Nice tool.

Actually to prove my rational dislike, it seams some people who update their rates, don't get updated in the tool........

[TheAnimus]

Im off to Egypt in June for a few weeks.

This is the main reason i am not going to ANYWHERE were they spend Euros as the value is that poor.

You might find that the incredibly good economic policies of our talented PM whilst he was chacellor have put us in such a fantastically good economic situation that pretty much every stable currency is now 'poor value'.

What is truely staggering is when you consider what in effect the world markets are saying about the state of the pound in relation to the dollar. Given the pratice of the greenspan puts, this is incredible that we are still valued so poorly, compared to a completely broken currency.

Avoiding going to a eurozone is silly. You should also avoid CHF,USD,AUD......

Going to a more 3rd world place than normal is the only way you can get more value.