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Euros

wigan
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120 posts
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Euros

Should I get my euros in England or wait till I get to paphos (stayin at the Damon) its 1.15 to the £ in England whats the rate over there at the moment,

Here and there
Destination Expert
for Dubai, Pissouri
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1. Re: Euros

The rate of exchange is always better on any given day in the destination country regardless of where you are going. However, currency is like betting on horses you have to place your bet and then you might win or accept you may lose out.

The £ has risen against the euro again today but that doesn't mean it will not go down or up again. This means that if you shop around early tomorrow you will get a higher rate in England than 1.15 and if you are in Cyprus tomorrow you'll get more than 1.15.

However. if you wait until you get to Paphos (you don't say when that will be) the rate may have dropped again so you would have been better off getting it in England tomorrow.

So you could buy some in England tomorrow at 1.15 and then by time you get to Paphos the rate will have dropped and you could get 1.14 or less. Equally you could buy some tomorrow at 1.15 and then find out when you get to Paphos that the rate is 1.16 or 1.17.

At 1.15 you would get 1,150 Euro for £1,000

At 1.16 you would get 1,160 Euro for £1,000

So consider if the 1 Euro per £100 difference is worth worrying about and decide when and where you are placing your bet.

I'm going to Paphos on Saturday and would normally buy currency there, however, 3 weeks ago the £ was at its highest rate against the Euro since January so I placed my bet 3 weeks ago and got 1.2. If I'd waited until tomorrow or Cyprus I would have got 1.16 or less. Yahoo ! Good call.

BUT to illustrate my point I only wanted £500 worth of Euro so I gained the princely sum of 20 Euro, which I promise not to spend all in the one shop.

If anyone on here could predict the currency markets with any accuracy then I doubt we'd be bothered and have given up long ago to buy a boat and sail round the world.

Bon chance !

Edited: 6:16 pm, October 17, 2013
Gosport, United...
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2. Re: Euros

Good posting Latimer.

I placed my bet on £ v US$ in mid-Feb this year.

We were going to Cambodia and needed some US$ for our visas on arrival and to get us through the first day or so.

I got £ = US$1.55 at our Thomas Cook in Gosport.

3 weeks later we arrived in Phnom Penh. I knew where the best place to change money, but the best I could get was US$1.48.

We were in Cambodia for almost 3 weeks, and the longer we stayed the worse the ROE got.

I got stung on some of the accommodation too, which I could have paid for on-line when I booked, but I opted to pay on arrival.

The difference doesn't sound a lot, but it can soon build up. A crystal ball would have helped!

Surbiton
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3. Re: Euros

==============================

3 weeks ago the £ was at its highest rate against the Euro since January so I placed my bet 3 weeks ago and got 1.2.

==============================

I'm sure we'd all like to know where you got that rate? According to this chart the highest commercial rate in the last three months was 1.1978. Which means that the tourist rate would be about 1.7 at best - which accords with my experience in the last few months.

currenciesdirect.com/info-centre/…

Here and there
Destination Expert
for Dubai, Pissouri
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4. Re: Euros

Just checked my papers and I got 600 euro for 509 pounds so you are correct. The interbank rate was 1.1978 or 1.2 if you round up and my rate was 1.1789 or 1.18 if you round up.

I bought my currency on line and had it delivered to home via travel supermarket, which compares best rates on the day from several suppliers. The one I used was Travel FX and it was so easy that's what I'll be doing in future..

Surbiton
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5. Re: Euros

Thanks for the reply. I'm with CaxtonFX, which is normally better than high street rates. A few days ago they sent me (and, I imagine, thousands of others) an email to tell me their card load rate was 1.18. Imagine what they'd have done if it was 1.2 <g>

6. Re: Euros

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