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The Pound: down down down ?

Posted by Andrew.Wilk - Created: 15 years ago
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8 replies (Showing replies: 1 to 8)

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Posted by MikeP-180526 - 15 years ago

A couple of years ago when I had a large amount of FRF cash to change into GBP (about 5000), I shopped around the High Street banks (in Guildford where they are all close to each other) and found that there were significant differences and also that if pushed, they would negotiate.

In the end,  I found that the Post Office gave the best rate.  The spread between best and worst was well over GBP100.  Worth a few minutes footwork.

The moral of the story is when you have to exchange money, negotiate.

 

 

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Posted by Andrew.Wilk - 15 years ago

Currencies4less were today quoting 1.43 but there is a £10 transfer fee worldwide. Thich is the same as my UK bank offers for transfers to their French correspondent bank It means small amounts are uneconomic. For travel money in person they refer you to Thomas Cook, which offers "commission-free" but 1.40, which is the same as what Marks and Spencers was offering in the high street.

Looks like no easy answers except pray for a quick end to the war and return to common sense.

For larger amounts next time I'll give C4less a call

 

Cheers

Andrew

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Posted by dmcd-180624 - 15 years ago

The 4less thing sounds good. But how can you get an improved rate for me if I quote this code? What is the typical improvement on the usual pound rate?

 

Cheers

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Posted by Shanwick - 15 years ago

It won't help much but I always use Currencies 4 Less for currency transactions. Their rate is consistantly better than any other I can find and they don't charge any commision on transactions above £5000. They'll TT the funds anywhere in the world for £10.Contact: Steve Geoghegan 0207 228 7667 sg@currencies4less.comQuote 9369 to him for an improved rate.

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Posted by The Master of Disguise - 15 years ago

The only resolution to your problem is

JOIN THE EURO

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Posted by Tania-185457 - 15 years ago

Sorry, but there's no way out of your predicament other than to modify living expenses to counteract the difference in exchange ratios. Bunker down until after the "war" and things will improve. I've just lost £90,000 on Euro securities in 3 weeks so don't feel too bad.

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Posted by daisy2-185007 - 15 years ago

Andrew, we are in exctly the same position as you!  Luckily bought just before the fall in £ - friends were unlucky and pulled out of buying on CDA earlier this week.  We semi-expected slight decline in £ due to lots of factors i.e entry into euro requirements, war etc.etc..... and bought plenty of euros at 1.60.  Certainly would not expect it to rise much and it may go lower!  But WHO KNOWS its just a guessing game isn't it?  Just hope that CDA property prices don't go down too much!

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Posted by fluffy-183839 - 15 years ago

I'm far from a specialist in this field, but I think that the GBP is affected by the sliding dollar. I also think that when the risk, or the war against Irak is over we will se the dollar coming back up and with it the GBP. Also, as the Eurobank is considering a cut in interest rates, that could mean a boost for GBP.

BUT I WON'T GUARRANTEE IT