Currency exchange rip off

Guest2

Guest2

Guest2

Soldato
Joined
6 May 2009
Posts
20,438
Are there any other methods of currency exchange available other that high street retailers, post office or actual currency exchange shops? Even the best have terrible rates of exchange.

For example I withdrew €200 by mistake when in Hungary and it cost me £167.30 (1.195 rate) transferring back to pounds over here i would see £145 - £155 :eek:

However I see people buying euros all the time and would kill for this rate and to be able to get €200 for less than £170 with no commission rubbish.

I see a huge gap in the market for some sort of site dedicated to currency exchange and meet to swap. (Copyright Guest2!) maybe I will just go and hang out in marks & spencer currency exchange area and offer people my €200 for £165
 
Thing is, I would much rather chalk up the £10 quid loss than place my trust on someone random off the internet/street.

At least if I go to a bureau de change, I know I'm getting genuine currency.

(Saying this as someone who wouldn't be able to spot a genuine euro note, let alone telling the difference between that and a fake one)
 
Minstadave said:
Use a no commission on foreign exchange credit card like the Halifax Clarity - don't think you can get a better rate easily.
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This. You just need to be aware whilst you're not charged for drawing cash out abroad you pay interest on it straight away so if you travel and don't want to pay the interest make sure you have means to pay off the withdrawal on the CC ASAP. The bonus with the Clarity card is you just use it to make payment abroad and on payments interest isn't charged for 56 days after purchase.
 
Thats my point, there shoukd be an easier way to get a better rate.
Travel money has a buyback rate of £157, not bad but still not £167.

As i say, it sounds like the easiest way is to put a sign on my head in a beaure de change.

When abroad i always withdraw from banks / bank machines to buy local currancy. Hungarian Forint for example I got £25 worth to be safe here in UK and the rate was something around 360. Rate over there 395!

Shows how much money is to be made in something so simple
 
Gixer said:
This. You just need to be aware whilst you're not charged for drawing cash out abroad you pay interest on it straight away so if you travel and don't want to pay the interest make sure you have means to pay off the withdrawal on the CC ASAP. The bonus with the Clarity card is you just use it to make payment abroad and on payments interest isn't charged for 56 days after purchase.
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I withdraw on debit card (nationwide) and it costs about £1.50 per withdrawal
 
Not getting ripped off by currency exchanges is all about preparation & planning before travel. The best/cheapest option for purchases is probably one of the cards such as Halifax Clarity which doesn't charge a FOREX margin. For cash, you could have pre-booked from Travelex online for a better rate (currently £162.79 for €200), and paid £2.99 for their 'buyback' facility to change any spare cash back at the same rate when you get home.
 
Guest2 said:
I withdraw on debit card (nationwide) and it costs about £1.50 per withdrawal
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I appreciate some debit cards have low charges per withdrawal abroad. I only had £9 interest on the £800 I withdrew in cash abroad and that was in several withdrawals. So the total cost would have been comparable. Had I realised I'd be charged interest I'd have just taken my online banking device so I could pay off the CC straight away.

I prefer to use a CC when away as it isn't my money and there are insurances with a CC. If anything goes wrong or I lose the card etc no one will have access to my money. That's just my preference though.
 
There are loads of currency exchange comparison sites so that you can see who has the best rate (normally online places are cheaper than the high street).

Just use one of them or get a halidax clarity card.
 
Thomas Cook are usually quite good for high street, but a clarity card or similar is the cheapest way to do it.
Or if you have family in the destination country, I just bank transfer sterling to thier UK account and they give me euros from thier foreign account at the actual exchange rate.
 
Jamesyboyjim said:
You probably have but have you had a look in the supermarkets? sometimes they do some good deals.
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Yep, Asda did a worse rate than M&S. I don't have a problem as I withdraw money abroad but changing euros back to pounds I woulse lose about £20.

I'll probably just keep it or see if my parents need it
 
Lopéz said:
I accidentally withdrew €300 in Latvia when I actually wanted €10 so I feel your pain.
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I withdrew €200 and 100,000 forints in the first night in Hungary, got a taxi to take me back to my hotel and handed over a 10,000 forint note getting no change (its usually about 1000). When I got out it wasnt even a taxi, just someones random car... Yes, could say I was a bit drunk
 
Ace Modder said:
were you drunk?
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No, I thought it was a choose and confirm machine, so I hit 10 Euro then confirm. ... except it wasn't a choose and confirm machine and I didn't press to 10 Euro button hard enough and only got the confirm button. Which at that time was also the 300 Euro button. I was just cold and rushing. Annoyingly it was the last night of the holiday and I only really needed a few quid for a pint and a snack.
 
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