Currency exchange rates.
 

A friend of ours is staying with us at the moment in Spain.
Last week she changed £s for Euros at the rate of 114 to the £. in a travel agents in Blackburn......nothing better was on offer.
Today in Benidorm she changed £s for euros at 1.24.5 to the £.
I invested quite a considerable amount of money on fixed term in a UK building society at 6.5%, that has now matured.
I have opened a Sterling account in Spain and instead of transferring the money converted to euros, which gives the bank an oppertunity to rip me off...I transfer the money..not by money transfer but by cheque at no cost to me.
I am not surprised that British Banks are in the state that they are.
Anyone else have any take on this?

Re: Currency exchange rates.
 

good move roy, the rate in accy today at the new exchange thats opened was 121.4, so yer quids in, even at that.;)

Re: Currency exchange rates.
 

It was 1.16 when I went the other week Roy. Wonder how long it will be before it is 1. !!

Another friend of mine living out there has seen her income (from pensions) drop by 30% .. but there again, that is the risk you take isn't it ? Can't have it good all the time. You were lucky to have money to invest at the time.

Re: Currency exchange rates.
 

That is hard earned............I have a bank account in Spain with the Halifax and they did not tell me that a sterling account would be of advantage to me.
I will close that account within the next few days.
With the Spanish bank you can invest in euros for a fixed period and get the interest paid up front....provided you dont draw money out before maturity. 6.5%
If you transfer money or deposit by cheque into the sterling account the interest works out at 4.5% on a current account providing there is £3000 in that account.
We have a lot to learn.
I'ts figures..............and you have trouble in the UK seeing your bank manager....In Spain it cost you nothing.

Re: Currency exchange rates.
 

Don't really matter when you only spend a tenner a week on a bottle of rum.:D :hehetable

Re: Currency exchange rates.
 

Thats being very synical Beni, I'm sure Roy buys the odd packet of crisps as well:D:hidewall:

Re: Currency exchange rates.
 

Sticks and stones John and all that.............He'll be back. :rolleyes::)

Re: Currency exchange rates.
 

Never doubted it for a minute Roy:D

Re: Currency exchange rates.
 

You lot want to get round the post office. The rate there is 1.22.

Re: Currency exchange rates.
 

To put it in simple terms - and lets face they don't come much simpler than me.

Last Nov.100 Euros cost £70 - Now it costs £80 give or take a cent or two.:theband:

Re: Currency exchange rates.
 

we have just come back from kos and it was £60 for 70euros.

Re: Currency exchange rates.
 

So you changed your money at the wrong place and paid £4 commission.

I change mine at a mates bar and get over the odds.
We live and learn.:dancedog: :alright:

Re: Currency exchange rates.
 

Mind who you tell. I have a current account in Spain generating very little interest but I am obliged to declare it here in the UK every year. Gordon Brown still wants his share of the interest made, even though it is abroad.

Re: Currency exchange rates.
 

More fool you - mine is in a Wishing Well in a remote Spanish village.

I threw £20 in 30 years ago and it has never let me down.:alright:

Re: Currency exchange rates.
 

obliged n doin it are 2 different things, plus ya could always bang it offshore, ;)