Currency exchange rates.

Royboy39 · 24-09-2008, 22:42

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?

cashman · 24-09-2008, 22:48

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

katex · 24-09-2008, 22:58

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.

Royboy39 · 24-09-2008, 23:14

Quote:

Originally Posted by katex

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.

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.

Benipete · 25-09-2008, 00:38

Quote:

Originally Posted by cashman

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

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

jaysay · 25-09-2008, 08:55

Quote:

Originally Posted by Benipete

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

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

Royboy39 · 25-09-2008, 15:37

Quote:

Originally Posted by jaysay

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

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

jaysay · 25-09-2008, 16:20

Quote:

Originally Posted by Royboy39

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

Never doubted it for a minute Roy

Tealeaf · 25-09-2008, 17:13

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

Benipete · 26-09-2008, 09:22

Quote:

Originally Posted by Tealeaf

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

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.

tosh · 26-09-2008, 19:12

Quote:

Originally Posted by Benipete

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.

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

Benipete · 26-09-2008, 21:22

Quote:

Originally Posted by tosh

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

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.

Geoff · 27-09-2008, 18:39

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.

Quote:

Originally Posted by Royboy39

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.

Benipete · 28-09-2008, 20:31

Quote:

Originally Posted by Geoff

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.

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.

cashman · 28-09-2008, 22:36

Quote:

Originally Posted by Geoff

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.

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