Exchange rate

[Aquitaine]

If you need to change any money the pound is strangely high at the moment, well above 1.14.

[graham]

1.1448 interbank - if you can get it…
State pension is due in 2 days… let’s hope it holds!

[james]

I saw that, pretty surprising, I wonder what news caused the spike.

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[image] Get a quote now Over the course of my many years of living in France, despite considering myself to be quite frugal and always on the lookout for a good deal, my laziness has cost me a small fortune. I am not exaggerating. Let me explain. I live and work in France and I generate income from my business activities in the UK too. As such I frequently make currency transfers between the two countries. Previously, most of those transactions would be made via my own bank in the UK or France. I stopped doing that a long time ago and here’s why. If I were to transfer a small sum today, for example, perhaps to cover living expenses and I need to make a Sterling to Euro transfer, previously I would have called my bank in the UK, established the rate for the Euro and made the transfer. The problem with that approach is that the rate offered by your bank will very likely be significantly less than that offered by a broker. So I don’t do it like that any longer - the reason is simple,…

[graham]

We used to use CaxtonFX but of late, they seem to have got greedy.
We now use WorldRemit which, in spite of a single £2.99 fee works out a better rate overall…

[Teresaship]

I’m lucky at the minute as my dad gets a euro pension and now lives in the UK. I give him GBP and he gives me euros, we both benefit.

[graham]

@Teresaship

and he gives me euros, we both benefit.

at what rate of exchange?

[Teresaship]

A few cents more than I could get any where else. He obviously does it to help me and it’s not a regular thing as I don’t like to take advantage.

[Aquitaine]

Why would you be taking advantage? If you are both exchanging money regularly you should both gain by the arrangement.

[graham]

I was just being mischievous Teresa!

[Tom]

@graham

We used to use CaxtonFX but of late, they seem to have got greedy.
We now use WorldRemit which, in spite of a single £2.99 fee works out a better rate overall…

Have you tried TransferWise?

[Mat_Davies]

Also consider Revolut for full interbank rates without commission.

[Corona]

I have just done exactly that, got a better rate than currency fair but TransferWise fee of £6.09 compared to €3 means the difference was about €4 into the account.

[graham]

Rate seems to have jumped significantly on the news that the Conservatives will gain a majority in next week’s election… 1.18 currently

[anon88169868]

Might be time to move some funds - although why the rate should go UP on the suggestion of a Tory win is beyond me.

[anon4518169]

Makes you wonder what an actual conservative majority will do to the rate, if the mere prospect of one has such a positive influence. Seems to be having a converse influence over the FTSE, foreign earning worth less? but short term I rather see a sterling recovery at the expense of equity growth.

[graham]

@anon88169868

although why the rate should go UP on the suggestion of a Tory win is beyond me.

I think it is more to do with the possibility of stability and less to do with who wins…

[anon88169868]

I realise that but any “stability” following re-election of a Tory government is going to be short lived and largely illusory.

[Mat_Davies]

@anon88169868

Might be time to move some funds - although why the rate should go UP on the suggestion of a Tory win is beyond me.

I can see it going up on Dec 13th and possibly for a few months thereafter but I can only see a decline over the next 5 years if Brexit happens.

[anon20824123]

The markets believe a Tory win is good for the Uk, as they have a deal lined up to make a smooth exit from the EU.
The last thing they want is a labour victory or a minority government. They are so frightened if there was ever a labour victory , the Euro/ pound would go nearer parity.

The post office states 1,164 to the Euro for 1000£ and over but you would get a better rate with someone like moneycorp or fx.
IMHO.

[Mat_Davies]

I got 1.1846 today - best for a while.