EXCHANGE RATES !!!

[SAM SPARKLE]

You are not being rude Cereza, you have a good understanding, and I welcome your input, yes interest rates are low as we all know too well. However, if these companies where to base their whole business on pure speculation then they might as well sit in the bookies all day, as their business will soon go down the pan (as you well suspect they might). In the good old days when interest rates where alot higher the forward rates you could get from these companies where alot higher reflecting this, I suspect they are operating to a very small profit margin during the current economic climate, but believe me its not just based on speculation on their part, on the part of the punter yes and if anyone wants to take advantage of their offers thats entirely up to them, but hopefully this exchange (excuse the pun) will maybe help people to decide if they want to or not.

[cereza]

Fully understand your points Sam and I don't disagree with you. As mentioned before my main concern is paying up front - I just won't do it no matter how big the company but as you say if others are happy to do that then thats great.

[Bruce Wallis]

I dont buy forward generally, but I did a euro transaction for several thousand pounds recently where I was able to set the purchase price at an exchange rate of 1:20, and when it came to the settlement date the rate was only 1:08, so in that instance I was well ahead. That was a one off though.....and I got lucky!
I do have a friend who buys her holiday euros forward, and to date I think that she has done pretty well out of it.

[EMM]

Yesterdays Sunday Times.

" Sterling rose to E1.14 last week compared to near parity in December. Capital Economics forcasts Sterling will go as high as E1.30 "
Other brokers also forcast the £ strengthening further against the Euro.

Lets hope that they have got it right for once and that the markets have taken into acount our political turmoil and that it will have little effect on the real economy.

[Bruce Wallis]

We are still at 1:14 this morning (0830)
The good news about the British banking sector appearing to be strengthening and recovering, especially Lloyds Group, should help

[SAM SPARKLE]

Fairfx are offering 1.1625 this morning on their currency card

A quick comparison shows:-

Travelex online 1.1300
Ken and the People's post office online - 1.1316

[Lesley Jean]

Sam how does this card work? can you put it into a cash machine in Portugal and get cash back? if so how much do you get charged to use it? How else can you get the cash from the card? Thanks

[SAM SPARKLE]

Sam how does this card work? can you put it into a cash machine in Portugal and get cash back? if so how much do you get charged to use it? How else can you get the cash from the card? Thanks

Yes LJ, works just like a debit/credit card as it carries the Mastercard logo. The charges are I think a lowly €1.50 per transaction. You can apply for one online at http://WWW.Fairfx.com - USD or EURO cards are available. Just check the daily rate on their website and if happy with it, load your card with as much or as little as you like.(You will have to advise your bank details when you register, and they just debit your account when you buy the currency of your choice, which in turn gets transfered to your Fairfx card).

Simples

[dodger]

I know the answer will be on the website but I canny be bothered to look!... if I order a card today will it arrive at my house by departure day next Wed?

[SAM SPARKLE]

I know the answer will be on the website but I canny be bothered to look!... if I order a card today will it arrive at my house by departure day next Wed?

You might be pushing your luck, as once you receive the card you then have to get it activated, so the short answer is no.

[Michael Crane]

Over the weekend I was given a 500 euro note. Would any bank change this into smaller, more 'spendable' notes? I can't imagine having a £500 note in my pocket, let alone what to spend it on.

[SAM SPARKLE]

Over the weekend I was given a 500 euro note. Would any bank change this into smaller, more 'spendable' notes? I can't imagine having a £500 note in my pocket, let alone what to spend it on.

Provided it is not a fake, yes of course. There are millions of fake Euro notes in circulation.

[Michael Crane]

[....Provided it is not a fake, yes of course. There are millions of fake Euro notes in circulation.

Cheer me up, why don't you?

[EMM]

Many places in Portugal will NOT take large denomination notes due to the high number of forgeries.

you can see a notice on the tills.

[Michael Crane]

Many places in Portugal will NOT take large denomination notes due to the high number of forgeries.

you can see a notice on the tills.

Maybe so, but a bank should change it, won't they?