Currency Exchange on posting

#1
I understand there may be an "entitlement" to exchange Sterling for Euros on posting to Germany. Is this true?

If so, is there a time limit as I've been here over a month now and only just found out that I could have possibly done this, thus avoiding international transfer fees and rubbish exchange rates!

Thanks.
Chief.
 
#2
first 6 weeks of assignment by which time you have opened your german bank account and set up an allotment
 
#5
There's more to life than a quiet night on the sofa with JSP 752....

Sriously though, my point is that there are so many regs that it is impossible to know what is available for every situation. Unless of course, that is your career field and you are the expert.

A handy "You're posted: look at these chapters" guide would probably be useful to all those that don't work with the regs every day.
 
#6
tru, but when posted i would and have looked under the entitlement section, also asking what can i have when booking in helps, at least it did for me
 
#7
Quite agree - there is personal responsibility.

Unfortunately though, busy staff job to busy RHQ job = no time to check and reliant on others to "book" me in. Got the usual moving things (DA etc etc) but had no idea about the currency exchange option until someone raised it later.

I'll know for next time!
 
#8
i think you can put a claim in on jpa regarding the loss in exchange and currency charges
 
#9
BIPOLAR77 said:
i think you can put a claim in on jpa regarding the loss in exchange and currency charges
You can. As long as you have the receipt, you can claim the difference between the currency exchange rate you received (at say the post office) and the FFR. I have done it, several times, with no problems at all.
 
#10
GrumpyGit said:
BIPOLAR77 said:
i think you can put a claim in on jpa regarding the loss in exchange and currency charges
You can. As long as you have the receipt, you can claim the difference between the currency exchange rate you received (at say the post office) and the FFR. I have done it, several times, with no problems at all.
Not sure how this sits with SOBAGs though as if you're posted to BFG you should have a German account so you can at least receive some money in Euros. I've used the currency exchange but only for short term trips abroad ie Battlefield Study.
 
#11
so the second you cross the border you have a german account, set up on jpa?

doubtful, hence the facility to cash cheques
 
#12
Easy. Take your sterling to the RAO and he will exchange it at the FFR. If it's a sizeable amount then the RAO won't mind even if you've been in Germany for several years.
 
#13
not any more phil, u can only get that facility if on assignment, most units dont hold sterling
 
#14
You could always get someone who has been posted in recently to do it for you.

A colleague of mine, who was busy on exercise, asked me if I could have 200 pounds exchanged for him (4 crispy 50 pound notes). The RAO had no problems, offering cheque or cash.
This was at a regiment in Germany.
 
#15
go to Google and put in 'posted to germany'........plenty of info to be had
:D
 

B_AND_T

MIA
Book Reviewer
#16
Is it that difficult to read regulations.
 
#17
You can also have a go at currency speculation (all perfectly legal). Because the FFR rate is usually well above the banks' currency exchange rate, you could get all your salary paid into your Euro account, then transfer however much you can afford from your Euro account to your UK Sterling bank account. It normally has to be a grand or so to make it pay. Even after fees, you can see a decent profit. The down side is, you have to decide how much salary you wish to be paid into your bank account(s) before the 15th of the month, as that is when JPA finalise your salary payments. If the FFR rate reduces or the pound rallies in the period between the 15th and pay day, you could be looking at a loss. I usually ended up about £100 up each month. If it's good enough for the City....
 

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