Exchange Rates FFR

Discussion in 'Army Pay, Claims & JPA' started by Big_Kahoona, May 1, 2008.

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  1. I am some what annoyed at the Armed Forces in recent months. I am currently serving in Afghanistan and my family are living back in Germany. In December I had an allotment of 2100 Euros placed into my german bank account at the FFR exchange rate of 1.5. The exchange rate has been at this level since February 2004 when i first arrived in Germany. In January this year i had an increment on my pay but the FFR dropped to 1.41 which means that even though I had a pay rise i only had 2000 Euros in my German bank thus loosing out on money. Then in February i came out to Afghanistan and started receiving LSA which then boosted my money up to 2200 Euros. I have just found out that the exchange rate this month has dropped again to 1.31 and now i am only getting 1800 euros in my German bank. I am dumbfounded that for the last 4 years even with the massive fluctuations that have occurred in the money world that they have kept the exchange rate the same to then drop the rate twice in 3 months. I am now earning less than i was 4 months ago even though i have received an increment and am receiving level 2 LSA. The armed forces have just managed to find another way of screwing its guys over.
     
  2. So, you think that you should be immune to exchange rate fluctuations do you?

    The UK govt does not control the currency markets, as George Soros proved rather dramatically.

    This is what's happened to the rate in the last 4 months. Notice a trend?

    [​IMG]
     
  3. At least your LOA goes upor down to compensate. Civel Servants get screwed as well because COLA, the civvy LOA, is fixed for 6 months, so we have really dipped out.
     
  4. The LOA compensates you for the drop in FFR, albeit not the full amount. The LOA for this month's pay (Apr) has not been paid into your account and you will recieve it in Mays pay. Hence why this month you have had a reduced pay.
     
  5. napier

    napier LE Moderator Reviewer

    Top tip:
    If travelling in Europe on Her Maj's business, ensure you get all your euros from a bureau de change or take travellers' cheques, and pay for your meals & hotel in cash (or get the hotel paid for before you deploy). I am out of pocket to the tune of about a £100 for a week's stay in europeland as the system will only reimburse me at the FFR, not what I paid. The only exception to this is receipts from authorised outlets - bureaux de change.
    ****.ers
     
  6. Will I fully understand what you are saying the point I am trying to make is that it is a bitter pill to swallow knowing that I am out here in afghanistan and my wife is stuck back in germany and not really benefitting from the extra cash thats all.