Post Office Exchange Rates

Discussion in 'Finance, Property, Law' started by Tawahi-50, Oct 21, 2008.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. I usually check out the Post Office Foreign Currency exchange rates online and then go to the PO and change my cash over the counter. I find that the rates have been on a par with the other FX high street agents.

    Got a shock yesterday, their online rate for Sterling to Euro was about 1.240, goes to get my money at the PO and found they charged 1.2009 which means for 500 Euros, theres a swinge-ing £16.35 loss.

    (Yes, I realise FX rates are volatile but this appears to be a constant differential)

    There is a warning on the PO site that online rates may vary from the counter but to vary by this amount is sheer extortion and seems to have crept in without the public being aware.

    Obviously, lesson learned and it's M&S or Thomas Cook next time but does anyone have any knowledge re: the Post Office's sharp change of policy which appears to have crept in?
     
  2. Just noticed that the PO along with some other travel money providers are now offering less than €1 for a £1.

    Exchange Rates 30 DEC 08

    The question is how do I capitalise on such a weak pound being the holder of a € account?