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Author Topic: Pound Hits All Time Low Against Euro  (Read 3920 times)

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orange

Pound Hits All Time Low Against Euro
« on: September 03, 2008 »
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  • At an average Tourist Exchange Rate  1.17? to the Pound.

    Can it get any lower?

    Its about time the UK took on the Euro for stability.



    Offline janey

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    Re: Pound Hits All Time Low Against Euro
    « Reply #1 on: September 03, 2008 »
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  •  :'(  omg.   :'( :'( :'( :'(

    grockle

    Re: Pound Hits All Time Low Against Euro
    « Reply #2 on: September 03, 2008 »
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  • Following on from the wise words of a contributor to a similarly themed topic recently I decided to use a Nationwide card to withdraw my euros from local cash machines from my UK a/c. Good result ! 1st transaction got me 1.278 euro / pound but this had dropped to 1.242 within about a fortnight. Marginally better than local exchanges but, every little helps. The bonus with Nationwide  was that there were no transaction charges either end  and no conversion charges.

    Will the pound hit parity with the euro before or after our predicted recession ?

    Was out and about in 'the village' and surrounding areas just recently and found things very quiet everywhere but that appears to be how it is at the moment.

    Now looking at flight prices for future school hols again and the situation is depressingly normal - up go the prices to almost prohibitive levels for a family.
    That's life as they say.

    Hasta pronto

    grockle

    Offline janey

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    Re: Pound Hits All Time Low Against Euro
    « Reply #3 on: September 03, 2008 »
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  • i never know whether, when drawing money out of the cash machines, to agree to the transaction in gb pounds or euro? does anyone know which is better.....? ???

    orange

    Re: Pound Hits All Time Low Against Euro
    « Reply #4 on: September 03, 2008 »
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  • Yes the Nationwide Debit & Credit Card - do not add a conversion charge (average 2.75%) to transactions. They also use the Bank exchange rate.
    grockle - How much did the machine charge if anything for the Debit Card Transaction?

     1.99 ?  or accepted without this charge?

    orange

    Re: Pound Hits All Time Low Against Euro
    « Reply #5 on: September 03, 2008 »
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  • janey - take the Euro every time, Debit or Credit Card.

    If you take GBP - it has to be converted back into Euro
    to pay the Bank. You lose money on that exchange.

    I hope this makes sense.

    grockle

    Re: Pound Hits All Time Low Against Euro
    « Reply #6 on: September 03, 2008 »
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  • Hola Naranja,

    Was it Tammy Wynette or Dolly Parton who sang the immortal words ? ..... "No charge"  is the answer. I must admit to being pleasantly surprised since Nationwide themselves say that 'foreign cash machine operators 'may' impose charges for withdrawals over which they have no control'.

    However I used both Caja Canarias and Banco Pastor cash machines with no charges whatsoever incurred and the inter-bank euro exchange rate.
    A bit of a Brucie Bonus.

    I was using the debit card.

    Janey, I would just take the euros and go and spend them ! Well I did actually. Amazonia very pleasant, El Meson still fun, El Timon - nice food, nice views. Fettuccine (sorry if spelt wrong) still a favourite as well as Cafe Arena. We'll be back as soon as we can afford it !

    grockle

    orange

    Re: Pound Hits All Time Low Against Euro
    « Reply #7 on: September 03, 2008 »
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  • Thanks grockle

    You can expect the Bank Exchange Rate to be be an average 5 cents above the Tourist Exchange Rate.

    Nationwide is not a Bank and is able to ignore the Cartel on certain matters.



    Hygroscopio

    Re: Pound Hits All Time Low Against Euro
    « Reply #8 on: September 04, 2008 »
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  • can't believe all the time what you read in the papers, but try this ....http://www.guardian.co.uk/money/2008/jul/12/foreigncurrency.consumeraffairs

    orange

    Re: Pound Hits All Time Low Against Euro
    « Reply #9 on: September 04, 2008 »
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  • I believe this news article - not that I was aware of this move.

    Santander - Abbey - Alliance Leicester

    Considering  all the same Group - very little if anything seems to be done
    regarding Spainish transactions for their customers.

    Unlike others that are not Spanish eg Halifax, Nationwide, Barclays etc

    orange

    Re: Pound Hits All Time Low Against Euro
    « Reply #10 on: September 05, 2008 »
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  • Hanging on at 1.1707 Base

    In less then 12 Months - a 100 Euros now costs an extra ?17






    grockle

    Re: Pound Hits All Time Low Against Euro
    « Reply #11 on: September 05, 2008 »
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  • Hey orange, are you a banker ???  :D

    Hygroscopio

    Re: Pound Hits All Time Low Against Euro
    « Reply #12 on: September 05, 2008 »
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  • Orange, at 3.00 pm today, using a bank card for withdrawing larger amounts of Euros from non Santander machines would have given inclusive exchange rate of around 1.1950 to Stirling.
    Using bank card to access funds from the U.K. often attracts a better rate than exchanging notes or indeed travellers cheques.
    I hope you find this helpful.

    orange

    Re: Pound Hits All Time Low Against Euro
    « Reply #13 on: September 05, 2008 »
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  • Thanks Hygroscopio, Debit Card use was not the first thought for many when abroad.
    Visa and their centralised global processing platform has changed that now.

    grockle - you were close but not quite there. I am sure you will make a further guess on future postings.

    grockle

    Re: Pound Hits All Time Low Against Euro
    « Reply #14 on: September 05, 2008 »
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  • orange,

    It has often been said that I'm not quite there ???

    My next guesses will be that you are in fact The Chancellor or The Governor of The Bank of England ?

    Still no cigar yet ?