foreign currency


R

reven

i travel to europe a lot, generally changing money as i need it wherever i
am. But in the post office today, someone was bringing some euros back,
presumably from holiday to change them back to sterling. What a poor
exchange rate they received.

This got me to thinking, why don't I offer to take the euros from such
people. They get a better rate, i get a better rate. BUT, is that legal?
Could I advertise to do this?

Just a thought on a wet wednesday
 
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E

Eric Jones

reven said:
i travel to europe a lot, generally changing money as i need it wherever i
am. But in the post office today, someone was bringing some euros back,
presumably from holiday to change them back to sterling. What a poor
exchange rate they received.

This got me to thinking, why don't I offer to take the euros from such
people. They get a better rate, i get a better rate. BUT, is that legal?
Could I advertise to do this?

Just a thought on a wet wednesday

As far as I can see there is nothing illegal in what you want to do. Just
one question - who would use your services? Friends and relatives fine but
strangers I think not.
Eric
 
A

Andy Pandy

reven said:
i travel to europe a lot, generally changing money as i need it wherever i
am. But in the post office today, someone was bringing some euros back,
presumably from holiday to change them back to sterling. What a poor
exchange rate they received.

This got me to thinking, why don't I offer to take the euros from such
people. They get a better rate, i get a better rate. BUT, is that legal?
Could I advertise to do this?
Why don't you just open a Nationwide flex account and withdraw money from
foreign ATM's? You get a rate within a whisker of the interbank rate and no
charges. I never bother currency in advance anymore, ATM's are everywhere in
most of Europe.
 
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Eric Jones

Tim said:
Are you on personal terms with the cashier you normally use?! ;-)

No I am not, but I do have somewhere to go back to if an error is made for
instance, or the notes I had were dodgy -
Once your stranger has had my money I would probably never see them again!
Eric
 
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D

dp

No I am not, but I do have somewhere to go back to if an error is made
for
instance, or the notes I had were dodgy -
Once your stranger has had my money I would probably never see them again!
Eric
When I worked in Corfu, I never used banks to change my Drachma salary into
pounds. I used to just ask around for someone who wanted their holiday
money. This invariably was a friend of a friend. We agreed a rate mid-way
between the buy and sell rates advertised by one of the banks and both
parties (I hope) got a good deal.

I agree that meeting total strangers and putting a few hundred pounds on the
table is asking for trouble. However, if there is a demand, you should be
able to ask around your friends and find people willing to change money.
Most people here are likely to want to change pounds to euros but if you ask
in the right places (tourist hotels perhaps), you might save some
transaction charges by changing someone's euros into pounds.

Personally, if someone came up to me in a pub or placed a classified ad in
the local paper asking to change money, I would be very suspicious about
counterfeit notes, tricksters or muggers. I often buy through classified
ads, but I think one reason I would be suspicious about money changing is
because you don't often see such ads.

Also placing classified ads usually costs money and to recover this money
you could well end up charging similar fees to the banks.

I am no legal expert but I would imagine there is some point where the
transactions stop being between friends and fall under some money changing
legislation.


_____
www.wych.com
 

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