Selling currency - shop around

[Len Co]

I recently had to cancel an Italian holiday so wanted to change the Euros I had bought back to GBP. I had bought E730 for GBP 650 through Sainsbury and to my utter amazement their buyback value was only GBP 560. Needless to say I declined and had a look online where I found several buyers offering around GBP 635. The reviews and websites looked impressive and bona-fide but I travelled to one nearby rather than posting my money off just to be on the safe side. It was a small family run operation but they were as good as their word and I now have my Sterling safely back in the bank. If ever you find yourself in a similar situation I strongly advise shopping around

[Sherwood]

The spread on most currency broker rates is obscene. I have found it best to go to a specialist currency broker such as https://www.worldfirst.com/uk/foreign-exchange/

The spread between their buy and sell rates is tiny. Some time ago I bought £10k worth of dollars at a rate of >$2 to £1. I loaded it onto an international money card and used it to finance overseas trips in the US and in other places that bill in dollars. I have since topped it up with further purchases but unfortunately at nowhere near the earlier exchange rate.

Geoff

[Blodger]

If you need to do a bank transfer abroad (which I did regularly when my son was studying in USA for a year) I'd recommend HiFX - much better rates than banks and no fees.