gus
Joined: 13 Apr 2005
Posts: 2
Location: Manchester, UK
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 Posted: Wed Apr 13, 2005 5:04 am Post subject: Exchange EUROS <---> POUNDS |
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Hi!
I am a PhD student at the University of Manchester and I receive my scholarship in Euros. Of course I have to exchange these money into pounds. If I do it with the bank I lose about 40 pounds for every 1000 Euros, which is not a negligible amount of money.
If anyone wants to exchange Pounds into Euros we could do it between as, using the average value of the sell-buy rates of the banks and it would be as profitable for him as for me.
For example today the exchange rate for buying pounds was at Natwest 1.5403, which means that if I wanted to buy �1000 I would have to pay 1540.3 Euros. The selling rate was 1.3983. So if you wanted to sell �1000 to get Euros you would get 1398.3 Euros. The difference is 142 Euros!!! If we use the mean value of the buy-sell rate we save 71 euros each for every 1000 Pounds, which is about 7%. Plus that I didn't take into account in the calculations the commision charge that almost every bank charges.
If you are interested send me an e-mail at [email protected] |
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