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| Indoor Market |
Its the age old question - where and when should I change my sterling into euros. Will I get more in the UK or at my holiday destination?
Well after extensive research this morning I can answer that question for you - wait till you get to Benidorm.... you'll get more euro's for your pounds.The bank rate this morning at 9am was 1.13 - this is the inter-bank rate NOT what you will receive when you change your pounds.
Going around the popular exchange shops in Benidorm you would think that there was a cartel as they were all offering the same rate - 1.10. I then went into the Santander Bank on the Avd. Mediterraneo and they offered me an exchange rate of 1.09. There was no commission at either the bank or any of the Benidorm exchange shops - but do always check. Lastly I checked the hotel rates .... DO NOT under any circumstances change here - the Hotel Poseidon were only offering 1.05.Always remember to take your passport with you as this is a legal requirement. At the Euro Tobacco outlets they have a sign at the counter "We offer the same exchange for Scottish and Northern Ireland notes" - perhaps some exchange shops offer less?
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| Rincon de Loix |
I then came back and rang the two most popular UK money exchange options .... the Post Office and Marks & Spencer. M&S quoted 1.08 however I was shocked by the Post Office rate. They were offering 1.09 - but this rate was if you were exchanging OVER £1000. If you where changing £500 or less it was only 1.04! Quite a difference....So going on todays rates and findings you are better off to change it once you arrive here in Benidorm. However, and its a big however - be aware that not all exchange boothes are legitimate and honest - what you see is not always what you get. If the rate is higher than all the others around then question it - as the saying goes, if it sounds too good to be true it probably is! Most people hand over the sterling and do not check what they are getting back.
One such place I found was opposite the Dove Park (yellow front). On the board outside it clearly stated 1.11. Wow I thought..... So I went inside and asked the girl what I would get for £100. She replied 106€ - I was obviously expecting her to say 111€ ! When I pointed out that the board outside said 1.11 she said that was the rate to buy BACK the pound but to buy the euro it was 1.06!!! By the time you've realised its too late - they suddenly "no speaka Ingles" and shrug their shoulders.
One such place I found was opposite the Dove Park (yellow front). On the board outside it clearly stated 1.11. Wow I thought..... So I went inside and asked the girl what I would get for £100. She replied 106€ - I was obviously expecting her to say 111€ ! When I pointed out that the board outside said 1.11 she said that was the rate to buy BACK the pound but to buy the euro it was 1.06!!! By the time you've realised its too late - they suddenly "no speaka Ingles" and shrug their shoulders.
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| Be wary of this one opposite the Dove Park - the Yellow fronted one! |
Comments
What is the exchange rate today..?
Mike