Friday 14 January 2011

Currency Exchange

Being a novice with currency exchange I have found the last few weeks buying Euros the most stressful part of purchasing our property in France. Our Notaire recommended a foreign currency exchange business and sure enough we put our faith in them to give us a fair deal.

The very charming female French advisor assured me that they would give me the very best deal and that I needed to be extremely careful in using other businesses as they might not be bona fide. Very sound advice of course.  However, what I couldn't understand was that  consistently the deal I was being offered was well below the "going" exchange rate. I then found myself trying to exchange money on a falling market.


I started to shop around for quotes including the main stream banks and researching the companies advertising on the Internet. I selected several companies that appeared to be OK, rang them and talked to their agents. They took the time explain to me how the money markets worked and how to read and interpret the rates on the screen.  I even went onto google maps and used street level to ensure their offices actually existed.

It would be wrong for me to say which company we entrusted our Pounds Sterling to Euro exchange with. However having initially laboured over our first major currency exchange and then going  through a very steep learning curve I have emerged much wiser, more informed and when it comes to having to do the same thing again then the transaction I hope will be less painless. Oh and never go with someone a Notaire recommends as in our case I eventually found out that they operated more like a high street currency exchange.

No comments:

Post a Comment