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If I buy 拢500 of Euros @ 1.40 and sell them back @ 1.55 am I losing or gaining 拢's? |
Travel Info If I buy 拢500 of Euros @ 1.40 and sell them back @ 1.55 am I losing or gaining 拢's? Travel Tips By the number of people that have got this completely ar$e about face, this would seem to be an excellent question. I don't think I can put it any more clearly than some of the others before me... 拢500 converted into Euro @ 鈧?.40 = 拢1 gives you 700 Euro in your pocket. You don't spend any, so you go back to the travel agent (or whatever) and they give you 拢1 for every 鈧?.55 that you hand to them. 700 / (divided by) 1.55 = 拢451.61 You had 拢500, and now you have 拢451.61 - you have lost! It is this difference between buying and selling rates that makes so much money for banks and bureaux de change, and that is how they can afford to lure you in by saying that they won't charge you any commission. They don't need to charge commission, as they make plenty in the rates! Sweeping generalisation perhaps, but you will often do better by changing money at your destination, rather than at home. I have found that the cheapest way to buy Euro is to use your bank ATM / servicetill card over there... but that may not be the case if your bank will charge you for the privelege (I use HSBC, and they don't charge). Using a credit card is also a cost-effective way of dealing with payments in foreign currencies. Others Gaining Gaining pounds as you're getting the euros bought from you for a higher rate than you purchased them at. http://in.finance.yahoo.com/currency/con... try here Loseing around GBP 49.39 wait for a better exchange rate Look, you are not gaining!! GBP 500.00 @ 1.40 = Euro 700 Euro 700 @ 1.55 = GBP 451.61 Euros are not as strong against the pound when selling as they were when buying You would loose about 50 squid youd only be gaining 15 pounds a euro |
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