exchange rates

15 Jul

london 10.11am 16C sunny/cloudy monday 2019

i got an email from nectar saying the sainsbury bank can give me good rates for my holiday money. so i thought i shall compare their rates with the official rate. i know that it wont be as good as the official rate, but how much is the difference? . what will £1 get you when u changed your money, compared to what the official rate says u will get(  )?

£1 will get you 1.09 (1.11)euros, US$1.23(1.26), 4.8(5.16)malaysian ringgit,$1.61(1.70)singapore, thailand 36.8(38.7)bahts. australia $1.73(1.79).

and if u want to change back, i can bet you , it will be very poor rates the other way. i remember one exchange bureau here in london quoting 1 euro getting 88p. so no one gains at all except the money changers.

but i have noticed here in london there are many exchange bureaus, so unlike in europe, where i remember i have to go into a bank and join the queue to exchange my £ notes. exchange bureau may be expensive but at least they are there to make changing your money easy.

i realise now that in europe with everyone having euros, no one is changing money, except those rare tourists from outside the EU, and they would most probably get their money changed before they come to europe and so only the ones that are caught short will be changing their cash. so that explains why stand alone exchange bureaus are not common in europe.

those of us who have travelled in the past can well remember a time when you can get 60 bahts for £1. now it is 36 bahts. no wonder i dont go travelling anymore. i wonder how my friends who have retired to thailand cope when their sterling pensions are converted to bhats and getting so much less. it is near a halving of what they can get in the past. that must hurt.

i got a memo from my calendar saying today is the start of the school holidays. so there will be masses of families off to places abroad, most likely to europe. i think if u are a family going off on overseas holidays you are allready quite wealthy anyway, and so might not be too bothered at the bad exchange rate. it will be the least of your worries actually. 

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