MichaelG Posted August 17, 2005 Share Posted August 17, 2005 Evenin all ! Going on holiday next month, and got the holiday spends all ready to be exchanged into Cyprus pounds. From memory though, i remember that the exchange rate IN cyprus was better there than it was here though, for example it was 0.79 CYP to £1GBP here, but 0.85 CYP to £1 GBP in Cyprus. I have never exchanged currency abroad at a "local" travel agent though, so dont know if there are any pitfalls other than what you find here like commission etc..... So same again this year, the exchange rate for the Cyprus Pound is crap at most places here......so i am wondering if it would be better to do it over there and just take GBP £ with me..........but has anyone done this before ? The difference is actually quite a lot, here it varies between 0.79 and 0.81 to the pound, which on every £1000 GBP is up to an extra 20 cyprus pounds (£25GBP!!) Even better has anyone done it in Cyprus or been / going to Cyprus in the next month or so that could advise ? Any help appreciated........cheers very muckle...... Michael PS.....Recommendations for best places to change ££ in the UK very much appreciated. I have looked at Bank, Travelex (best yet but went down again), Thomas Cook (crap rate), Lunn Poly (crap rate), Going Places (high commission fee) Feeling a bit with it all lol. Link to comment Share on other sites More sharing options...
SimonB Posted August 17, 2005 Share Posted August 17, 2005 Normally the cheapest way is to draw money out from a cashpoint abroad. You get the banks wholesale rate which is much cheaper than the tourist rate - they charge you 2.75% or something but it still works out cheaper. Or get a Nationwide VISA card, they don't charge commision at all so if you use that abroad you get a much better rate. Dunno about Cyprus specifically, but that's what I always do when I go abroad. Just change a few quid for use at the airport etc. Link to comment Share on other sites More sharing options...
Lizzeh Posted August 17, 2005 Share Posted August 17, 2005 Yea I just use a cash machine abroad...then again, I've only been to England and Germany, so I don't have much experience with it. Link to comment Share on other sites More sharing options...
magicmatty Posted August 18, 2005 Share Posted August 18, 2005 As long as you can find a "maestro" - "Cirrus" machine, then drawing out cash is your best exchange rate... Mind you, draw a bit out at a time else small charges could add up....I draw out the most I dare in one go... Link to comment Share on other sites More sharing options...
Timwildman Posted August 18, 2005 Share Posted August 18, 2005 Ditto, I get money from a cashpoint. Link to comment Share on other sites More sharing options...
Steve Posted August 18, 2005 Share Posted August 18, 2005 I will ask my boss tomorrow he is always out there as he is building a house. Link to comment Share on other sites More sharing options...
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