Tuesday, April 28, 2009

Daylight robbery

Landing at Malaga airport on Saturday I was due to pick up a second hand TV to give to our tenant in Calahonda, but I didn't have any euros on me in cash. So I went to the foreign exchange booth in the arrivals hall, and had a look at the prices. What happened next beggars belief;

The guy in the booth told us that the rate was 1.12, which souded pretty good as it has been around 1.10 over the past week.

I wanted to exchange 50 pounds, so the guy printed off the deal confirmation and started counting out euros.

I saw the deal sheet, and saw that he was going to give us 44 euros for my 50 quid

"Hang-on" I said, "this must be wrong"

"No, that's correct"

But the rate is 1.12, so for 50 pounds you have to give me about 55 euros

"No" he says, "you are buying one euro for one pound twelve pence"

An exchange rate of 0.88 cents to the pound. No thank you

I don't know if it is just a coincidence and a misunderstanding, but it seems deliberately obscure that the rate he told us was remarkably close to the pound/euro rate, but he was telling us the euro/pound rate !!!!!!!!!!

They must make an absolute fortune from people that don't notice, or are too dim to understand, and just hand over their readies and walk away with LESS EUROS THAN POUNDS


If the real rate gets below parity it will kill the european property market as far as the Brits are concerned, and those with euro mortgages would be in real trouble

Thanks for reading. If you want some decent advice on foreign currency exchange, send us an enquiry and speak to one of our professional partners here

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