Paphos Life

UK holidaymakers face worst euro exchange rate ever seen as they leave for summer getaways.

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Experts said that was possibly the worst euro exchange rate ever seen at any UK airport – traditionally the most expensive places to buy foreign currency.

The simple solution is not to change money at airports.

Now, I have a request. If you want to argue about who is to blame for the exchange rate, please do so in the politics section. There are already several threads there on the go about it, so you won't be lonely.

Can we keep this thread open for suggestions on how to get the best exchange rate? Where in Paphos, for instance, is the best place to go?

I visit 3 times a year and in my experience the gift shops in the little court next to Paphinia Seaview Apartments offer the best rate. Invariably it's only 2 cents less than the mid-market rate so today I'd expect it to be 1.09 to the £. Not great obviously but a lot better than 88 cents.
For that reason I always just bring Sterling with me.

LIKE!

Caveat, though... ALWAYS watch very carefully when they count your € notes out, please! Mistakes do happen, (usually in their favour, ahem!), so if you think an error has occurred, just ask them to recount it, before you even touch their money), more siga siga this time, please.

You'll likely get a frosty response, but stand your ground! As sometimes, another € note will appear out of the till, along with a mumbled apology. Happened to me on a number of occasions, so it could just possibly be a common scam...

Cheers- AL

Al,
I remember this was a problem some years ago but not so now.
Having used these 3 shops many times over the last 4 years there has never been a "mistake"
Like many things (remember the pirate videos? ) things like that have been tightened up.

If you want to change sterling in Paphos, make sure you bring Bank of England notes. Bank of Scotland, Royal Bank of Scotland and Clydesdale Bank will either be refused or you will get a lower exchange rate - even at the bank.

We use our zero bank account and credit cards (Santander) for drawing money and spending in Cyprus. Used to use the mentioned kiosks, but having really bad fake ciggies sold by one of them, the one by cydive, would now not go near them.
Santander are advertising a fee free credit card on their website. OK if you have a UK address.

Travelex at Heathrow are offering EUR 1.08 for GBP1 (but I think you get 88p for 1 Euro did somebody look at the wrong transaction?)

AndrewA wrote: ↑Sun Jul 23, 2017 10:17 am Travelex at Heathrow are offering EUR 1.08 for GBP1 (but I think you get 88p for 1 Euro did somebody look at the wrong transaction?)

That's what I thought, but...............

XE.com says we are currently at a nominal 1.11414.

It's been worse. The average for all of 2009 was 1.123. The lowest day was 1.0219 on 29 December 2008.

I did warn of the rates being offered at the new ATM.s at Larnaca Airport several weeks ago; I cancelled a transaction as the rate was much lower than shown in the daily exchange rates.

Jim

AndrewA wrote: ↑Sun Jul 23, 2017 10:17 am Travelex at Heathrow are offering EUR 1.08 for GBP1 (but I think you get 88p for 1 Euro did somebody look at the wrong transaction?)

That sounds a bit more like, it Andrew! Yes, I think someone in the media got their knickers or boxer shorts in a twist, and reported this forex rate arse about face, doh...

Such fake news can echo around the world for the next 48 hours and affect all the main currency rates, until common sense settles again...

I would advise anyone with friends or family coming over to Cyprus to only use known bank ATM's like the BOC or Hellenic as there are vast differences in exchange rates offered by the stand alone ATM's dotted around the high streets.

Jim

ronk wrote: ↑Sun Jul 23, 2017 11:01 pm more sloppy journalism..almost as the beeb!

ronk wrote: ↑Sun Jul 23, 2017 11:01 pm more sloppy journalism..almost as the beeb!

Aint that the truth...sadly

and we in the UK are all forced by law to pay £165 TV Licence fee to keep this institution going!

Part of which goes to fund their "BBC World" satellite service, available for FREE globally, except on 28.2ºE in UK (who pay for it!). You couldn't make it up if you tried...

I think you'll find they were correct in saying that Cardiff Airport was offering €0.88 to £1.00.
Cardiff Airport have a history of having the most expensive currency exchange in the country, often offering as much as 15% to 20% lower than the mid-market rates and they try and justify this due to the low footfall at the airport.
I believe that during the lowest point for sterling in late 2008 when the mid-market rates were almost parity that the exchange at Cardiff airport were offering about 85c to the £. So it's not quite the lowest rate ever (but close).

Reported in today's Independent that Morgan Stanley are predicting the pound to be lower than the euro for the first time in history by early 2018

Hudswell wrote: ↑Sat Aug 12, 2017 5:03 pm Well,that will make some on here happy.....

What makes you say that, Hudswell? I'd have thought that your typical ex-pat in Cyprus, surviving on UK State (and perhaps Occupational) Pension(s) would wish for a STRONG GB£ in order to gain more €€€ each week or month after the forex conversion?

Cheers- AL

IF it happens !