IBU

Consol

Currency Exchange Rates

This is http://www.berklix.com/~jhs/rates/

See Also re. Interest Rates

Some Rates Providers:

• xe.com
  • Usefully shows Mid market rates
  • Has rates charts eg Sterling V. Euro
    Good for making decisions & also seeing eg how Brexit events impact the UK )
  • Has historic rates tables For calculating tax returns at rates prevalent when business was done
• x-rates.com
• en . wikipedia . org / wiki / Pound_sterling # Exchange_rate 5 or so exchange rate sites + other info.
• Currency Exchangers, but Not Necessarily any Historic Rates Tables:
  •   currencyfair.com
    • I have been happy with them mid 2017 on. Less so since they introduced a delay where one has to pay extra for the old fast transfer.
    • 2019-07-23 We reduced the minimum in our referral program from €2,000 to €1,000. Now, when you refer a friend to CF, they only need to trade and transfer €1,000 for you to both receive your €30 referral reward.
    • Temp. rise to 50 EU sign up bonus up to end of 2020
    • en.wikipedia.org/wiki/CurrencyFair
    • en . wikipedia . org / wiki / CurrencyFair has lots of links to articles about CF
  • CaxtonFX.com : pre changed Euro & other cards
  • Currencywise: Ask ljk@
  • Wirecard was Another seller of pre charged cards, went massively bankrupt June 2020
  • Revolut: Ask ljk@
  • hl.co.uk See Also en.wikipedia.org/wiki/Hargreaves_Lansdown
  • torfx.com
  • Citibank do an online euro account as well [as sterling & us dollar], no charges with enough in credit, but they do not do business accounts.
  • German law allows cheques to be stopped within 6 weeks, therefore German banks will clear UK Euro cheques same day, but money not usable for 6 weeks.
  • Lots of other competitors, try a comparison site eg : www . monito . com / send - money / germany / united - kingdom / eur / gbp / 2000
• www.exchangerates.org.uk/
  www . exchangerates . org . uk / articles / 1325 / the - 200 - year - pound - to - dollar - exchange - rate - history - from - 5 - in - 1800s - to - todays . html

Exchange Fees

Comparisons of currency exchange rate fees, 2019-05-29 by ljk@
xe.com mid rate             1 GBP = 1._____ EUR & 1 EUR = 0.88196 
CF euros to pounds                                1 EUR = 0.878.
  difference .878 - .88196 / .88196 = 4.489999 % + Fee of GBP 2.5

Comparisons of currency exchange rate fees, Munich, 2019-05-08:

xe.com mid rate before going to banks:    1 GBP = 1.16167 EUR & 1 EUR = 0.860828 GBP
xe.com mid rate after return from banks:  1 GBP = 1.16130 EUR & 1 EUR = 0.861101 GBP
xe.com mid rate average:                  1 GBP = 1.16148 EUR & 1 EUR = 0.860964 GBP
CF after return from banks:               1 GBP = 1.1558 EUR
  ( 1.16130 - 1.1558 / 1.16148 = 0.0048903124 ie CF charge 5.5 per thousand or .55%

CF after return from banks:               1 GBP = 1.1558 EUR & 2220 GBP = 2,565.88 EUR 
Hypo Veriens Bank Isartor (as customer)   1 EUR = 0.894 GBP        2500 GBP = 2,796.42 EUR 
StadtSpark, Im Tal after 3EU non customer fee,                         2500 GBP = 2,812.10 EUR 
  (Hypo Veriens is usually but not always worse than StadtSparkasse)
StadtSpark, Im Tal after 3EU non customer fee, (max 2.5K EUR non customer) 2220 GBP = 2,492.19 EUR 
  (So using StadtSparKasse instead of CF cost 2,565.88 - 2,492.19 = 73.69 EUR
73.69 / 2,565.88 = 2.87 % beyond CF, so 3.42% beyond mid market neutral rate.

Swapping direct between friends, avoiding banks, saves 3.4% each side !
The mega saving is avoiding physical banks.
The extra saved by avoiding net services like CF is negligible in comparison.

For a Brit in Munich, better to take surplus sterling notes back to Britain, pay in over counter,
then transfer to Euro using CF.

Munich

• xe.com: Mid rate.
  inc. Old History Rates
  
• German Banks all quote rates of what of a foreign currency is worth one Euro. Its easier to go expecting numbers like 0.85589, not 1.16849. All may need passport, not always
• Stadt Sparkasse, between Marien- Platz & Isartor, Mon, Tues, Wed, Fri 08:45-16:00; Thurs 08:45-18:00 great impressive interior worth seeing. Max per day is 2,500 EUR. They deduct a flat fee of 5 EUR regardless of amount, if no account.
• Hypo Vereins Bank (UniCredit) 1 block outside Isartor Rumford Str, Needs a customer account. No fee.
• Deutsche Bank, Cellar, Marienplatz
  Max 2K or 2.5K Euro/ day. 5.50 EU charge for non customers. They always quoted me to just 2 digit precision - what a con, forcing one to Not know if a decent rate without arguing for more info ! don't go any more. Prime tourist trap
• Targo Bank (Wiki), 22 Tal, 09:00-13:00 + 14:00 - 18:00 , No PM on Wednesday.
  2.5 K Max
• Santander: Need to have an account with Santander Germany. An account with Santander UK is no use.
  
• Reisebank, Main Rail Station = Haupt bahn hof
  Really Bad rate ! - But probably open extended hours for travellers.

Some banks etc in UK inc. ` big four' in high street.