What is the best thing to do with Euros ?

[silka]

I have about 3000 and no chance at present to use them in a euro zone.
I really want to put them in my bank account here, but I am told I will lose a lot on the value

[Zacs-Master]

Who told you that?

[silka]

acquaintances

[Zacs-Master]

And in what way did they tell you it would lose value?

[ojread2]

You can spend them in some supermarkets in the UK, Debenhams also take them
Not sure what exchange rate you get though which is where you'll lose a lot of their value. Saving them in a draw some where could mean they increase or decrease, depending on what you bought them for originally as in how many euros to the £ at the time

[ojread2]

Drawer*

[jno]

they'll change it into pounds and charge you whatever their commission rate is, but it won't necessarily be a lot. Why nto ask them how much and see if you like it?

[silka]

They just said that the conversion rate is bad with cash transactions, I have never done this before so I do not know

[Sqad]

Well, I'd you put them in a € term deposit, you would get a better deal than a £ term deposit.

[ojread2]

Don't know what a bank would charge but just 2 weeks ago when it was 1.17 euro to the £, I exchanged €145 back and got £109 - I'm sure someone can work that out ;-)

[Zacs-Master]

Euros can be converted without commission charges in post offices.

[rojash]

The current rate is around 1.19. If I were you, I'd change them now. If the Euro were to crash (which seems increasingly likely) they'll be worth a lot less in the future.

[ojread2]

that was at the PO

[Zacs-Master]

From the post offices own website:


Do you charge commission?

No, we don’t charge commission on currency exchanges or Travellers Cheques, except Sterling Travellers Cheques, where a 1.5% commission applies (minimum £3, maximum £50).

[silka]

Thank you all for your help, much appreciated

[ojread2]

They dont call it commission but they DO charge to change £ back to euro's - evident from what I received back.

They include any charges within the exchange rate. ALL travel agents, banks etc do it. There is no true commission free

[spudqueen]

What value notes do you have?

[237SJ]

I would change them into sterling. I don`t think the euro is going to grow very much in strength (in the current climate) so you might as well change them into £ while you are almost getting one to one.

[Calibax]

It's probably a good idea to change any Greek Euro notes you have (serial number starts with "Y")

[Maydup]

It would be an idea to shop around for the best rates. I'd imagine the shops and supermarkets offer the worst rates if spent on goods.

But you may well get a better rate if you bank them rather than exchange them.

[jno]

doesn't matter whether they're Greek or not; they'd still be valid euro notes if Greece sank into the sea, usable anywhere in what remained of the eurozone, exchangeable elsewhere. If the whole zone failed, all euro notes would be unusable, not just Greek ones.