Get the best currency exchange possible.

A question about : Get the best currency exchange possible.

If you are going on holiday later this year and are going to be wanting to buy euros, and if you know someone who is going on holiday soon, tell them to get more euros than they are going to spend, ie, if they only intended to get 700 euros, tell them to get say 1,500-2,000 euros. Then when they get home, you buy their excess euros off them for 1.20 euros to the pound. 1.17 is the international exchange rate. It beats any rate of exchange you will get from cashing your Ј's and/or euros anywhere else. Buying and selling your pounds and euros through the normal middlemen, Cash convertors, P.O. etc. is nuts and there's no need for it. Cut the sponging parasitic b***** out of the equation altogether. 'We sell at 1.07. We buy at 1.33' All designed rip off the wee man. 'Too stupid to do anything about it'. Think of this but. No matter how many euros you bring back with you, you know that after you come home from your holidays you already have a guaranteed available market of buyers who will give you 1.20 on your euros, as compared to 1.33 if you go elsewhere. It's not against the law.Everybody wins out of the deal except the middlemen. Well boo-hoo.Stay safe and keep it within your local community of family and close friends. The rule is that you need to buy more euros than you are going to need for your hols. This builds up the stock of available euros in the system.This solves the common quandry of guestimating how many euros to buy to take on holiday. Can anyone see how this won't work? The more people spread the word about this technique around, the better. Power to the people.Time for the wee man to wake up.

Best answers:

• Ok, I'll bite. Where does the person with all these excess euros get them from and at what rate?
• Of course people will initially need to buy from any of the various sellers. The best rate for buying euros today is about 1.13 =Ј1.00.However if you sell your euros at a rate of 1.20 to a pre-arranged buyer, it is better than having them bought back at 1.33( The best 'buy back' deal today). If you arrange beforehand with your friends & family that you will subsequently be selling your excess euros at 1.20, they will snap your hand off to get them at that rate. What's more if word gets around,the process will necessarily snowball.If you dispense with the worry of being left with unspent excess euros when you get home, you are then left free to take as many euros on holiday with you as you like. The more euros people take with them, the more will be available in the system. If someone says they will buy as many euros off you when you get home at 1.20, word will get around, (through FB, Twitter etc.), to ensure that you will never be left with euros. So it's win win all round. Can't explain it any better than that.
• Go on then, what incentive is there for the first mug person in the chain to buy double what they need?
• 1.13 best rate ?
  I beg to differ, Dawsons do 1.15 right this minute.
  Or you could wait until winter when rates are around 1.27.
  Your method is slightly flawed, why would someone buy more Euros, to lose out selling them at a worse rate. People should buy what they need, if they have any left then yea sell them to a friend at a better rate or do what I do - just give them to family members, free of charge.
  Build up a stock ? Then what, broadcast it around that someone has 2000 Euro laying around in their home ?
  Also there won't be enough to go around.
• 'So if I buy an extra 100 euros @ 1.15 and sell them to you @ 1.20 - I can't lose out?'
  i answered this here;
  '.... if they just wish to stick to the prevailing official ER when they do their negotiations, the deal they do will ALWAYS beat high street rates.' Please read ALL that is written before replying.
  Meantime, I suggest you should stick to buying and selling YOUR euros & Ј's at the High St. rates if that's what you want to do.( Or maybe you own one yourself perhaps?)
• I breaking one of my own rules here by replying to this thread
  So for that reason, I'm out ......