Jump to content

  • Sign up for free and receive a month's subscription

    You are viewing this page as a guest. That means you are either a member who has not logged in, or you have not yet registered with us. Signing up for an account only takes a minute and it means you will no longer see this annoying box! It will also allow you to get involved with our friendly(ish!) community and take part in the discussions on our forums. And because we're feeling generous, if you sign up for a free account we will give you a month's free trial access to our subscriber only content with no obligation to commit. Register an account and then send a private message to @dave u and he'll hook you up with a subscription.

Trading currencies

robbief

By robbief,
in GF - General Forum

 Share

Recommended Posts

robbief Mentor

robbief

Posted
Posted

Right now the rate to buy euro is 1.14 off the post office, the rate to sell to the post office is around 1.3. Wankers.

 

What I'm getting at is, to buy and sell currency dealing with actual bank notes is made almost impossible by having differing rates from arse hole exchange agents. I'm beginning to think that the only way to do this with one rate is to set up one of these online forex accounts with a broker.

 

Does anyone know of any foreign exchange agents that operate with one rate? Also, any advice in the field as I'm a beginner would be great.....

 

Cheers.

Link to comment
Share on other sites
a stoner Experienced

a stoner

Posted
Posted

As far as I know all agencies dealing on money exchanges will have a split rate system or high charges.

It's how they make their money. If you have excess currency from a trip abroad either wait for the exchange rate to go in your favour or take the loss.

It's how all the money markets work, even for those who deal in money to make their money.

Sorry to bring that bad news.

Link to comment
Share on other sites
robbief Mentor

robbief

Posted
  • Author
Posted
As far as I know all agencies dealing on money exchanges will have a split rate system or high charges.

It's how they make their money. If you have excess currency from a trip abroad either wait for the exchange rate to go in your favour or take the loss.

It's how all the money markets work, even for those who deal in money to make their money.

Sorry to bring that bad news.

 

It's not excess cash mate. I'v just finnished a 2 year savings policy (where I paid a set figure every month) and I'm weary of blowing my now extra income.

 

At college (I did accounts) my course briefly covered all this as the course contained some economics and other business related shit but my notes aren't enough to go throwing money about on.

 

Obviously I know that many people make many millions trading currency but how when the exchanging agents are out to fuck you when selling?

Link to comment
Share on other sites
a stoner Experienced

a stoner

Posted
Posted

They aren't out to fuck you they will only take a percentage or a set price depending on how much you invest.

You could dabble in stocks and shares instead, both have a risk attached. Start small and get a feel for the markets. I had shares in house of frasier when it's share price was as low as 17p per share. I sat on them for 3 years and made a tidy sum for my efforts and patience.

Unless your going to go for a bank assured investment you wil have to accept the risk you are taking but it is alot of fun.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
 Share
Go to topic listing
×
×
  • Create New...