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Exchange rate

uk
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343 posts
11 reviews
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Exchange rate

Going to Los Gigantes next week. Thinking of taking sterling and changing it once we get there. What's the exchange rate like, and are there any places in LG that are offering better rates than others?

croydon
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19 posts
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1. Re: Exchange rate

Good idea to take sterling.

The only place I have seen in LG to exchange currency is a small travel agents close to the public bus stop...you cant miss it,there is a board displaying the rates outside the premises.

In all the years that I have been going there the rates have always beaten those at home and no commission charged.

Also should you travel further afield perhaps to Las Americas then the rates are slightly better....but check the commission position first.

Hope this helps

Sydney, Australia
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2. Re: Exchange rate

You will get the best rate by taking a debit card and getting money out of ATMs, just like at home.

Oswestry, United...
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3. Re: Exchange rate

One and all,

I continually echo sidneynick or he echoes me on this subject.

What is the matter with everybody giving, presumably, hard earned money away?

Best wishes.

croydon
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19 posts
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4. Re: Exchange rate

Nothing wrong with debit cards providing the charges are reasonable

,The Nationwide flex account has no charges when used in Europe....however use HSBC Visa debit card at the ATM as another example and the charges are 2.75% load plus an additional 2% for cash transactions.Most of the bigger banks are similiar.

Dont accept all debit cards are the answer......check the fine print !

Oswestry, United...
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5. Re: Exchange rate

CroydonLottie,

Am I clear? Are you are suggesting that cash is better in the instance of the HSBC Visa debit card and these other banks? Have you done the maths?

Best wishes.

croydon
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19 posts
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6. Re: Exchange rate

Yes !

Sydney, Australia
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7. Re: Exchange rate

>>.however use HSBC Visa debit card at the ATM as another example and the charges are 2.75% load plus an additional 2% for cash transactions<<

Add these two fees together, and you get 4.75%. When you exchange cash, typically the exchange rate has a margin added on which means that the effective fee is between 6% and 8%. If you use an exchange bureau located right at a tourist attraction, the fee can be over 20%.

Tenerife, Spain
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410 posts
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8. Re: Exchange rate

You will find that there are many registered and licensed establishments that DON'T charge commission.

We are offering 1.07 on cash sterling as we stand today, no commission or charges. However we do not personally have offices in Los Gigantes. But I am just pointing out that some of the information above is misleading

Oswestry, United...
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9. Re: Exchange rate

tenerifesunshine,

You are not operating as a free service though. I realise that you have made, perhaps, 3 - 4% profit on the exchange rate loading compared to the use of better atm cards.

Is that correct?

Tenerife, Spain
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10. Re: Exchange rate

No, that is not correct.

ATM's today are offering 1.07 too. I cannot speak for other exchange license holders, but we offer the same rate as offered through the ATMS.