Cyprus-Forum.com

[A&K Costa]

Try sterling exchange, give them a call and ask them to qoute you their rates. I used them and the money was in my account in Cyprus within 3 days of my funds reaching their account.

[Jagsman]

Having decided to purchase a property in Cyprus (last week) I was advised to change my mony through a currancy exchange set up as I was told the banks would charge a hefty commission.I checked with the Hellenic bank with whom I had just opened an account and asked for the deal on changing £130000 sterling.They advised this would equate to £111000 CYP (0.8524 rate) and cost £444 CYP commission.This was on Monday 11/12/06.I checked that day with Foreign Currancy Exchange (FEC) and they advised the same rate and transfer value but no commission.I returned home on the 14/12/06 and made arrangements to tranfer the funds to FEC so they could convert to CYP's then transfer to the Hellenic Bank in Paphos.This was all done with a great degree of urgency as payment for tte house was due on the 19/12/06..However imagine my disappointment to be told that the rate had fallen to 0.8234 and that my transfer value had fallen to 107000.

[Jagsman]

There was not a lot I could do as I had to have payment through by the 19/12/06.So beware of the sudden fluctuation in currancy rates

[cyprusgrump]

Try Sterling Exchange next time!

[devil]

It can happen from hour-to-hour. It is a supply-and-demand market and the gurus who play it for zillions (and make a fortune on fluctuations of a cent or two) have a large influence. The CYP is ± locked to the Euro, so, from the 11th to the 14th, the GBP:EUR must have fluctuated. 3 days is an eternity in the forex market.

As noted above, the Cypriot banks are thieves, especially on transfer charges. If you had asked your UK bank to do the transfer all charges paid in the UK, you would probably have got a much better deal.

When I moved out here, I opened three a/c with a local bank, in GBP, CHF and CYP. That way, I transferred funds in GBP and CHF without any exchange. I could then choose when to change into CYP. As I have GBP and CHF pensions, this is what I still do. All my transfers are done with the charges at the source, not locally. I save hundreds of pounds that way.