Cyprus-Forum.com

[Niki]

Did you know (and please forgive me if this has been covered but I am so astonished) that if you go through a money exchange finance company to convert GBP to CYP you can save a lot of money.


I worked out that if you say bought a house for £300CYP you can save about £16,500! Those banks are daylight robbery!

[deedeepuss]

Hi Nikki

I used Sterling Exchange to do a transfer and got a good rate.

[Niki]

There are many companies that offer around £.88CYP to £1GBP compared to £.82 banks offer. A 6% difference!

[sandalex]

Hi Nikki
We have had lengthy discussions with Currency Solutions, and you are quite right - you can do a good deal. I don't know Sterling Exchange, but CS has a wide variety of ways of doing things which seem to meet any potential requirement. They are also nice to deal with as you only ever talk to one person so there is no need for repeated explanations. We went to them on a recommendation.

Sandalex

[Svetlana]

I import and export a lot of money and while I do use currency exchange companies, I am sure there is not a 6% difference. Currently the Cyprus Banks are offering 87c per UK£, on which they charge 2% commission (less for amounts over £15,000) so effectively around 85c. If you actually get 88c from a currency exchange company, then you are doing well. HiFx are currently quoting 87c - so yes a worthwhile saving but not 6%.

On the topic of Banks, Sotos was wondering whether to sell his BoC shares, last week. On MOnday thye rose 2.9%, so its drinks all round, Sotos!

Lana

[Niki]

My UK bank (Lloyds TSB) give 82% exchange rate GBP to CYP.

I was told it's a better rate the other way round from CYP into GBP.

This is therefore 6% and no commission. Pretty good however you look at it.