Where can I get currency exchange free commission?
A & S’s Mum is a Billionaire asked:
And what does ‘free commission’ mean exactly? That I wont need to pay anything on top of what I am exchanging?
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And what does ‘free commission’ mean exactly? That I wont need to pay anything on top of what I am exchanging?
What places can I get this for US dollars? The post office?
January 21st, 2010 at 7:58 am
Yes, the Post Office should do it (if its one of the bigger sized ones, then definitely).
As for commission:
If the exchange rate is £1 to $2 (which it isn’t!), then if you gave them £10, you’d get $20 back (this is no commission).
If they charged a commission, you might only get $18.50 for your £10. JustMe
January 22nd, 2010 at 10:11 am
travel agency the capybara
January 25th, 2010 at 1:21 am
Commission free indicates you do not pay the seller any commission on the transaction. (but make sure they do not charge a ‘handling fee’)
The answer post office etc are all correct but, you get the am ex tourist exchange rate which is not too good.
The organisations obtain their money at the mid-rate, or sometimes business rate. Mid-rate is generally given when you exchange more than £500,000 in one transaction. So the post office etc buy low, sell high and make their money that way.
The Nationwide Building society charges no commission for obtaining cash from foreign ATM machines AND they exchange for you at the mid rate! This means if you have a Nationwide bank account and use their debit card abroad, you get 4% more foreign currency for your pound. rugratshd
January 27th, 2010 at 8:18 pm
M&S used to. The Post Office offers very good rate as well.
Free commission means what you are quoted on the rate of exchange will be what you will get with the currency. But then, nothing is free in this world because you will never get the official exchange rate. They just adjust the rate you are quoted to correspond their profit margin. So, shop around. My experience is the Post Office normally gives the best deal. Kui Jai