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WHERE IS THE BEST PLACE TO BUT EUROS IN CYPRUS?

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WHERE IS THE BEST PLACE TO BUT EUROS IN CYPRUS?

Postby friends474 » Tue Apr 14, 2009 4:44 pm

HI IM VISITING CYPRUS NEXT WEEK, I GO EVERY YEAR BECAUSE I LOVE THE COUNTRY SO MUCH.
I HAVE ALWAYS FOUND IT TO BE A LITTLE EXPENSIVE, BUT NOW WITH THE POUND BEING SO WEAK I CANNOT BELIEVE HOW MUCH IT IS GOING TO COST ME AND MY FAMILY TO STAY THERE FOR 2 WEEKS. £17 PER PERSON FOR A MEAL!!!! THAT IS NOW DOUBLE WHAT I WOUYLD NORMALLY PAY ;-(
I NEED TO MAKE THE MOST OF MY MONEY DOES ANYONE KNOW IF IT WILL BE CHEAPER FOR ME TO BUT MY EUROS IN A CYPRUS BANK?
OVER HERE THE CHEAPEST RATE I CAN FIND IS 1.105
THANKS
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Postby miltiades » Tue Apr 14, 2009 4:48 pm

You should get a much better rate in Cyprus , at the moment about 1.08
Avoid banks , there are many shops that display boards advertising the rate offered.
As I write now the MMR -MID MARKET RATE STANDS AT 1.12
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Postby souroul » Tue Apr 14, 2009 4:56 pm

www.bankofcyprus.com

rates are updated every day.

i'd avoid the souvenir shops personally
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Postby Jerry » Tue Apr 14, 2009 5:27 pm

Shops usually give the best rate, they want you to spend your money with them. Last year I went into a bank and changed up £100, the miserable sod behind the counter felt he was doing me a big favour. I went along the road into a shop and realised that I was several pounds worse off. Avoid changing in hotels and banks or at least ask what the commission is on top of the advertised rate. There is a nice TC chap behind KFC on Phinikoudes who runs an exchange called DENIS, he always gave me the best rate.
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Postby miltiades » Tue Apr 14, 2009 6:51 pm

The best place to change your stg , again I say are shops that DO NOT WANT YOU TO SPEND MONEY IN THEIR SHOP but are money changers . In case our friend is in Limassol here is where you go , the rate he was offering today is 1.10 euros to the pound.
From the Municipal gardens you proceed along the seafront , past a petrol station , past a fish mongers where you will see further along a display board advertising rates of exchange , follow the sign pointing to the right and you will see the shop, no need to purchase anything.
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Postby friends474 » Wed Apr 15, 2009 3:38 pm

thanks for your replies. im staying in the kapparis/ protaras area. i think i will just take a small amount over with me and stick with the shops. obviously checking for commission first. unless anyone can recommend anyone in the area.
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Postby bill cobbett » Sun Apr 19, 2009 1:01 am

Agreed, no need to use the rip-off banks. Take enough for the first day or two then use the shops as advised above, to which I'd add if you're changing large amounts ask them for a better than advertised rate.
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