More money stuff- Exchange rates

[Phil Walker]

Just about to get some $TT

Could anybody shed any light on the current rate. On this site it gives the rate as around 12.46 to the £.

My local travel agents are between 10.29 and 11.62 On the net the rate seems to be around 11.00. It's just I was a bit shocked, as I was expecting to get about 12.50

Thanks......

[Steve Wooler]

Hi Phil

Sorry, this is a nightmare area that I've often wondered about.

I honestly don't know the best/most accurate way to show these figures. None of the banks (either in T&T or my local bank here) are able to provide me with automated updates or information on a regular basis. Therefore, we simply use the mid-market rates provided to us (automatically) by XE.com. The problem is that different banks/currency shops will charge different commissions and it all depends upon whether you are buying or selling the currency.

I think its also true to say that you will get more to the £ if you change your money in Tobago. Can anybody confirm that? In fact can anybody tell me the best way to show currency figures like this?

[David Watkins]

Phill,first try your own bank.LLoydstsb gave me 12.5 to the pound in November.Changing Stirling into TT$ in Tobago is expensive the exchange rate is in the order of 2 to 3 dollars less than UK,stirling TC's get a good rate as there is no physical transfer taking place.Don't use a beauraux as they are expensive.
As I said check your own bank first.
David

[Phil Walker]

Hi Steve, thanks for the reply.

Yes, I can see the difficulty here, just been on XE.com and the rate is 12.30. Best rate I can get here is 11.62. Another site I've looked at is money extra .com for tourists and that is 11.11!

I don't think XE.com is a tourist rate, perhaps there is another site you could use to show the rate, but not money extra.com as it seems too low!

Now I've checked out some different places I'm happy I'm getting a reasonable rate. It can make quite a difference when you're exchange quite a large amount!

[Clyde Alleyne]

Phil, the banks that operate in Trinidad all have web sites that list the day's exchange rates. The problem is, you would have to go into the branch in person to change your forex, and this can take a couple of hours, depending on how crowded the branch happens to be (if you did need to change your forex in a branch, I would suggest the Scotiabank branch in the Lowlands Mall, and the new First Citizen's Bank branch on Milford Road) as they are newer and less crowded than the other branches. Here are the bank's web sites:

Scotiabank: http://www.scotiabank.com/tt/cda/index/0,,LIDen,00.html
Republic Bank: http://www.republictt.com/1asp/default.asp
First Citizen's Bank: http://www.firstcitizenstt.com/
RBTT: http://www.rbtt.com/

Remember, the Buying Rate is the rate that they would give you. If you have cash to convert, you need to look at the rate in the "Cash" or "Buying Cash" column and this is lower than the "Buying rate"(the Buying rate is the rate used for converting foreign drafts).
Hope this helps,
Clyde

[Steve Wooler]

What a star that man is. Give him a cholcolate brownie and a cup of cocoa. The banks have had major overhauls of their websites since I last looked (which must be a year or so ago). That is invaluable Clive. I've averaged out their rates for our main currencies and once I get my XE.com update tonight, I'll work out the difference then apply that to all future currency figures used on the site, giving a more realistic view of what visitors might expect.

Thanks for your input guys!

[Anthony Townsend]

Hi,

M&S Money is 11.66 today with no commission. Many large branches have a Bureau de Change now. You can also order online, but you need to order £500+ sterling or there is a delivery charge.

Anthony.

[Phil Walker]

Thanks for the tips guys.

Checked with a couple of banks, both less than the travel agents. So I'm sticking with Co-op travel. Not a bad rate compared to some.

Could not seem to order on-line with M & S and their Bureau de exchange is a way away, bu never mind.

[Steve Wooler]

Hi Guys

I've tweaked our rates and hopefully the rates shown in the sidebar on the main pages and on our 'Currency' page now more accurately reflect the typical net exchange rates available at any of the main banks in Tobago. Obviously the rates will not be as favourable from other sources.

[Phil Walker]

Good stuff Steve.

I think that is a fairer reflection of the rates available on the high street. Probably get a load of posts now asking why the rate has gone down all of a sudden!

[Phil Bondie]

Last week I got 6.12 TT per US $ Traveler Checks at Scotia bank and was quoted 6TT per US $ cash.