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Obtaining Cash in Crete
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Please note that there are now a number of cash points (hole in the wall) machines in the two major airports, major towns and even some of the larger villages in Crete, from which you can obtain local currency (euros).

If your building society or bank is a member of the Visa, Cirrus, Maestro. Eurocard or LINK banking networks then obtaining cash should not be too much of a problem. Any drawn cash will be deducted from your current banking account at normally a very favourable exchange rate. A bank or building society should not charge more than a few pounds (if at all) per withdrawal but please check with your bank or building society if you are unsure.
 


Foreign Exchange Market Overview - 30 April 2008 (editorial by purefx.co.uk)

Sterling Overview
currency-exchangeSterling has continued to struggle this month and given recent economic data it is difficult to see which sector will provide the UK currency with the support that it needs. Interest rates were cut by 25 basis points earlier in the month with MPC voting split three ways, although so far the banks have been unwilling to pass this reduction onto consumers. In fact many banks have withdrawn their mortgage products and instead increased their lending rates to customers.

The Bank of England has promised £50 billion to ease liquidity concerns and Gordon Brown has urged banks to reveal the true extent of their losses from the credit crunch. He has also made a special visit to Wall Street to meet with major US banks to try and ease the global liquidity problems.

As reported by Nationwide, Halifax and RIC’s (Royal Institute of Chartered Surveyors) the UK housing market is slowing, however we feel some slowdown in the growth rate is necessary in order to prevent an even sharper correction in house prices in years to come.

As per our previous forecast we (Purefx) expect pressure to remain on the pound in the short-term, although please contact your Currency Dealer for a more detailed picture.

Pound/Euro
The pound hit a new low earlier this month although was unable to break through a key technical support level and soon bounced back to more favourable buying levels. Given the current lack of support for the pound it seems likely sterling will remain under pressure for a while. Although, there have been a number of recent economic data releases indicating the euro zone is beginning to feel the effects of the credit crunch so we may start to see some euro weakness.

Please note, nothing in this "Foreign Exchange Market Overview" should be construed as advice or guidance as to when to buy or sell currency and / or property

Euro to Pound Exchange Rate (updated daily)

Euro to pound exchange rate
Scale (1 euro approx 1.28 pounds)