Commission free currency for a limited time.

Dexterm99 · 10-02-2011 3:45pm #1

Don't know how much of a bargain it will be as I have not compared their currency rates with the banks, but An Post are now selling Sterling and USD at 40 Post offices around the country - commission free "for a limited time".

Details.
http://www.anpost.ie/AnPost/MainContent/Personal+Customers/Money+Matters/Foreign+Exchange/An+Post+Foreign+Exchange.htm

ephelan24 · 10-02-2011 3:59pm

Just checked the Sterling Rate on Sharewatch and is .8478 at the moment. Again, not sure what banks are charging but An Post only offering .8247 which is a large difference commision or no commision.

EoghanConway · 10-02-2011 4:06pm

From An Post:
GBP 0.8247
USD 1.3275

From XE:
1.00 EUR = 0.847376 GBP
1.00 EUR = 1.35895 USD

So no commission but poor rates. I would get a better rate using my debit card in a foreign ATM and that's hardly the cheapest either.

pajor · 10-02-2011 4:10pm

But the rate that is paid for on the markets is a good bit higher than what it is in the banks. It's how the banks make money on FX as well as commission.

Was in Ulster Bank yesterday and they were selling sterling for 0.82 and then add commission. So this offer from An Post is in fact very good!

mailforkev · 10-02-2011 4:12pm

XE shows mid-market rates so not comparing like for like with An Post's sell rate, you'd need to compare it with the sell rate from other banks etc.

groom · 10-02-2011 4:35pm

Compare it with XE Trade. These are NOT mid market rates. They are the rates they will trade with you at. There are no commissions and you can haggle with their call centre to get better rates. They have EFT options that avoid wire fees. Worth your while if you're transferring a few K.

Another company with an office in Ireland is Transfermate and you can again haggle for a better rate and to get wire fees knocked off.

Both of the above require a bank account in the destination currency and aren't for getting cash.

For small amount of cash I always find credit cards are best for rates and minimal transaction fees

derek2222_ie · 10-02-2011 5:09pm

groom wrote: »

For small amount of cash I always find credit cards are best for rates and minimal transaction fees

How does this work. Do you use your credit card in an atm machine abroad to get cash?

Or is it done some other way

keithclancy · 10-02-2011 5:32pm

derek2222_ie wrote: »

How does this work. Do you use your credit card in an atm machine abroad to get cash?

Or is it done some other way

Thats what I do too.
Load money on the card and you'll only pay the exchange rate and not a withdrawl fee.

okidoki987 · 10-02-2011 5:43pm

Load money on the card

Very important or you will end up paying interest from the day you withdraw.

snubbleste · 10-02-2011 6:09pm

From An Post:
GBP 0.8247
USD 1.3275

From NIB (+commision)
GBP 0.8295
USD 1.3345

Relatively good rate, but I can get the same rate as AnPost in my credit union commission free as well.

schemingbohemia · 10-02-2011 6:52pm

okidoki987 wrote: »

Very important or you will end up paying interest from the day you withdraw.

But.....if your card is stolen and items are purchased with it you can lose the amount you had in credit.

EoghanConway · 10-02-2011 11:21pm

I used it at the weekend and the rate was 0.843454. Less than the mid-market rate but still much better than the an post rate, with the added bonus that I could get it from any ATM.

derek2222_ie · 11-02-2011 1:22pm

okidoki987 wrote: »

Very important or you will end up paying interest from the day you withdraw.

so you would need to have your credit card clear and be in credit on it or you end up paying huge interst? That rules this out for me so.

How long is the post office offer for?

Jimdagym · 12-02-2011 9:14am

schemingbohemia wrote: »

But.....if your card is stolen and items are purchased with it you can lose the amount you had in credit.

Yeah, but currency notes can be stolen just as easily. You can't live in fear!!

Commission free currency for a limited time.

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