Best Banks for Currency Transactions

pod

Anyone have an opinion on which banks usually offer the best transaction rates for converting Euro into Pounds/Dollars; or Pounds/Dollars into Euro.

I've read that the Bank of Ireland & the National Irish Bank can often be the best.

Victor

Originally posted by pod
I've read that the Bank of Ireland

No charges for any foreign cash lodged back to account.

dod

If you're talking not insubstantial amounts (maybe €20k+), and if you may have an ongoing requirement, it's worth developing a relationship with the corporate dealing desks with the banks- IIB, BoI, AIB, UB, RBoS.

Once you establish a relationship with them and if the amounts are worth transacting, they'll give you decent two sided prices on your transaction (though expect them to read your side once they get to know you!). If it's petty amounts, I can't imagine that there's that much difference between the retail branches management of foreign currency transactions.

pod

I mean amounts of maybe just a few hundred or a thousand Pounds.

Even if the banks don't charge for converting your money, there can a difference in the rate they give.

For example, this week

AIB Bank will give €1454.34 for £1000

whereas,

Bank of Ireland will give €1467.20 for £1000

A difference of almost €13 on the same amount.

Just wondered if they had a history of gives rates, or maybe they're just good this week...?

dod

You'll have to shop day to day, who has the best price will depend on which side you're on and ultimately what way their wholesale book is balanced. This will change intraday, they build in a huge margin into their retail prices so that intraday changes won't be effected by (relatively) insignificant retail transactions. But there will still be a bias reflecting their wholsale book position, and that bias may change for individual banks daily. As a result, the bank that has the best price for your side of the transaction today may not be the best price for that side tomorrow.

pod

There's no difference between branches of the same bank is there?

I mean, if I went to one BoI branch and they offered to convert at a certain rate, I'd expect if I went to another branch of BoI the same day they'd give the same rate?

Would I be right in thinking this?

dod

You would be right in thinking that.

(Sits back and waits for someone to come up with some exception to the rule)

Victor

Originally posted by dod
(Sits back and waits for someone to come up with some exception to the rule)

First Rate (BOIs retail FEX division) provide a different service and may provide different rates.