Changing 24000stg - best method-

Kersh

I need to pay for a car in the Uk. It costs 24000stg.
Ulster bank told me they would do a draft for me. It would cost 35534 euro + 1.5% on top of that.
Surely there is a cheaper way to do this?
Postal order even. Thats ludicrous charging 533 euro for a sterling draft. I might just withdraw it and exchange it, but the plane journey over would be a bit risky..
Is there a cheaper way??:mad:

GP

Try FEXCO

http://www.fexco.com/

I use them to pay foreign bills etc.

kluivert

Try putting the money into your credit card if the vendor will accept that, thus avoiding the charges.

Kersh

Does that not mean i need a 35k credit limit??

Can I just do a simple transfer into the garages account?

SouperComputer

Can I just do a simple transfer into the garages account?

Checkout www.xetrade.com

Good rates and no commision, you just have to pay the bank's xfer charges Ive used them to wire a few K's the US over the years.

Did you get the 'rossa?

Noelie

Kersh wrote:

Does that not mean i need a 35k credit limit??

Can I just do a simple transfer into the garages account?

No if you have a limit of say 2000 and you deposit 35000, your limit becomes 37000, but once you use up the 35000 your limit would return back to 2000. if the seller accepts CC i'd do it this way.

Kersh

@souper - still looking!! Just want all the angles covered for a quick purchase if needs be.

I assume it comes out in sterling if I buy in UK, as vendor wont take euros.

kluivert

Did you know if you top up your credit card you earn interest on the balance as well.

This to me is the best means of buying a car in england if your buying from a dealer who will accept a credit card.

Noelie

Kersh wrote:

I assume it comes out in sterling if I buy in UK, as vendor wont take euros.

Yeah it comes out in locale currency, in this case sterling, the CC company will convert it to euro on your bill, not too sure what the rate will be though.

nlgbbbblth

Kersh wrote:

I need to pay for a car in the Uk. It costs 24000stg.
Ulster bank told me they would do a draft for me. It would cost 35534 euro + 1.5% on top of that.
Surely there is a cheaper way to do this?
Postal order even. Thats ludicrous charging 533 euro for a sterling draft.

Doesn't sound right.
Go back and check with them again.
Drafts for non Eurozone countries (i.e. USA, UK) always had a flat fee of €3.81.
Drafts for Eurozone countries were a percentage of the value but were capped at around €30.

JohnCleary

Be careful with a draft. The bank were goign to try and charge us 1500euro to cancel a draft (In Sterling - for the value of about 30k) if we didnt use it!

shanethemofo

paypal

nlgbbbblth

JohnCleary wrote:

Be careful with a draft. The bank were goign to try and charge us 1500euro to cancel a draft (In Sterling - for the value of about 30k) if we didnt use it!

exchange rate risk.

cancelling a sterling draft is not straightforward - the drawee bank (usually the Irish bank's UK correspondent) has to refund the monies. invariably the rate will go against you.

mox54

whenever I buy stock in England I always go to the AIB and make a transfer of funds - it costs the same for €10 or €10,000.00 - easy, simple, cheap and secure!!!:o

Kersh

I was just gonna ask that. Can i get the dealers Iban number, and just transfer from my bank to his??

kluivert

Yeah you can use CHAPS - electronic payment transfer if you have the dealers IBAN number and Account number.

An expensive means of transferring money, but cheaper than the original post

Kersh

How expensive?? :mad:

rabbitinlights

kluivert wrote:

Did you know if you top up your credit card you earn interest on the balance as well.

If you do put your CC into credit, the extra money is not covered if the card is lost and used, Also your balance stays the same, if you try to do a single transaction over the original limit it will be declined. this can be sorted out by ringing them up and telling them you are doing a large single transaction.

S.

kluivert

^^

This is the reason I got the card for, top it up, ring the credit card company, tell them that am going to England on **/**/**to buy a car using my CC, and this is roughly the amount to be expecting.

They have no problem with this.

XDA

I would have thought that you would get a much better deal on the car for cash than for credit card.

If you pay 25000 sterling by credit card to the garage, the credit card company will charge the garage approx 2.75% of the transaction value, approx £687 sterling or about 1000 euro.

Get yourself a sturdy lockable case, withdraw the cash, and bring a couple of big mates with you when you go to buy the car

Regards
XDA