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exchange rates?

  • 09-03-2007 12:34pm
    #1
    Dyr
    Registered Users, Registered Users 2 Posts: 23,246 ✭✭✭✭


    I'm not to clear on how these exchange rates work BUT

    I bought 120 sterling from a BOI branch not 10 minutes ago, they charged me 181.43 euros for this (excluding comission). On Xe.com the rate for 120 sterling is 176.29. So whats with the difference? :confused:


Comments

  • #2
    Wertz
    Closed Accounts Posts: 11,909 ✭✭✭✭Wertz


    XE.com uses the actual market rate not the consumer rate that the banks use AFAIK. I think this consumer is partly to protect them from small fluctuations in the market in the time of their day's business dealings. The figure is about 2% I think.

    I use the fx converter at oanda.com; it has a drop down option to use typical interbank rates, credit card rates, cash rates etc so you can see a more accurate or realistic exchange rate.

    http://www.oanda.com/convert/classic


  • #3
    hmmm
    Registered Users, Registered Users 2 Posts: 11,205 ✭✭✭✭hmmm


    Yeah banks will add a margin on their fx rates (i.e. give you less) - if you compare rates in multiple banks you will see small differences. It is something you could "shop around" for if it was worth your while.


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