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Sterling Exchange option ?

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  • 12-09-2007 10:50pm
    #1
    pangeran
    Registered Users Posts: 21 ✭


    Hi,

    I need £2500 cold hard lovely cash.
    What is the best option regarding foreign exchange?


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    #2
    Access
    Registered Users Posts: 2,359 ✭✭✭Access


    Had to get my hands on approx same amount recently as i was purchasing an item in wales.

    I left it late and had to goto about 4 different banks on a friday afternoon!

    Your best bet is to preorder the cash via your local credit union... just give them a few days notice and they will have it there for you on the day you need it.

    Credit union should have the best rate too.


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    #3
    Rashers72
    Registered Users Posts: 1,207 ✭✭✭Rashers72


    Not sure about the rate. I would ring around first on the rate front. Whoever is the most competitive, use them, but book in advance. Thats a lot of cash in one currency. Possible some city centre branches have it in stock, but ordering it is best. I think rate will only apply on the date of actual conversion. I would be surprised if credit union were best...but I stand to be corrected.


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    #4
    Access
    Registered Users Posts: 2,359 ✭✭✭Access


    Rashers72 wrote:
    Not sure about the rate. I would ring around first on the rate front. Whoever is the most competitive, use them, but book in advance. Thats a lot of cash in one currency. Possible some city centre branches have it in stock, but ordering it is best. I think rate will only apply on the date of actual conversion. I would be surprised if credit union were best...but I stand to be corrected.

    Credit union was the best rate on the day in particular when i got it, but i think youre right, the rate depends on the day you get the currency

    Also, dont forget the currency handling fee as well, i think it was €5-6 last time i had to change money.


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    #5
    pangeran
    Registered Users Posts: 21 ✭pangeran


    Got a good deal with AIB, saved 50euro by shopping around a little :)
    hurray!


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    #6
    pinkypinky
    Moderators, Society & Culture Moderators Posts: 6,616 Mod ✭✭✭✭pinkypinky


    Do you know someone who works for a bank?
    I always try to get a staffer to do it - commission is free.

    Genealogy Forum Mod



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    #7
    Rashers72
    Registered Users Posts: 1,207 ✭✭✭Rashers72


    Well done for shopping around! Most people are lazy when it comes to foreign exchange, and wrongly assume most financial institutions give the same rate. I think some of the consumer mags should do comparisons between various banks etc. especially during the summer. This might highlight the large differences, especially in the margin between the buy and sell rates - i.e. where the banks make their money.


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