Buying Dollars

pokerface_me

Guys looking for a bit of advice, i'm going away to the states for a couple of days next week, buisness and pleasure. I went to my bank today and ordered 3000 dollars for early next week. As i left the counter i asked how much will this cost me, and i was informed 2250 euros. I checked the exchange rate today and its 1.55us for 1euro, now i'm not in the sums game but i see a shortfall of about 250-300 euros, by my maths it should only cost 1960euro excluding commision, any help or advice welcome, i 'm not sure how much commision is and if there is a cheaper place to buy the dollar.

I'm not interested in travellers cheques or using credit cards.

Thanks in advance. Steve

Ruu_Old

The exchange rate you see on the telly or websites might not be the one that your bank gives you though.

pokerface_me

Cheers Ruu fr the reply, i just checked my banks website and they have a currency exchange calculator and at 6pm the rate for 3000us was 1970 euros which is not bad excluding commision, have you any idea how much commision is? its hardly 300euro.

xebec

Might get a faster answer over here in Banking...

Blackjack

Name and shame so others don't get fleeced too.

unclebill98

The rates you see online are called mid rates. The banks offer rates above & below this depending on the transaction. Thats so they can make profit!

Shop around, maybe ask for no commission to be charged etc.

Blackjack

unclebill98 wrote: »

The rates you see online are called mid rates. The banks offer rates above & below this depending on the transaction. Thats so they can make profit!

Shop around, maybe ask for no commission to be charged etc.

Still a mighty spread when they're taking between 250-300 euros - that's over 10% from what I can see.

OP, you sure this was a bank as opposed to some Bureau de Change on O'Connell Street?.

pokerface_me

Cheers for the replys guys, its just an ordinary bank that i have been a customer with for 20 odd years in Tallaght, i'm going to go down tomorrow to see if there was a mistake, can anyone tell me how much commission is?

Scuba_Scoper

Usually 1% iirc

unclebill98

Blackjack wrote: »

Still a mighty spread when they're taking between 250-300 euros - that's over 10% from what I can see.

OP, you sure this was a bank as opposed to some Bureau de Change on O'Connell Street?.

It does sound correct. Thats why you never hear of a poor bank!

Blackjack

unclebill98 wrote: »

It does sound correct. Thats why you never hear of a poor bank!

It sounds very wrong to me. This is USD, not Hungarian Forint - a 10% spread either side is a massive rip off, no matter what currency you're buying.

Fabio

Interested in this myself as I am heading to the US in July and want to get some currency...seems like a rip off in this case.

Basq

Need to order some dollars too.. going to Orlando for 10 days in July so will probably order them early next week.

I'm with AIB.. will phone them tomorrow and ask about their commission and charges.

stepbar

unclebill98 wrote: »

It does sound correct. Thats why you never hear of a poor bank!

That's why it's great being a member of staff with any of the banks... Mid rate!!!!

pokerface_me

Sorted guys, 3000dollars will cost me 1970euro all in including commission and handling, she said i was misquoted on Tuesday but there is a fee if your not a account holder in the bank. Thanks for all your advice and help.

Steve

Basq

Not bad value pokerface.

Judging that I'm getting just under $1940 for €3000 on XE.net.

Won't be getting nearly as much as I should have my credit card sorted by then but still need a fair bit of cash for out and about small transactions.

Enjoy the holidays.