How to get the best conversion rate from € to $

DeadMoney

Hi, I am heading to the states for 4 months in June and have x amount of money set aside to bring over. I am just wondering what is the best way of accessing your funds to ensure you get the best conversion rate?
Thanks

sdanseo

Best possible way is knowing somebody who works for the DAA at Cork/Shannon/Dublin.... when I worked in Dublin we got free commission on currency exchange during certain hours.

If you don't want to bring cash, which is what it sounds like, suss out the various banks in the US, usually every block has one or two and pick the cheapest "we sell" rate. Don't use the guys in the airport, they'll be a tad worse.

lil_lisa

Irish banks have bad rates if you are taking money out from an atm in the US on top of the possibility of being charged.

DeadMoney

lil_lisa wrote: »

Irish banks have bad rates if you are taking money out from an atm in the US on top of the possibility of being charged.

So would you recommend transferring all funds in to a US bank account and withdrawing from there? The thing I am concerned about though is if I just ship all the money from an Irish account to an American account in one go, won't I still lose money as the whole lot will be charged the Irish bank's conversion rate? I'm assuming it is not possible to ever get the amount that sites like xe.com quote when you convert currencies?

lil_lisa

Yes and you may be charged for the movement of the money, American banks charge for everything, I was charged $25 for transferring about $500 from an Irish bank a/c to a US one. Unfortunately the best way I can think of is to check out exchange rates in Ireland and the US, whichever is better convert your money there and hold on to it for dear life until you get it into a bank a/c in the US.

kerno

I read somewhere if you take out cash in the ATMS that you get it at the Wholesale price is this true..?