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Best value for buying currency (foreign exchange)

  • 21-03-2010 11:34pm
    #1
    duckygalway
    Closed Accounts Posts: 173 ✭✭


    Just wondering where is the best place to go for foreign exchange when buying Australian Dollars with Euro? Which of the banks offer the best rates and are currency sellers at the airport expensive? What about transferring funds from an Irish account to an Australian one, apart from the fee you would get a direct conversion?!


Comments

  • #2
    maupat
    Registered Users, Registered Users 2 Posts: 178 ✭✭maupat


    The best place to go is to a bank (rates do not vary all that in the various banks). Currency exchanges at the airport are way more costly and Western Union options (in Oz) are a rip-off.

    USIT offer a service whereby (once you have set up a bank a/c in Oz) you can transfer funds from your Irish a/c to your Australian account. There is a fee but it's not too exorbitant plus it's safer. There are probably similar services that the banks themselves off too.

    One of the main banks in Australia and New Zealand is ANZ which might be handy if, as most people do, you end up going to both countries at some stage.


  • #3
    hussey
    Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭hussey


    maupat wrote: »
    The best place to go is to a bank (rates do not vary all that in the various banks). Currency exchanges at the airport are way more costly and Western Union options (in Oz) are a rip-off.

    No, this is wrong, a bank is not the best but the most convenient massive difference.
    USIT offer a service whereby (once you have set up a bank a/c in Oz) you can transfer funds from your Irish a/c to your Australian account. There is a fee but it's not too exorbitant plus it's safer. There are probably similar services that the banks themselves off too.
    Never use USIT for this, very pricey.
    One of the main banks in Australia and New Zealand is ANZ which might be handy if, as most people do, you end up going to both countries at some stage.
    Yes and they allow you to open up from Ireland too.

    if you want the best rate you can try a HiFx company to do the transfer, paypay offer better rates than banks too.

    bank to bank - more expensive but convenient
    HiFx - Better rates, more work to set up


  • #4
    duckygalway
    Closed Accounts Posts: 173 ✭✭duckygalway


    When you say a HiFx company do you mean www.hifx.co.uk or are there a number of them out there?


  • #5
    hussey
    Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭hussey


    duckygalway wrote: »
    When you say a HiFx company do you mean www.hifx.co.uk or are there a number of them out there?

    A number of them, for recommendations try this forum
    http://www.boards.ie/vbulletin/forumdisplay.php?f=544


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