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Exchange rate

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  • 14-03-2012 3:21pm
    #1
    denisosulli
    Closed Accounts Posts: 7 ✭


    There might be loads of these threads already sorry if there is.

    I'm going to america with 5 friends soon and i'm looking up exchange rates. Everyone says An Post have no commission but their rate is 1.265 in comparison to AIBs 1.286.

    Now here is where I need someone with a brain. Aib say on their website "Commission is charged at 1% of the euro value of the foreign currency note order value (minimum EUR1. 27, maximum EUR6.35)"
    So would I be right in thinking...
    If I change €1000 euro I'd get $1265 in AnPost
    and i'd get $1286 -€6.35 in AIB?
    AIB still have a better rate even with commission? I'm confused!
    Tagged:


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    #2
    coylemj
    Registered Users Posts: 25,345 ✭✭✭✭coylemj


    denisosulli wrote: »
    AIB still have a better rate even with commission? I'm confused!

    No surprise there! The 'no commission' banner is designed to fool you into thinking that the rate is bound to be better whereas as you've discovered, someone else is better even with commission.

    On those numbers go with AIB but check on the day, there is a AIB iPhone app that you can use with today's rates.

    The Euro is curerently very low (1.3040) against the dollar, I'm inclined to think it can't go much lower in the short term and remember that you'll get a better exchange rate on credit card transactions so only bring cash for taxis and incidentials, use the CC anywhere you can in place of cash but not to withdraw cash from ATMs.


  • Options
    #3
    denisosulli
    Closed Accounts Posts: 7 ✭denisosulli


    Thanks for the reply. It just goes to show you should do the math and not just believe what they tell you


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