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Sterling to Euro

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  • 23-04-2013 10:30am
    #1
    Registered Users Posts: 880 ✭✭✭


    I have some sterling saved up in a Northern Ireland back account and i've decided to use it to pay off credit card debt.

    The credit card is a republic of ireland issued card.

    How or what is the best way for me to pay off the credit card from the northern account ??


Comments

  • Moderators, Regional South Moderators Posts: 5,787 Mod ✭✭✭✭Quackster


    I would suggest using currencyfair.ie or a similar reputable peer-to-peer currency trading website for doing the currency conversion as the rate you'll get is far superior than from any bank.


  • Registered Users Posts: 716 ✭✭✭Reesy


    Quackster wrote: »
    I would suggest using currencyfair.ie or a similar reputable peer-to-peer currency trading website for doing the currency conversion as the rate you'll get is far superior than from any bank.
    Thanks - never heard of currencyfair.ie - you learn something every day!


  • Registered Users Posts: 880 ✭✭✭Delboy5


    Thanks


  • Moderators, Regional South Moderators Posts: 5,787 Mod ✭✭✭✭Quackster


    I should add that with CurrencyFair, there's a flat €3 fee for each transfer out of your CurrencyFair account (on top of 0,15% commission which is built into the exchange rate) so if you're moving money within the EEA (e.g. UK to IRL), a regular SEPA payment from your bank account directly to the beneficiary bank account (e.g. the payment account for your credit card) might be a little cheaper for small sums.

    Eurozone banks are required to charge the same to make/receive SEPA Euro transfers as they do to make/receive domestic Euro transfers. Non-Eurozone banks may charge substantially more though so you should check your NI bank's relevant charges to determine which is the cheaper option.


  • Moderators, Regional South Moderators Posts: 5,787 Mod ✭✭✭✭Quackster


    The other major peer-to-peer currency trading website is transferwise.com and their fee is 0,5% of the amount converted with a minimum of €1/£1. So for sums less than €300, they ought to be better value than CurrencyFair.


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  • Registered Users Posts: 7,157 ✭✭✭srsly78


    And for larger sums (>e10000) you should set up with a proper fx broker. The larger the amount the better the rate you can get, always better than currencyfair.


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