Best place to buy £12,000 stg currency ??

david....

Hello,
Im thinking of driving to wales next week for a car with my father,
The car is 12,000 Gbp and id prefer to pay by cash instead of a card as the exchannge rate they will charge will be high!
which would be the cheapest place to buy uk currency?

gctest50

You might want to enquire about this bit :

.....if you are carrying at least €6,348.69 in cash, a customs officer may seize and detain the cash.

http://www.citizensinformation.ie/en/travel_and_recreation/travel_to_ireland/customs_regulations_for_travellers.html

NoQuarter

gctest50 wrote: »

You might want to enquire about this bit :



http://www.citizensinformation.ie/en/travel_and_recreation/travel_to_ireland/customs_regulations_for_travellers.html

Dont you think the rest of that sentence may have been important?? :rolleyes:

Cute Hoor

I recently bought a car in the UK, I transferred the full amount to the dealer's bank account in advance of travelling, on the agreed basis with the dealer that if there was any issue with the car my money would be refunded. I was dealing with a main dealer so I was pretty comfortable with this. I used Transfermate (found them very helpful) to transfer the money and made a significant saving (hundreds) in the exchange rate compared with using my own bank. All worked a treat really.

Good luck with it!

gctest50

NoQuarter wrote: »

Dont you think the rest of that sentence may have been important?? :rolleyes:

It is :
-you can click on the text in blue and that will bring to all the sentences !
-you can then continue on and find out more

strmin

2 out of 3 places in Wales where I wanted to buy a car refused to accept cash.

harryr711

Cute Hoor wrote: »

I recently bought a car in the UK, I transferred the full amount to the dealer's bank account in advance of travelling, on the agreed basis with the dealer that if there was any issue with the car my money would be refunded. I was dealing with a main dealer so I was pretty comfortable with this. I used Transfermate (found them very helpful) to transfer the money and made a significant saving (hundreds) in the exchange rate compared with using my own bank. All worked a treat really.

Good luck with it!

If I was buying a car there is no way I'd do that, even with a main dealer.

relaxed

gctest50 wrote: »

You might want to enquire about this bit :



http://www.citizensinformation.ie/en/travel_and_recreation/travel_to_ireland/customs_regulations_for_travellers.html

Firstly that article only refers to people entering Ireland, this guy is leaving.

Secondly it only refers to a customs officer suspecting its the proceeds of crime.

frank_drebin

transfermate , they have an office in Dublin

Moocow100

I went with a sterling bank draft a few times cash aint the best given the risk of theft etc

Cute Hoor

harryr711 wrote: »

If I was buying a car there is no way I'd do that, even with a main dealer.

Why not?

ballyharpat

currencyfair are a relatively new company, but guaranteed they will give the best rates....

gordongekko

Cute Hoor wrote: »

Why not?

what if they go bust or refuse to refund your money?

Cute Hoor

ballyharpat wrote: »

currencyfair are a relatively new company, but guaranteed they will give the best rates....

Just had a look there, and Transfermate seem to be better than Currencyfair, do Currencyfair actually guarantee that they will provide the best rate?

Cute Hoor

gordongekko wrote: »

what if they go bust or refuse to refund your money?

If you're dealing with a main dealer they are unlikely to go bust in the day or 2 you're money is in their account, that would be downright unlucky but a very slight risk I guess, doing simple checks like how long they've been in business would somewhat mitigate that risk.

If you have an email from them confirming that they will refund the money in the event of you finding any issue with the car then it would be very difficult for them to get out of it (once you're not acting the bollix of course). Say it's a Mercedes dealership and they refuse to honour it, well the head honchos in Mercedes Germany aren't going to be too keen on one of their main dealers acting the bollix with a valued client and the associated bad publicity.

I hadn't a care or worry in the world about doing it, would only do it for a main dealer though.

I met a lad in the VRT office who imports cars from the UK, buys them (unseen except for the detail on the website) at online auctions, pays for them and has a transporter collect them and bring them to Dublin, the first time he sees them is when they arrive in his yard. Much riskier that what I did but he was comfortable with it and had no problems.

ballyharpat

Cute Hoor wrote: »

Just had a look there, and Transfermate seem to be better than Currencyfair, do Currencyfair actually guarantee that they will provide the best rate?

Currency fair have practically no charges, they are regulated, and they are peer to peer, no middleman. They are an Irish company that have been around a few years, but it's only the last 12-18mths that they have started to gain in popularity. Transfermate have a charge.

duffman13

ballyharpat wrote: »

Currency fair have practically no charges, they are regulated, and they are peer to peer, no middleman. They are an Irish company that have been around a few years, but it's only the last 12-18mths that they have started to gain in popularity. Transfermate have a charge.

Massive fan of currency fair, easy and quick transfers and I've always found they have the best rates with the peer to peer system

Cute Hoor

ballyharpat wrote: »

Currency fair have practically no charges, they are regulated, and they are peer to peer, no middleman. They are an Irish company that have been around a few years, but it's only the last 12-18mths that they have started to gain in popularity. Transfermate have a charge.

If you look at their respective websites right now, Currencyfair will give you £848.04 for €1k, while Transfermate will give you £853.93, am I right in saying that?

ballyharpat

Cute Hoor wrote: »

If you look at their respective websites right now, Currencyfair will give you £848.04 for €1k, while Transfermate will give you £853.93, am I right in saying that?

No, that's the exchange rate that Transfermate have up, it hasn't taken their charges into account.

Just watch out for the online quotes that transfermate gives and read the small print, they generally quote the mid market rate and then slap on the percentage when you go to exchange :

From the transfermate site "the following rates are interbank rates. This is the rate at which banks buy and sell money from each other. These rates are not available to private individuals or small to medium companies. They are therefore provided for indicative purposes only. For a quote please phone our team"

Northern Monkey

I've used currenctfair a good bit and can't fault them. If you are moving a large sum it can work out better to do it in smaller amounts due to the peer to peer nature of the rates offered, but this is very easy to do and easy to check what is available on their rates page. It has the bonus that you can leave your money in euros and transfer it back to your own bank account if you end up not needing it.