Currency Exchange

SeanoChuinn

Hello all,

I am pretty sure there is no way around this but said I'd ask anyway. We are currently living in Canada and are coming to a point of heading home to Ireland in the next 12 months or so.

We'll have a good bit of savings to bring back, but we really don't want to get absolutely mauled by the banks and lose 1000's through the standard currency exchange offered by the banks and else where.

I realise its kind of out of our hands and what the current XE rates are at then they are at and we may make do. So is there any other ways, obviously legal, of not taking a huge hit or is it simply wait for times that rates improve from CAD to EUR and transfer then and keep losses to a minimum? Or just take the hit in currency rate difference

Thanks all.

dobsdave

Minimise the 'hit' by using currencyfair.com or similar

SeanoChuinn wrote: »

Hello all,

I am pretty sure there is no way around this but said I'd ask anyway. We are currently living in Canada and are coming to a point of heading home to Ireland in the next 12 months or so.

We'll have a good bit of savings to bring back, but we really don't want to get absolutely mauled by the banks and lose 1000's through the standard currency exchange offered by the banks and else where.

I realise its kind of out of our hands and what the current XE rates are at then they are at and we may make do. So is there any other ways, obviously legal, of not taking a huge hit or is it simply wait for times that rates improve from CAD to EUR and transfer then and keep losses to a minimum? Or just take the hit in currency rate difference

Thanks all.

SeanoChuinn

Yeah, funnily enough it was that Chabal ad for CurrencyFair that made really start thinking about this. I guess "technically" we are still getting our equivalent value for our money. but it still hurts to have 10k euro taken off of 20k cad savings or whatever the equivalent is! Maybe we just need to agree that the change over of currency is what it is...but it still feels like we're loosing the exchange the rate....

dobsdave

how are you loosing 10k euro?

DieselPowered

With large savings could you buy Gold Bullion and cash it back in later to Euro.
(Selling Gold for profit in Ireland is tax free by the way).

SeanoChuinn

Put the 20k figure or whatever into currency fair and i'll come back with 10Kmore or less in exchange. I know its supposed to equivalent value but just kills me to "lose" the exchange rate.

DieselPowered

Transfermate.com are an international currency exchange company with an office in Kilkenny.

http://www.transfermate.com/

if you want to deal with someone local for your return trip in the future.

GerardKeating

SeanoChuinn wrote: »

Put the 20k figure or whatever into currency fair and i'll come back with 10Kmore or less in exchange. I know its supposed to equivalent value but just kills me to "lose" the exchange rate.

But you are not CA$ 20,000 is about €13,000. Just because you fewer Euros, does not mean you have "lost". 1 Canadian Dollar is worth less than 1 Euro.

If a larger "number" is more important, change it into PHP (over 800K) or Yen (nearly 2 million).

dobsdave

SeanoChuinn wrote: »

Put the 20k figure or whatever into currency fair and i'll come back with 10Kmore or less in exchange. I know its supposed to equivalent value but just kills me to "lose" the exchange rate.

You could always change it to yen, then you'd have loads of money