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Euro to Pound:Cheapest Way?

  • 21-03-2015 12:24pm
    #1
    Clodz6
    Registered Users, Registered Users 2 Posts: 23 ✭


    Hello all,

    I'm making a trip over to London in a few weeks so I'm going to need some pounds.What is the cheapest way of doing this? I've been told just bringing a card is cheaper than just converting euros?

    I have the 02 money card but this charges €1 per transaction?

    What is the cheapest way of getting loads of pounds for my euro?

    Thanks
    Tagged:


Comments

  • #2
    conor_ie
    Hosted Moderators Posts: 1,809 ✭✭✭conor_ie


    I don't think there is a cheap way to get sterling at the moment, I know I changed €147 to get £100 last week at Bank of Ireland...


  • #3
    Vic_08
    Registered Users, Registered Users 2 Posts: 3,080 ✭✭✭Vic_08


    Clodz6 wrote: »
    Hello all,

    I'm making a trip over to London in a few weeks so I'm going to need some pounds.What is the cheapest way of doing this? I've been told just bringing a card is cheaper than just converting euros?

    I have the 02 money card but this charges €1 per transaction?

    What is the cheapest way of getting loads of pounds for my euro?

    Thanks

    If you have access to a GB£ bank account then one of the online transfer services such as https://www.currencyfair.com is the closest you will get to the base exchange rate. They will typically be less than 1% more than the base rate.

    o2 money card is not going to be the cheapest way to do anything as you are already paying around 2% for loading the card with funds in the first place. They then have a 2.75% fee for foreign currency transactions on top of whatever exchange rate they use.

    A regular credit card can often be the best for purchases, it does depend on the rate the card issuer uses, check with your bank for their rates and any fees they may charge.

    For example my credit card exchange rate is about 2.5% above the base rate

    In general steer clear of using Irish bank cards in ATMs as there is usually a fee on top of the exchange rate, if you do have to use one and it asks you which currency you want to be charged in always select the local currency, not €. They do this so hey can charge you their extortionate rates rather than letting your bank do the conversion. The same goes for using debit/credit cards for purchases, always select the local currency if asked.

    The exception to not using ATMs is if you are an Ulster Bank account holder, you can use your card at any RBS Group (RBS, NatWest, Ulster) ATM. There is no fee or commission and the exchange rate is about 4% above base.

    For cash exchanges all you can do is shop around before you travel. The booths at airports tend to be very poor value but some of those chains offer a buy online, collect at the airport service which will have better rates.
    conor_ie wrote: »
    I don't think there is a cheap way to get sterling at the moment, I know I changed €147 to get £100 last week at Bank of Ireland...

    Depending on the day you changed that would have been between 6 and 9% above base rate.


  • #4
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Why not just use your debit card as you go, there's very few things you need cash for these days?


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