Traveling To UK - Where to buy Sterling?

raydator

Hi,

I am traveling to the UK on Monday. Where would be the best place to buy sterling? ie Post Office, Credit Union or Bank?
OR
Use my Visa Debt card for transactions?

Only looking for 1,000 Euros worth

Thanks.

beyondbelief67

The post office don't charge to transfer/exchange, but if you need to change back they don't provide that service.

raydator

beyondbelief67 wrote: »

The post office don't charge to transfer/exchange, but if you need to change back they don't provide that service.

So they don't charge commission?

Don't use your debit card as you will be charged for each transaction you make. Better to withdraw larger sum from a cash machine.

Dunno who will give best rate. Aib fx calculator is showing 684 stg for 1000 euros.

beyondbelief67

raydator wrote: »

So they don't charge commission?

No commission charges at all, just a shame they don't buy back though.

An post showing 679 stg no commission

coylemj

beyondbelief67 wrote: »

The post office don't charge to transfer/exchange, but if you need to change back they don't provide that service.

They most certainly do charge for the service. There is always a difference between the over the counter rate and the interbank rate, that's their profit. 'No commission' simply means they don't slap an extra charge on top, it does not mean they are cheaper than the two main banks when you factor in all of the charges. An Post's rate is always worse than the two banks, the 'no commission' thing narrows the gap somewhat but the net cost of a set amount of sterling is almost always cheaper in one of the two main banks.

I will concede that it's a brilliant marketing technique because time and again on boards, the 'no commission' thing is trotted out as proof that An Post is better than the banks, they seldom are.

Including commission and based on the rates on their websites today, here is how much £200 sterling will cost today over the counter ....

AIB €291.02 (includes 1% commission)
An Post €294.55 (no commission, straight conversion)
BoI €297.10 (includes 1% commission)

An Post's quoted rate for selling sterling notes today is 0.6790 which is 4.34% off the interbank rate (0.7085) published earlier today by the ECB, that's their profit margin. You don't need to charge commission when your margin is that big.

PaulM1977

They don't charge commission but do have a bid/offer spread on their exchanges, so this is where they make their money, while advertising no commission fees.