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Euro to sterling for college- where is the best place to exchange?

  • 07-09-2015 2:19pm
    #1
    redbel05
    Registered Users, Registered Users 2 Posts: 216 ✭✭


    So I am enquiring for my sister who is returning to her second year of college in Belfast. Last year she did all her transactions from her southern ulster bank account to her northern one and let them convert it for her.

    So we were looking for advise as to where to go to get a better exchange rate than the banks. Also, we've calculated that she will need about £8300 sterling to cover her college year. Would it be silly to convert say half of this in one go, to cover her till Xmas, or do the rates fluctuate so much that we could lose a lot by doing this?


Comments

  • #2
    ravima
    Registered Users, Registered Users 2 Posts: 848 ✭✭✭ravima


    Try currencyfair.com


  • #3
    Very Bored
    Registered Users, Registered Users 2 Posts: 1,467 ✭✭✭Very Bored


    Transferwise. You get the correct exchange rate for a small fee. Please do have a look at it before you complete the transaction as you will be surprised at what you can save.


  • #4
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Do not exchange the money using default bank rates as they will have will have a FX margin attached to the payment.

    Price your FX with a few online currency brokers.

    Some online currency brokers worth trying:
    (1) Revolut, their FX pricing page is here. 8,300 GBP currently costs 11,296.30 EUR. No fees but the rate offered is not as good as the other brokers.
    (2) CurrencyFair. 8,300 GBP currently costs 11,254.72 EUR after fees.
    (3) TransferWise. 8,300 GBP currently costs 11,235.15 EUR after fees.

    In this case, CurrencyFair are the best value.


  • #5
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Is TransferWise not the best value at €11,235.15 ??
    JTMan wrote: »
    Do not exchange the money using default bank rates as they will have will have a FX margin attached to the payment.

    Price your FX with a few online currency brokers.

    Some online currency brokers worth trying:
    (1) Revolut, their FX pricing page is here. 8,300 GBP currently costs 11,296.30 EUR. No fees but the rate offered is not as good as the other brokers.
    (2) CurrencyFair. 8,300 GBP currently costs 11,254.72 EUR after fees.
    (3) TransferWise. 8,300 GBP currently costs 11,235.15 EUR after fees.

    In this case, CurrencyFair are the best value.


  • #6
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Oops. Sorry, yes, you are right.


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  • #7
    redbel05
    Registered Users, Registered Users 2 Posts: 216 ✭✭redbel05


    Thanks for your replies. Think that I am sorted now. Never again will we use the bank to exchange!


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