Cheapest way to exchange money?

chump

I'm looking for a cheap way/place for currency exchange. Ie. best buy/sell rates and cheapest comission. I could probably still get a student rate if one available... Any ideas?

Round Cable

I don't know about student rates, but Ulster Bank gave me a good rate on Sterling over 68p per euro, they're probably the best around. There is a €2.54 comission charge.

Nevyn

credit union if you have an account.

djmarkus

if your a student BOI exchange money comision free 4 you

CuppaCocoa

If you know any OAPs who have Bank of Ireland accounts get them to do it for you. My mother changes my money for me. She has a 'Golden Years' account so she doesn't have to pay commission. Handy!

el Bastardo

If you have a credfit card, stick some credit in it - then you don't pay commission and rates are good. Only works if you have cash float.

alc

el Bastardo wrote:

If you have a credfit card, stick some credit in it - then you don't pay commission and rates are good. Only works if you have cash float.

yeah I was once told by a mate works in a bank that the best rate is always electronic/card-based. She recommends using a cirrus-card or creditcard to get the best foreign exchange. I suspect chump has foreign cash tho and wants to change it into euro-bux?

what's the currency and amount, maybe someone on boards is going there on hols and will give u a fair rate and no commission?

on a not entirely unrelated topic, bigger supermarkets in Newry give excellent exchange rates when paying in euro, I know people live in north Co.Dublin that go up to Newry for supermarket shopping trips about once a month and they swear that cash-wise it's well worth the trip.

MorningStar

The best way is the ATM card. You take money directly from your account and are chareged the current excahnge rates without any commision. If you use credit cards for cash interest is charged at a daily rate and they use an exchange rate that favours them. Contact your bank to see how many bank machines are in the country.

alc

Just make sure you have a CIRRUS or PLUS icon on the back of your ATM card (dunno why but have met people with new cards that don't have it), you need to hunt down an ATM with whichever you have to use your card when abroad.

Beware though, I have been knobbled for a transaction charge at a few ATMs abroad before but in all instances the ATMs have indicated such before the withdrawal completes. Usually these have been those no-bank-convenience-style ATMs, the kind that look like the ones in spar-shops (although a barclays machine in heathrow once charged me 1.50STG).

judesherry

Student bank accounts

BOI dont charge commission on the first €100 but do on any amount after that. AIB dont charge any commission

chump

Am looking to change about 500euros to dollars at the minute...

Firstly to stop me spending it, and secondly I don't trust that the dollar isn't going to get stronger within the next month/2!

Mainly the first tho...

Regarding the Cirrus thing: (from BOI website)
Cirrus/Maestro transactions in euro in any EU member state are charged at the same rate as domestic ATM/Laser transactions.
For all other Cirrus ATM transactions there is a 3.5% transaction charge with a minimum of €3.17 and a maximum of €11.43. For all other Maestro Point-of-Sale transactions there is a 1.75% transaction charge with a minimum of €0.46 and a maximum of €11.43.

So you guys have been misled

Commission is 1 thing, but I also hate banks buy/sell discrepencies and was wondering if any banks offer better margns then the others?

chump

Just did a bit of investigation... seems Permanent TSB offers good rates:

http://www.ifsra.ie/data/cr_pub_files/Going%20Abroad%20-%20FOREIGN%20CURRENCY.pdf