Best Cash FX rate for large euro to £GBP conversion

T

tecate

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I'm buying a car in the UK. Have done so in the past - and used a service like transfermate. However, I'm not entirely comfortable doing that on this occasion (dealer reviews are mixed and its a small independent car sales joint rather than a main dealership).

Am I right to assume that if I transfer funds electronically to the dealer, I'd have no comeback if they folded or otherwise screwed me around?


I'm working on this assumption. With that, I'm looking at a cash payment. I guess other than ringing around the banks, there's no other way to go in terms of figuring out the best cash fx rate available?

What sort of notice do banks generally require? Amount required = GB£7,500

How do visa /mastercard rates compare (not even sure they'd even accept visa debit card payment - I guess only worth asking if rates are likely to be favourable)?
 
If the garage accepts mastercard its hard to beat the rates offered by Revolut as you get the interbank rate with no fx fee if you pay with the card. Check the limits allowed to be on the safe side though.
 
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Thanks for that, demoivre. Will check with the Garage - and also check the Revolut rate. Had been using Revolut for other purposes over the past few months. Only concern there is that there are occasions when it simply doesn't work. I guess I could put through a test transaction beforehand (assuming their rate is good).


For my own - and other readers benefit, here is the comparison of banks and currency exchanges - all checked within a half an hour today;

Based on a request to buy £7,500 (inclusive of commission

Transfermate: €9507
Currencyfare: €9547
PTSB : €9770 (but they wouldnt confirm the commission - told to go into branch and ask - I hung up!)
Bank of Ireland : €9641
AIB: €9696
Ulster Bank : €9776

EDIT: Just checked the Revolut app - looks like €9506
 
Good research Tecate.

I had to transfer $ recently and used Transfermate but didn't bother shopping around, as I assumed it would be nearly cheapest. Your research gives me some comfort.

Brendan
 
Have not done this transfer yet. Is the brexit referendum going to make any difference to the fx rate in the next few days? I know this is a how long is a piece of string question but would you change now or after the referendum?
 
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