Best Exchange Rate for changing USD cheque to Euro?

[kierank]

Hi, I have just recieved a cheque from the states and i need to lodge it to my Irish bank account.. My own bank, BOI are giving me an exchange rate of 1.29 which is E1935 for $2500?? This doesn't seem that good.. Has anyone any advice on where to do better?? Thanks in advance!

 

[jwd]

NIB's buy rate today, according to their [broken link removed], is 1.2414, which would give you EUR 2013.82. Collection charge is ~EUR 6.00

 

[C2H5OH]

I think the 1.24 (NIB) is the rate that you get if you want to buy dollars. The 1.29 from BOI is probably not that bad.

 

[marksa]

If you are registered with NIB for e-banking, under the investment section - market overview it shows the fx rates, as a feed from Reuters, shows the high/low, bid/ask - which are interbank rates. All banks then add a margin to this - e.g. 1.5% would move the interbank from 1.2766 (high today) = 1.295 for example. Obviously exchange rates change daily and in particular the usd rate is volatile

 

[jwd]

I think the 1.24 (NIB) is the rate that you get if you want to buy dollars. The 1.29 from BOI is probably not that bad.

The 1.24 was the SELL rate, but I accept Marksa's position that this may be a wholesale rate.

 

[TarfHead]

The 1.24 was the SELL rate, but I accept Marksa's position that this may be a wholesale rate.

The first reply was also relevant - for USD2500 you're not going to get too much of a difference in retail rates to make it worth your while shopping around.