Buying a car in sterling?

[thumper]

Hi folks!

Thinking of paying 27k in sterling for a car and was wondering whats the cheapest and best way to transfer such an amount into sterling? Partly answering my own question, if I was to get a sterling bank draft what would the charge be and how come the rate that the banks sell you currency at is different to the exchange rate, bearing in mind that a 1-2p difference amounts to a tidy sum for such an amount?

Many thanks

 

[Unregistered]

Hi Thumper

Currencies are like any other product. There is an open market and the banks quote a price to buy and sell them.

For £27,000, it's worth shopping around. I was buying a big lump of sterling last year and I got the best rate from Anglo Irish Bank. I think I had to open an account with them, although I have not used it since.

Brendan