Currency exchange: which is best:

Cobra

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Hi, Would someone be able to answer this question:

$80000 New Zealand dollars. electronic transfer to Bank of Ireland.

Which is best: Pay to bank here with New Zealand dollars or have it paid in Euro:

Bank of Ireland Lady told me i would get better rate if paid into bank here in Dollars:
 
Hi,

I used http://www.transfermate.com/ recently (based on a recommendation here if I remember) for USD -> Euro and I saved a few hundred euros over what AIB would have charged me.

You would transfer to them in NZD and they would transfer to you in Euro.
 
Would definitely second using Transfermate as I have used them in the past and saved a small fortune. Other similar businesses that offer similar services would be or CurrencyFair. In each case you need to go through their set up procedures as they need to verify your identity and comply with all legislation with regards to money laundering etc. I found the set up with Transfermate very quick and easy myself.
 
What i was wondering is , should i get NZ bank to do conversion to euro or get it paid to bank of ireland here in dollars, and let them do conversion. Is there a difference.
 
Cobra, if you let any bank in either Ireland or in New Zealand do the conversion they will royally screw you on the exchange rate.

That is the reason we use FOREX firms - they specialise in transferring cash between jursidictions, the rate that you get is pretty close to the interbank rate that banks charge each other and you will save hundreds of euro. Once set up, you transfer from your NZ bank in NZ dollars to the Transfermate NZ account, then Transfermate transfer the agreed equivalent euro value into your Irish account.
 
Bank of Ireland Lady told me i would get better rate if paid into bank here in Dollars:

Bank of Ireland have a vested interest in you lodging dollars, that way they get the commission for the exchange. Technically she is probably telling the truth compared to a high street forex firm.
 
As a comparison....

Bank of Ireland today buy
NZD @ 1.6238 (have taken their "Other Products" rate for values above €40,000 as I am not going to call :) but they will likely quote a slightly better rate for dollar cash)

at that exchange rate (and assuming no commission) you will get
NZ$80,000 = €49,267.15

Interbank exchange (as per Transfermate - the rate you get will be not quite this good)
NZ$80,000 = €50,500.56

So the bank makes €1233.41

You won't save quite that much but you will save more than €1000 with Transfermate.
 
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