FX EUROS TO DOLLARS: CHEAPEST OPTIONS ?

[whiz]

Hi Guys

I am going on a trip to USA, the trip will probably cost $3,000, I am wondering what will be the cheapest way to get these dollars ? would it be a Currency Fair Account, Revolut Account etc ?
Any opinions appreciated.

 

[TLO]

Hi Whiz

For holiday use the Revolut MasterCard and app is streets ahead of anything else. Couple of pointers:

1) You must be handy using apps on your phone. There is no web interface.
2) Apply for your card in plenty of time, and make sure it works in Irish ATMs/shops before you travel.
3) Use your current account debit card to load Euros, you get immediate value, bank transfers take a few days.
4) Use the app on your phone to convert Euros into US$ during Dublin/London business hours, in other words, when the foreign exchange markets are open. That way you get the Interbank rate. If you convert currencies when the markets are closed your rate isn't as good.
5) After your trip, convert unused US$ back into Euros, again, during working hours to get the best fx rate.
6) Have a backup credit/debit card and a small amount of US$ in cash, just in case.
7) Try to do your ATM withdrawals from major banks, like Bank of America, which doesn't apply a fee. Avoid ATMs in convenience stores.

 

[Lightning]

Agreed, for both the holiday and also for booking the holiday (if you are paying in USD) use a Revolut card.

You need to download the app and then order the card from inside the app.

 

[JohnJay]

I haven't used it for USD but I have used my Number26 card for sterling withdrawals in the UK and it worked 100% with a very good rate.

 

[demoivre]

4) Use the app on your phone to convert Euros into US$ during Dublin/London business hours, in other words, when the foreign exchange markets are open. That way you get the Interbank rate. If you convert currencies when the markets are closed your rate isn't as good.

My understanding was that you get the official fx rate, more or less, when using the Revolut card at any time ? FX market is 24 hour after all so I don't really get why you would need to convert euro to dollars in app.

 

[TLO]

Hi demoivre

You are right, you do get the official fx rate with Revolut. The point I was trying to make, not particularly well, is that the official fx rate is at it's keenest during European business hours, and especially during the afternoon when fx trading overlaps with New York. When Sydney is open by itself (Europe/US closed) the official fx rate is ever so slightly less keen because the EUR/USD currency pair isn't traded as much there as it is in Europe/U.S. The worst time to convert is at the weekend, when all fx markets are closed. Revolut have to cover themselves in case there is an adverse movement when Sydney opens (Sunday night our time).

I appreciate that I'm probably being a bit over the top. Regardless as to whether you convert your EUR to USD in one transaction, or just leave the EUR on your Revolut card, and "pay as you go" in the U.S. you still get a much better rate than using an Irish debit/credit card or exchanging cash at a bank.