# Best Dollar rate?



## PaddyW (12 May 2010)

Hi there, my brother is looking to exchange euro to dollars as he's off to the US for a few months. Does anyone know of any websites where he can see which banks offers the best exchange rate? He's not looking for online sites for it, just where would be the best place to pop into. I've tried looking but to no avail. Appreciate any pointers. Cheers


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## niceoneted (12 May 2010)

Best thing to do is ring the banks on the day your going to do the transaction and see what he will get. In saying that it may be a case if he is looking to change large amounts he may have to have an account with the bank.


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## PaddyW (12 May 2010)

Thanks Ted, it's not a huge amount, 2000 euro or so. Will give the banks a bell and see what happens


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## fto (12 May 2010)

your best bet is to use a currency broker as get a lot better rate than a bank. 

there are a load out there so best to chop around. 

Also for more information about the currency exchange process check out  websites.


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## TarfHead (12 May 2010)

fto said:


> your best bet is to use a currency broker as get a lot better rate than a bank..


 
That's a bold claim - can you quantify the savings available from buying from an FX broker, versus a bank ?

And, for EUR 2000, would those savings justify the overhead of going somewhere other than your own branch ?


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## fto (12 May 2010)

TarfHead said:


> That's a bold claim - can you quantify the savings available from buying from an FX broker, versus a bank ?
> 
> And, for EUR 2000, would those savings justify the overhead of going somewhere other than your own branch ?



From my own experience i would say 90% of the time an fx broker will offer a better rate of exchange than you would get from a bank on transactions over €20k. 

There is a lot of literature out that would agree with me, there is alot of brokers out there and you can play them off against each other like car insurance companies. 

Give it a try with a mock transaction,  get a rate from your bank and call a few fx brokers such as travelx, travelmate, omnisfx and i will be astonished if the bank will offer the most competitive rate.


on anything under 10K the bank is likely to comparable on the rate and the savings will prob be too small to warrent using a broker. 

the majority of banks have a flat rate of exchange - non dependent on the size of the transaction, compared to fx brokers who have lower overheads and are more aggressive.

also check out this competitive table, which highlights the difference methods of currency exchange



just to let you know i work for a currency broker and have a currency advice website, but this fact doesn't mean i am wrong on this point


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## TarfHead (12 May 2010)

fto said:


> on anything under 10K the bank is likely to comparable on the rate and the savings will prob be too small to warrent using a broker.


 
I agree, and the OP mentioned €2000. My 'challenge' was based on your assertion of getting a rate '_a lot better rate than a bank_' for a transaction of this value.



fto said:


> just to let you know i work for a currency broker and have a currency advice website, but this fact doesn't mean i am wrong on this point


 
Fair dues for declaring an interest and I agree that a subjective opinion is not, of itself, wrong.


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## reynolds (20 May 2010)

*better exchange rates*

try your bank 
then try www.currency.ie , they are in dublin, cork and kilkenny


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## candyflipper (28 May 2010)

Currency exchange is a ripoff.  Both banks and exchange specialists make a killing on these fees.

Your brother is better off getting a Santandar Zero card.  That particular card does not charge a forex commission, and the exchange rate is the wholesale interbank rate, not the retail exchange rate that you'll pay to exchange money in advance. 

The only thing your bro will need cash for in the US is the strip bars.


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## reynolds (29 May 2010)

santander has a cash  withdrawal interest rate of 27.9% - even if you pay off  your balance in full.


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## candyflipper (29 May 2010)

reynolds said:


> santander has a cash  withdrawal interest rate of 27.9% - even if you pay off  your balance in full.



Ouch!   Avoid the strip bar in that case!


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## fto (3 Sep 2010)

candyflipper said:


> Ouch!   Avoid the strip bar in that case!



lol


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## Billo (24 Nov 2010)

I got 1.2497 USD per Euro today at Dublin airport. 
Was I ripped off ?.  I thought the exchange rate was 1.33 approx.

Rgds

Billo


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## Marion (24 Nov 2010)

I got a rate today of 1.2992 in BOI local branch. Euro cash to  US Dollar cash. €6.35 commission. 

In gereral, I have found the rate in the local retail banks to be 4 or 5 cents less than that quoted on XE.com

Marion


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## Billo (25 Nov 2010)

Anyone looking for USD should avoid the Bureau de Change at departures Terminal 1 Dublin Airport. 

If in doubt ring 018141461 for the exchange rate before going there.

1.2497 yesterday was brutal.

Rgds


Billo


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## candyflipper (6 Dec 2010)

I suspect the OP doesn't need any answers at this point, but if anyone is interested,  here is a site that shows foreign exchange fees on different credit cards (many of which have no FX cost).


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