# Moving sterling to euro



## glasto (31 May 2010)

I got a cheque for £3k today which is part of an inheritance from my late father, who lived up North. I bank with Ulster Bank, having accounts in both NI and Cork. The last time I checked UB were giving a rubbish exchange rate, so I've signed up with transfermate.com, and sent off my passport details etc as there will ultinately be more than £13k to be moved ( money laundering regs apparantly). Anyway, I'm a bit nervous about this, when I mentioned it to Ulster Bank they were very discouraging. Can anyone reassure me that transfermate.com are safe? I will definitely need to get the £3k transferred soon, but the remainder once realised may stay in my UK account in order to watch the GBP/Euro exchange rate. Has anyone got any advice or reassurance? TIA


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## billb (31 May 2010)

I don't know about travelmate but I moved to Ireland from the UK 3 years ago and have been using www.worldfirst.com to transfer sterling periodically to euros.  I've found their rates very competitive and the proces for transferring currency quite painless.


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## german (1 Jun 2010)

Its not surprising that a bank 'offering a rubbish rate' would discourage using anyone else given the charges they apply.

transfermate are irish and regulated by ifsra according to the ifsra website

[broken link removed]


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## sam c (23 Jun 2010)

I have used smartcurrencyexchange.com for a number of exchanges and would recommend it.


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## reynolds (24 Jun 2010)

transfermate are quite well known so wouldnt worry about it but always compare with the banks rate.


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## cmsl (25 Jun 2010)

Have used them, good service.


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## fto (14 Jul 2010)

transfer mate as well know, very similar to travelx, omnisfx, hifx. you shouldnt have any problems


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## phenomenon (28 Jul 2010)

Any more thoughts on transfermate.com? I'll be transferring 55,000 sterling (inheritance) in the next few days and am also pretty nervous about handing over a cheque and nothing coming out the other side !?


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## fto (28 Jul 2010)

I would get a few quotes from a few brokers such as transfermate, OmnisFX etc to ensure you are going to get the best rate , also make sure the company you use is registered with the relevant authoirity such as the Fsa in the uk. Www.currencyexchange-advice.com also has more details\ hints about the exchange process


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## phenomenon (28 Jul 2010)

Thanks for that FTO, as far as I know, transfermate are registered and regulated by IFSRA, so suppose thats something anyway!


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## Ormond (29 Jul 2010)

I recommend transfermate very highly. I use them 7-8 times a year to transfer euros to dollars. The transfer usually comes through the next day (which is not the case for the bank - I have in the past been waiting up to 10 days for transfers to go through) and there is a flat €15 fee, which is as far as I remember far less than the fee the bank charges, especially for next-day transfers. You call them up, they give you a rate, you agree to it if it sounds good (obviously compare to the bank) and then you lodge money to their account and provide your own bank details for the receiving account. In my experience they have been fast and reliable, with a direct point of contact to talk to by phone or email. I would say there is no need to be nervous.


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## phenomenon (29 Jul 2010)

Thanks for that Ormond, good to know.


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## phenomenon (30 Jul 2010)

My cheque arrived today, and its crossed, a/c payee only - so transfermate can't help me (despite them indicating earlier that they could regardless of whether the cheque was crossed or not). The difference between the rate transfermate would give me, and the rate Bank of Ireland are quoting me is around 450 euro. So apart from me looking for the cheque to be re-issued, which i am reluctant to do given the length of time it took to issue in the first place, is there any alternative with a crossed sterling cheque than just lodging it to your irish bank account and putting up with the banks rates !?

Cheers.


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