# Buying US Dollars



## Green

Given the Euro - Dollar rate is so good, I decided to buy 500 US dollars today in advance of a trip to the States.Below is what I was quoted by three institutions to the nearest euro;

Thomas Cook €423
BOI              €415
Ulster Bank    €410

It pays to shop around!


----------



## hopalong

if you are in a credit union they may have no charge for changing to dollars


----------



## pennycent

As It seems the dollar will fall even more I was considering buying dollars .. Does anyone have any information on opening a dollar account and what does that entail? Does the Irish bank pay the dollar interest rate?


----------



## LizardKing

I'm travelling to the states on Saturday. I'm not sure what the best way to take dollars is .. putting money onto my credit card and withdrawing over there or buting dollars here in a bank ?? 

Any advice on getting best value for money


----------



## ClubMan

perhaps?


----------



## LizardKing

Thanks ..I looked through the posts and still am uncertain.

I have the option to get 3K dollars commision feee from JWT for €2247.91 or putting money onto my MBNA gold card CC and using that ... What do people think would be the best option ?

Advice appreciated.


----------



## Green

LizardKing said:


> Thanks ..I looked through the posts and still am uncertain.
> 
> I have the option to get 3K dollars commision feee from JWT for €2247.91 or putting money onto my MBNA gold card CC and using that ... What do people think would be the best option ?
> 
> Advice appreciated.


 
(i) Ring MBNA and see what, if any, transaction fees their is for (i) using credit cardto pay for putrchaes, or (as is more likely) a charge for withdrawing money from an ATM. I presume there might be a charge for both withdrawal and interest on cash from date withdrawn. 

(ii) If you go with the credit card then the exchange rate can vary up or down, although it might not vary too much at the mo.

(ii) Have you shopped around and got better value than the $3k?


----------



## demoivre

pennycent said:


> As It seems the dollar will fall even more I was considering buying dollars ..




Why would you want to buy dollars now when your own analysis tells you that they will get even cheaper   .


----------



## N&C

Hi,

I am off to New York in Feb and am just wondering should i buy dollars now or should i wait?! Is it possible to buy dollars and lodge it into an account and access it in NY with credit card or laser? Any tips would be appreciated as I am clueless as to what to do or how it works!!


----------



## LizardKing

Buy dollars/travellers cheques here and take them with ye. I ended up losing money on Laser / Credit Card transactions when withdrawing funds in US. A lot of the ATM's around where I was added there own charge to the transactions too.


----------



## failsafe

As another poster asked, why would you buy dollars now if you expect them to fall. With the fed expected to drop interest rates further, i can only really see the dollar losing further traction against the euro, which for the average european holiday maker like yourself is great news. Even if the dollar does claw back a bit, I wouldn't think that it's enough to bother worrying about for the sake of some holiday spending money (i.e. <5k)

With regards to the taking money out now/using ATM's over there... even though alot of Irish banks will call it "free", american banks charge a withdrawl fee of around $2 at most ATMs. Personally, I brought over $300 cash (didn't feel safe bringing more) and withdrew cash $200 at a time when I was over there so that my transaction fees were only about 1-2%.

In essence, with the strenght of the euro, no matter what you do it will be relatively cheap! Spend less time worrying about small fluctuations that might occur and more time enjoying your holiday!


----------



## Sylvester3

Anyone who is interested in moving money from one currency to another on a regular basis should investigate xetrade.com

My wife and I manage accounts in England and Ireland and we find them to be by far the best when we move money from one bank to another. Obviously it makes little odds for small sums like holiday money etc, especially as the standard charge (seems to be about £8.50 converting from sterling, or about €15 when converting from euro) then takes a larger percentage of the overall amount, reducing the saving. 

But for larger sums there is definitely a big saving to be had over using the banks or "commission free" suppliers like the Post Office. 

I hope no one minds me passing this info along? I've used Xetrade for over a year now with no problems whatsoever, although there are hoops to go through when setting up an account.


----------



## Redjeep!

I used a similar company in the UK called Sterling Exchange when I had a large sum of dollars to change a couple of years back.

The exchange rate they offered was phenominal compared with the local banks, they work by taking the bank exchange rate and added a couple of points, not a few percent. It really drove it home what a shower of robbing b.....ds the banks must be ! In this case the difference in the cash value between using them and a bank was a serious amount of money, but none of the banks would offer me better rate than the one posted on their boards.

I would never ever use a bank again to change more than a few quid. 

BTW you can also probably open a dollar account with most high street banks. You just need to ask for one. I've had one over here for the past 5 years and I even get a decent interest rate on it.

The other thing is that your ATM card will probably work in the USA machines. I used to travel a lot and got to the stage where I wouldn't bother changing cash beforehind, but just use the local ATM's (can't verify what the rates would be).


----------



## ClubMan

As mentioned by somebody else in another thread - is _XEtrade _of any use here?

www.xe.com/fx/how.htm

Update: oops just noticed that it's mentioned already above!


----------



## Bob the slob

I always deal in cash or travellers cheques in New York.  Never once felt unsafe there with money on me.  Although it might depend on your personality too.


----------



## CollyD

ClubMan said:


> As mentioned by somebody else in another thread - is _XEtrade _of any use here?
> 
> www.xe.com/fx/how.htm
> 
> Update: oops just noticed that it's mentioned already above!


 
Okay I get the point of using someone like xe (never used them myself) but will now, but wanted to understand first.  So if I wanted to buy dollar when I feel it is super value and when it starts to strengthen I could convert it back to euro and make a profit after storing it in a USD denomination account, but if I was to use xe as a way to change 1K Euro into Dollar how would it work to get this money once in America without transfering it to your bank account which would convert it back to euro which is not what you want obviously as they would then convert it back to dollar and you loose as it is the high street back rip off prices, (excuse my ignorance)  
Would you have to get a draft and then convert it to cash once in the US?


----------



## Redjeep!

The way that Sterling Exchange worked was that you had to transfer the money to them (in dollars in my case) and then they will transfer the money back to you in whatever currency you want.

you will need a bank account to accept the money in thta currency, and someway of getting it in cash if you want to spend it in the USA. As you point out, you'll get ripped off and confused if they try to transfer the money into a different currency.

As it turns out I was transferring money from dollars to euro so no real problem.

You could always see if they'll issue the money in terms of travellers cheques or something similar.


----------



## tinalise

Has anyone used UKForex? Part of OZ Forex and Canada Forex? I have recently sold my flat and buying a house in the US and wanted to use them because they do 24hrs customer service. 

I'm having major problem transferring my money to this forex company though my account is a Barclays and theirs also. Any advise?

It looks like my only way to get my money over is if I use Barclays and they are very uncompetitive. 

I'm thinking to look into opening a USD account but not sure it will help to get my money over here. I hate to have to travel back to London just for a bank visit. It seems though noone has ever tried to transfer money abroad every time I call them. 

Any advise or help is appreciated.

Thanks


----------



## aztrix

Howzit Folks?

I've been transferring money around the world to various locations for the last 7 years, started using OzForex and then switched to XE as they were much closer to the spot rate. I've never had any major hassles once the wire transfer beneficiaries have been setup.

Best bet is to register an account with your top 2 or 3 candidates and then compare spot rate and transaction costs to see which is the best deal for you. As I say, XE are my preferred option.

If you are going overseas XE will deliver the funds via bank draft, EFT or wire transfer so it is pretty flexible. Definitely beats getting shafted by the banks who give you a far worse exchange rate and then charge you commission on top of that to add insult to injury.

Cheers
Bruce


----------



## Passport1

What are people experiences with Sterling exchange like
I have been trying to contact them for over a week now via the links from their website - email contact alias, their ring back facility and their telephone lines and getting no answer 

Are the still operating or does anyone have any up numbers, contacts for getting in touch with them ?

Thanks


----------



## UpTheBanner

www.xe.com offer good rates and low charges but it takes a few days to setup


----------



## banshee

hello,   heading for nyc soon so need to know about withdrawing cash from atms........are they limits to how much you can withdraw using cc ?
if i need to withdraw alarge amount of dollars say $3 to $5k what are my options other then bringing cash with me?


----------



## ClubMan

banshee said:


> hello,   heading for nyc soon so need to know about withdrawing cash from atms........are they limits to how much you can withdraw using cc ?
> if i need to withdraw alarge amount of dollars say $3 to $5k what are my options other then bringing cash with me?


Well your credit limit will be one limit on how much you can get as a cash advance (assuming that youd don't eat into that with other transactions). Check your card terms & conditions for any other limits that may apply. And then individual banks/_ATMs _over there may have their own transaction/daily limits. Bear in mind that cash advances can be expensive (i.e. some percentage of the amount charged in fees plus, depending on the card, interest from the time of the advance etc.) and may not be the most cost effective way to get cash. Also - some (many?) _US ATMs _charge a local fixed fee of a few $s separate from your own card provider's charges. One option might be to preload the card with some cash to cover withdrawals (not advances). There are lots of existing threads on this issue, the pros/cons etc.


----------



## banshee

thanks for the reply...... i will be lodging money to my cc to cover the withdrawals. I would like to know what are the norm limits at the atms over there and has anyone tried to withdraw such large sums in one transaction?


----------



## ClubMan

Sorry - I thought that you were referring to cash advances not withdrawals.


----------



## lastthread

Credit cards are not the best solution either. Credit cards charge almost 2% on purchases plus a foreign exchange margin of at least 1%


----------



## ClubMan

Forex margin is usually at least 1.75%. But the card holder seldom pays the _CC _processing charge though (i.e. in addition to the normal cash price of a good or service)? While preloading a card with cash for withdrawals may have its own specific pros and cons (search for other threads on this as I mentioned) it can be one of the most cost effective ways of accessing cash abroad compared to _Cirrus/Maestro/Plus+_, travellers cheques, cash etc. What do you have in mind as a more cost effective approach?


----------



## soy

banshee said:


> hello,   heading for nyc soon so need to know about withdrawing cash from atms........are they limits to how much you can withdraw using cc ?
> if i need to withdraw alarge amount of dollars say $3 to $5k what are my options other then bringing cash with me?



I think the limits are similar to here (about 500 a day). You should check with your bank and maybe ring one of the big US banks (Bank of America, Citibank etc).


----------



## romualdas

Take $300-500 cash, take rest in tracel cheques. Or just use your credit card while there - you'll get a very good conversion rate, but!! around 1.5-2% FX fee...


----------



## z101

You get a better rate in some banks for over 800 euro


----------



## Elphaba

recently back from New York, brought 2k dollars cash with me, left some of it in safe in hotel room when i was out shopping. You can set up safe in your room, depending on hotel, with your own security code. Using a credit card over there is different than here, They dont ask for your pin no. which I was a bit uneasy about. New York is very expensive,especially Times square which can just suck money out of you if you;re not careful. There are other ways to save money; buying tickets online in advance for Empire State building etc, Also keep in mind you pay tax on everything + tips 15-20% at restaurants etc. You can get tickets to Broadway shows half price in Times square.
If your shopping at Macys, the newspapers have 20% discount vouchers,
which is more than 11% presenting your passport in Macys. I was handed free tickets to BBkings in Times square, saw John Waite live, only catch you eat, you drink, you tip. Subway, cheap easy to navigate and really safe.
Enjoy your trip..oh and dont make phone calls home from your hotel room
like I did, cost a fortune, you can buy an international phone card for 5 dollars. I know Ive rambled, but bottom line this thread about saving a few bob, dont forget there is more than one way


----------



## Simeon

hopalong said:


> if you are in a credit union they may have no charge for changing to dollars



My wife got ours from the Credit Union in mid December and we got the best deal of the day ........ the usual suspects were 1 to 1.5 $cents less. We always use cash up to $100 and cc after that.


----------



## sfag

For those with experience with xetrade how much sterling could I buy for €60,000 assuming the latest trading rate is 0.7474. I cant get that info from their website.


----------



## ccraig

Sorry to jump on this but I have someone looking to pay me euro from the uk, only a small deposit of 150 euro and they dont want to do a bank transfer as it will cost them £25.

They have suggested to send me travellers cheques and claim that this is the way they normally do it but I dont see how that can work.

As far as I can remember, in the old days, you signed travellers cheques and then cashing them in you resigned them.

Any idea what they could be on about?


----------



## ClubMan

ccraig said:


> Any idea what they could be on about?


If you are selling something (e.g. via _eBay _or the like) then it could well be a scam.


----------



## ccraig

Its rental deposit on an overseas property so not a scam. Have spoken to her so all fine. Just think she may be confused on the travellers cheque issue


----------



## ClubMan

What about _PayPal_?


> Send money
> Fees


----------



## Sylvester3

Isn't Western Union a good choice if the sender and receiver know each other? I know its used by 419 scams, but it does serve a purpose!


----------



## slgnc

Just wondering...
Myself and g/friend are goint to NYC in March, the way the U.S. economy is going - am I better off buying dollars (simply cash) now, or would anyone suggest holding off as the rate might get better for changing Euro to dollars.


----------



## bigred

its a guessing game!.. buy 1/2 now and 1/2 when your going


----------



## slgnc

does anybody still use travellers cheques - or should i just bring cash?
p.s. - a credit card is not an option...


----------



## RealBiz

Take the cash.


----------



## groom

Hi,

I am investigating using Xetrade or Transfermate or change amounts approx. €5000 to US$ and NZ$. Xetrade seems to give good rates but aparently from Ireland there is no EFT option and and one is required to use wire which involves unknown 3rd party fees. Does anyone know what is the case regarding wire fees and if there is a more cost effective option?


----------



## Sylvester3

I've used Xetrade to transfer sums from Euro to Sterling (and back again). Xetrade's charges were on the order of €15 and £8 (No matter what sum was transferred). I had no cost with the EFT from my UK account and the charge from the Eire account was 50c. The receiving bank for the Eire to UK transfers was in Frankfurt, and they charged €25 for the first two times (mysteriously and with no warning or explanation). We expected this charge the next few times we made the transfer, but they haven't applied it since. (we did complain to both our bank and Xetrade, so that might have something to do with it). Those are all the charges that I came across.


----------



## Danny Scahil

why buy dollars now when they are so weak? why not buy into gold, diamonds or lumber?


----------



## BernieW

I bought into the Paulownia Tree as an investment last year - which was a great excuse to go and visit New Brunswick in Canada!


----------



## Danny Scahil

Can you tell me more about that investment Bernie? What was the return on it? I'm lookin for new areas to start investing in and that may just be one of them. A business trip to Canada sounds very appealing!


----------



## Flanny

are you saying US Dollars are growing on trees? Bernie


----------



## BernieW

no returns yet, just one year into the investment
Paulownia is a native tree to China and it is grown throughout Asia as a source of lumber.  
Traditionally Japanese couples plant a Paulownia tree on the birth of a daughter to pay for her dowry. The wood is highly priced in the Far East; some logs have sold for in excess of $20,000 each


----------



## BernieW

I invested small amounts with several companies last year just before much of my traditional investments took a nose dive!


----------



## Flanny

is that with John Clegg featured in the Telegraph?


----------



## BernieW

yes, one of my smaller investments was with them and I also visited the Greenwood Investments site in New Brunswick buying a 1 acre plot there


----------



## BernieW

so what is xetrade.com all about then?


----------



## BernieW

is it like www.moneybookers.com


----------



## Flanny

so what does 1 acre of Canadian forest cost then in US dollars?


----------



## BernieW

not sure about the exchange rate when I bought it but I think it worked out at about $3000 for the trees and permissions to harvest on the land, I can look into it if you like - just let me know


----------



## ccraig

moneybookers is not cheap


----------



## BernieW

the websites I went through were
http://www.fimltd.co.uk/ and


----------



## BernieW

no moneybookers exchange rate seems quite steep i find


----------



## Flanny

does that give you ownership of the land itself or just the trees?


----------



## dandy

Just to highlight the difference I bought 500 dollars 2 weeks ago from BOI 
for just 329.79 HAPPY DAYS!


----------



## irash

Hi, 
Going to US soon. 
Is it better to buy dollars (cash) here, or to bring euro to US and change them to dollars over there? 
Has anyone compared the exchange rates here and in US?
(We went to Switzerland recently and realized that buying franks over there as oppose to buying them in Ireland on the same day would have saved us 7,5 euro per each hundred).


----------



## romprstomper

similarly, whats the best way of buying sterling right now?

(thanks)


----------



## NHG

I need dollars for mid march, would it be a good idea to purchase today before Obama takes over as President.  I presume that he will have a positive outlook for America, thus making the dollar stronger. 

I did'nt know until last friday that I was going to be travelling to the states.


----------



## justsally

NHG said:


> I need dollars for mid march, would it be a good idea to purchase today before Obama takes over as President. I presume that he will have a positive outlook for America, thus making the dollar stronger.
> 
> I too am travelling to the States shorty and  was wondering the same thing this morning - doesn't look very hopeful for getting a reply before banks close to-day.


----------



## justsally

drat.......still can't quote properly


----------



## NHG

I decided to go with my gut feeling.... $1500 cost me €1151.37 a few minuites ago


----------



## justsally

good for you NHG

perhaps I should take the plunge and buy some dollars now. Would you have an answer to irash's question ie. bring some dollars and then convert euros to dollars when there. Thanks. oh and btw. enjoy your trip.


----------



## NHG

We are only going for 4 days at st patricks weekend so we don't want the hassle of having to change euro's etc, we will have our cr card's (2 cards one a/c which I will lodge money to before we travel) if we need any more (which I hope we will have some left over not run short)

I am one of these people who like to deal in cash only - it makes me think twice before buying.

Enjoy your trip also.


----------

