# cheaper to use credit union for currency exchange?



## staunton (23 Mar 2011)

Hi all have a question, 
Have family in britain and was considering moving my savings c. 20k from NIB to a sterling bank account.
My dad has said he could convert it in the local credit union as there is no fee for him converting because he is a pensioner.
My thinking is this would be the cheapest way to convert my cash before bringing it over to Scotland with me to give to my sister who will then deposit it in an account in my name.
Does this sound like a plausable idea to people or is there something I'm not thinking of which may complicate matters.
Any advice much appreciated.


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## niceoneted (23 Mar 2011)

An Post in selected post offices does currency exchange while not charging a commission. 
Are you planning to carry it as cash? If so there is a restriction on the amount of cash that you can bring with you out of the country so you would need to check that.


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## bluemac (23 Mar 2011)

Dont get hung up on commission charges.. you are changing 20k

one person may charge commission but give you a rate of 0.84 (£16800) another may not and give you a rate of 0.85 (£17,000)

I change anything over 5k with BOI traders, you call them discuss a rate, bargin with them for a better rate.. with 20k keep your eye on the exchange rates..  as a small change can make you £50...  once they give you a rate they book it for you and you can do it at your local branch.


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## selfassessed (23 Mar 2011)

staunton said:


> Hi all have a question,
> Have family in britain and was considering moving my savings c. 20k from NIB to a sterling bank account.
> My dad has said he could convert it in the local credit union as there is no fee for him converting because he is a pensioner.
> My thinking is this would be the cheapest way to convert my cash before bringing it over to Scotland with me to give to my sister who will then deposit it in an account in my name.
> ...



"No conversion fee" is the oldest trick in the book.  They don't make money on the conversion they make it on the spread.  Look at the buy and sell rates and go with whoever has the narrowest spread.  It is not uncommon IME to find high street banks with a difference of 6% between buy and sell prices.  Check the interbank rate at a currency exchange website and then bargain for the closest you can get to the interbank rate.  

I have found rates for cash are worst, cheque next and electronic transfer best.  Whenever I have done large transfers though I have always been able to negotiate a better rate than what was advertised.


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