Best Dollar rate?

P

PaddyW

Registered User
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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
 
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.
 
Thanks Ted, it's not a huge amount, 2000 euro or so. Will give the banks a bell and see what happens
 
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.
 
fto said:
your best bet is to use a currency broker as get a lot better rate than a bank..
Click to expand...

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 ?
 
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 ?
Click to expand...

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
 
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.
Click to expand...

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
Click to expand...

Fair dues for declaring an interest and I agree that a subjective opinion is not, of itself, wrong.
 
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.
 
santander has a cash withdrawal interest rate of 27.9% - even if you pay off your balance in full.
 
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
 
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
 
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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