Changing Currency

A

abbie

Registered User
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If I were to change approx. one thousand euros into sterling (cash), how would it work if i went into another bank and changed the sterling for another foreign currency, would the bank first convert the sterling into euro and then convert it to the other currency. Sorry if this sounds very confusing but I can't explain it any other way.
 
No. they would give the rate they have advertised on their FE board. Why would you do this anyway ?
 
elcato said:
No. they would give the rate they have advertised on their FE board. Why would you do this anyway ?
Click to expand...

I disagree
Rates available in-branch (BoI) are all base rate Euro. Cross rates may include an additional margin as they're trading 2 currencies in the same transaction.
 
Just to let you know from working in foreign exchange. The bank converts the sterling back to euro first and then sells you out the next currency you want.
So the process is sterling to euro, then euro to next currency
 
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