Euro to Dollar (best rates in Ireland?)

J

jimmango

Guest
Hi Folks,

I'm interested in changing around 75k€ into dollars for the purpose of buying a fixer-upper property. Can anyone suggest where I might get the best rate/commission. Having studied the markets for some months I was disappointed to see that the main banks (AIB, B of I, PermanentTSB) offer considerably less favorable terms.

Any suggestions for moving the money, for example: bank transfer, physically moving the cash, or ???

Then suggestions as to how I might find the most competitive rate...

Thanks in advance
JM
 
JM,

you'll probably get better results from dedicated foreign exchange companies such as HIFX, Foreign Currencies Direct, MoneyCorp, etc. You'll find plenty of them if you do a search for Foreign Exchange companies. It is generally easy enough to compare transaction costs, there are no quality issues, money is money, all that matters to you is getting the best deal on your transfer.
 
I've used two companies in the past to move similar sized amounts: TransferMate (based in Kilkenny I think), and CurrencyUK (London based). Note that in each case you need US dollar account details where they can desposit the foreign currency. There's a bit of paperwork to go through before you can trade with them, but nothing too onerous.

You should expect to be quoted a rate around 50 to 100 bps off the midrate. For example if the USD/EUR rate is 1.5400 today, you might get a bid rate of 1.5325 to buy dollars. The main banks will likely try to gouge you for 300bps or more.
 
just thought id jump on this thread Im travelling to canada with my family in june and i think i should buy some canadian dollars now while the going is good, were talkin smaller amounts like 2000 euro but where should i exchange it for the best rates? thanks in advance!
 
For that amount(2000) I would stick with the banks any more than €10k go with one of the above comps.
 
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