How to Buy Sterling Efficiently

Below is a list of methods to convert Sterling/GBP to Euros/EUR.

Generally "in-store" currency currency conversion desks do not offer the best rates. Check out the current EUR/GBP rate before converting.

1. Use An Online Broker - Best Buys

XE.com
Zero commission fees, 15 EUR or 12 GBP per wire.

Currency.ie
Minimum 1,000 USD or equivalent, telephone support, discuss here.

2. Use your ATM/Debit Card

Best Rate:
Halifax: 1.75% for withdrawals, 1.75% for purchases.

Full List:
Ulster Bank: 3.50% for withdrawals, 2.00% for purchases.
First Active: 3.50% for withdrawals, 1.00% for purchases.
National Irish Bank: 3.50% for withdrawals, 1.75% for purchases.
Permanent TSB 3.50% for withdrawals, 1.75% for purchases.
Bank of Ireland: 3.50% for withdrawals, 1.75% for purchases.
Postbank: 5.00 EUR per ATM withdrawal, 2.50 EUR per purchase.
AIB: Up to 4.00% for withdrawals, 1.75% for purchases.

3. Use your Credit Card

Best Rates:
Tesco: 1.75% for withdrawals, 1.75% for purchases.
National Irish Bank: 1.75% for withdrawals, 1.75% for purchases.
Permanent TSB: 1.75% for withdrawals, 1.75% for purchases.

Full List:
Halifax: 1.75% for withdrawals, Up to 3.25% for purchases.
Ulster Bank: 2.00% for withdrawals, 3.50% for purchases.
First Active: 3.50% for withdrawals, 1.00% for purchases.
Bank of Ireland: 1.75% for withdrawals, Up to 3.25% for purchases.
Postbank: 2.65% for withdrawals, 2.65% for purchases.
AIB: 1.75% for withdrawals, 3.25% for purchases.
MBNA: 2.65% for withdrawals, Up to 2.65% for purchases.
GE: 2.60% for withdrawals, 2.60% for purchases.
EBS: 2.65% for withdrawals, 2.65% for purchases.


This thread was last updated January 9th 2009.
Feedback welcome - this is a draft new best buys thread. If you can suggest additions or amendments then please post them below.

Also send an old person to buy it - as they don't have to pay commission!!!

I have an account with Interactive brokers and can get very good rates with only a $2.50 commission. However, it'd probably only be suitable for someone who already trades shares with them as they charge a minimum $10 per month commissions for an account.

Good thread, but are you sure about the AIB CC rates. It thought it was 1.75% in Europe and 2.75% outside?

I have added all fees percentages together.

For AIB - Visa 1.75% within Visa Europe region Plus cash advance fee of 1.5% totaling 3.25% . However, I have noted that this is their withdrawal charge rather than their purchase change.

I will invert the withdrawal and purchase notations.(for some reason I can't edit the post at the moment - I have PM'ed Brendan).

Thanks for pointing this out.

As stated above this is a draft and any further feedback is welcome.

Don't OAP's get currency exchanges (with BOI at least) for less than 1%?

I use my NIB debit card at ATMs in NI and never pay fees.