Transferring/Converting Sterling into Euro

S

souey

Guest
I want to transfer/convert about GBP 50k into euros. Two questions :

1. Is the cheapest way to do this by writing a cheque on my UK account ? I'm happy to wait up to 2 weeks for the money to hit my account in Ireland.

2. I have been to the B.of I. (my own bank) and AIB (walking, within 5 minutes of each other) and was quoted rates that resulted in a 300 euro differential between the two (AIB was the better quote). Can anyone advise me on where I can get the best quote ? Is it just a matter of luck and timing ?

Thanks.
 
Clubman,
Have you used xetrade yourself? Just courious how good and safe the service is, etc.
 
No - I've seen it mentioned here on other threads though. Obviously it would be prudent to check it out in more detail, read reviews, maybe do a small test transaction etc. first before using it seriously.
 
I signed up and asked them to phone me. Not heard anything yet though. Could be risky if no testimonials from here.

I hate the fact that I'm at the mercy of the banks here on fx transactions.
 
I Googled for independent reviews of XEtrade recently and what I found looked promising. Don't draw negative conclusions just because AAM contributors have not used them.
 
I am using XE Trade quite frequenty to send money over to the US because the rate they give you is very good and their Wire Transfer Fees are way lower than the banks, I also use it sometimes to do £ to €.

You have to send them the money either via IBAN (if it's €) or if you do £ you can send it CHAPS or BACS and they than send it via Wire (IBAN in €) to your other bank account. There is a wire transfer fee but that is cheaper than the bank's one.

I did £ to € once via CHAPS and the money was on my Irish account on day 4 after sending, they got it on day 3.
 
For transferring sterling to euro recently I have been using currency.ie. They seem to have the most competitive rates by a country mile and much faster and less hassle than anybody else I dealt with and I transfer a lot.
 
Thanks Digdeep. I phoned them on Friday (they have office in Dublin) and they seem fine. Nice to bypass the banks.
 
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