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Advice on selling Sterling

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  • 04-02-2004 12:04pm
    #1
    robbie1876
    Registered Users Posts: 1,766 ✭✭✭


    Hi, I'm looking for advice on getting the best rate possible for cashing a sizeable Sterling check to Euro. I've been ringing around a few banks and building societies. The difference in rates quoted by the various institutions leads me to believe that there are better deals to be had by shopping around.

    Can anybody make recommendations as to who might be the best people to talk to for this? This is the first time I've had to do this, so I'm a bit naive.

    Thanks in advance,

    Robbie


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    #2
    Victor
    Registered Users Posts: 78,370 ✭✭✭✭Victor


    The Sunday papers and business supplements often have information about things like this. Also askaboutmoney.com should have good advice.

    In practice, ring around a half dozen banks and find the bank that offers you the most euros.


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    #3
    Borzoi
    Registered Users Posts: 2,876 ✭✭✭Borzoi


    A friend of mine had a similar experience with a large amount of US Dollars.

    He did the ringing around and rather than just ask for the rate, he talked to each bank, explained the large sum involved and managed to get a much better deal. I hope you're doing that rather than just asking what todays rate is.


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    #4
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    Yep, definitely shop around. I've got good rates from EBS in the past if you have an account there, though they do take 4-6 weeks to clear a cheque. Try your credit union too.


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    #5
    robbie1876
    Registered Users Posts: 1,766 ✭✭✭robbie1876


    Thanks guys, I have indeed being shopping around, and funnily enough EBS seem to giving the best rate at present. They are quoting 4 weeks to clear, but I don't mind waiting. Good point about the credit union I would never have thought of that.

    I suppose what I was really looking for was to know if there were other institutions other than banks or building societies that could offered more favourable rates, but as the money is in cheque form I'll most likely have to lodge it to an account.

    Thanks again for the help, folks.

    Robbie


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