Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Large Currency Exchage

Options
  • 28-03-2004 10:42pm
    #1
    leonotron
    Closed Accounts Posts: 345 ✭✭


    I need to change a large amout of currency and am basically looking for the cheapest way to do it. The amount is about $500,000. I called two different Bank of Ireland branches on Friday and the difference between them was €5000, and this is the same bank!! I'm not sure if any one has had to deal with this before but any help would be appreciated.


Comments

  • Options
    #2
    silverside
    Registered Users Posts: 1,372 ✭✭✭silverside


    500 k ?? Win the lottery did you :)

    You should get a trader rate for that.

    AIB do 1% away from interbank for amounts of around 10k up. With half a million you should do even better than that - maybe down to 0.05% away from interbank rates.

    Spend a few hours ringing around the UK/irish banks and currency brokers. 1% of 500000 is 5000 so its well worthwhile. You may have a little bit of hassle providing ID and sorting out bank transfers etc but it will be worth it.

    oanda.com is a good place to start, also google. Keep an eye on the current rates at
    e.g. http://www.fxmarkets.de/marketwatch/rates.htm and bargain the banks down as much as you can


  • Options
    #3
    Captain Trips
    Closed Accounts Posts: 944 ✭✭✭Captain Trips


    Originally posted by leonotron
    I need to change a large amout of currency and am basically looking for the cheapest way to do it. The amount is about $500,000.


    Damn it anyway, I knew that I should have replied to that Nigerian email I got last week.


  • Options
    #4
    dod
    Closed Accounts Posts: 801 ✭✭✭dod


    Ring directly the corporate treasury rooms of one of the big banks (realistically either Bank of Ireland or AIB). Explain to one of the corporate treasury dealers your situation, they will agree a rate with you directly for the trade and give you a trade reference number. Then go into a branch with your cheque/ draft/ whatever, quote them the reference number and they will transact your deal at that rate.

    Before you ring them, check the latest wholesale rates on teletext or on the web and have an idea of what rate you are willing to take, as once you agree the rate and the transaction with the dealer, you will be obliged to deliver your side of the exchange that day.

    For the amount you are considering you will get quite a competitive rate. Do not go at the standard retail branch rates as you will be fleeced.


  • Options
    #5
    gaui3d0pnbz86o
    Closed Accounts Posts: 738 ✭✭✭gaui3d0pnbz86o


    or you could chance your arm and get a student with a student account to get commission free exchange! love to see thir faces for 500000 smacker!


  • Options
    #6
    silverside
    Registered Users Posts: 1,372 ✭✭✭silverside


    'commission free' doesnt mean you get the interbank rate. They are still taking a big cut on the difference between wholesale rate and the rate they give you.


  • Advertisement
  • Options
    #7
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    commission on non-eu cheques ie. dolls and stg is usually maxed at a certain amount - i.e. not very much

    amazing how much people worry about commission and fees and pay no attention to exchange/interest rates:rolleyes:


Advertisement