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Best Commission on Sterling

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  • 10-08-2007 9:50pm
    #1
    TT&TO
    Closed Accounts Posts: 89 ✭✭


    Hi,
    I need to get the best commission when I get a bank draft for 2195 sterling this week - where is the best place to go?
    I had to to get a bank draft for 210sterling from Ulster bank and it cost me 319euro. do you have to have an account with the bank before you will get a bank draft?


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    #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    In a nutshell, yes


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    #3
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    TT&TO wrote:
    Hi,
    I need to get the best commission when I get a bank draft for 2195 sterling this week - where is the best place to go?
    I had to to get a bank draft for 210sterling from Ulster bank and it cost me 319euro. do you have to have an account with the bank before you will get a bank draft?


    Stepbar is spot on....

    The problem you have is the amount for Stg you want is not enough for most banks to offer you a better rate. You only get the rate of the day.. So I think your best to go to a different banks, but unless you have an account with them your not going to be able to get it off someone else...


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    #4
    Rashers72
    Registered Users Posts: 1,207 ✭✭✭Rashers72


    Also remember that some financial institutions do not charge commission, but they get you on the exchange rate.
    The airport is a good example of this. The difference between their 'buy' rate and their 'sell' rate provides them with a substantial margin.
    Example: Guy 1 arrives in from UK with GBP500. The buy rate is .6995. He gets Euro715. Guy 2, going on hols to UK. The sell rate is .65. He hands over EUR715, and he gets GBP465. They have just made GBP35/EUR52 on these transactions. Multiply that by 5 transactions every hour, and you get the picture.
    And if they charge you commission on that, again greater profit, less usual business costs.
    It would be great to shop around a bit more. I think some papers should also run some surveys on this, to identify the best value financial institution. Create a column for customers (who often don't get charged commission) and non customers. Do this for cash and drafts, and for different currencies - GBP and USD.


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