€ to $Aud conversion rate?

DeadMoney

Hi, can anybody please tell me what the story is with the euro to the dollar.
According to xe.com, €700 currently buys you $1366 but the bank of Ireland told me today that this will only buy me $1000 roughly. I'm clueless when it come to things like currency fluctuations and exchange rates but should the I not be able to convert euros in to the exact same rate as on xe? I appreciate any help as I am pretty confused here.
Cheers

trailerparkboy

You will never get the spot rate on the fx at any bank. They will take at least a couple of dollars off it, the best way to change money is to either transfer it direct to your Aus bank account or shop around on the internet for a company that will give you a good exchange rate, by the way the dollar is only worth 1.93 at the moment this should increase in the next few months to at least 2.20m to the euro so hold off a while if you want to change a lot of money. Furthermore you can prebook a rate on your exchange if you like it with some companies whereby you pay 10% deposit now and the rst when you want to buy the currency.

Ozeire

Hey Dead

I've been doing a few tests and found one of the best ways of transfering money to Australia was to setup 2 paypals accounts .

1. You use here in Ireland to transfer in your money either from bank a/c or credit card .

2. Then you can send the money to your other paypal account you have setup with an Australia bank account .

They usally give you a good exchange rate better than the banks and only charge you $1 to transfer money from you Aus Paypal to your Aus Bank A/c .

They charge you nothing to transfer money from one paypal account to another .

Compained to some of the banks here . I done an international bank transfer from my bank account of €15 with all the charges and excahnge rate all i got in my Aus account was $10

Where as I transfered €10 through Paypal and got $18.32 in my account .

So you can see the difference .

DeadMoney

Ozeire wrote: »

Hey Dead

I've been doing a few tests and found one of the best ways of transfering money to Australia was to setup 2 paypals accounts .

1. You use here in Ireland to transfer in your money either from bank a/c or credit card .

2. Then you can send the money to your other paypal account you have setup with an Australia bank account .

They usally give you a good exchange rate better than the banks and only charge you $1 to transfer money from you Aus Paypal to your Aus Bank A/c .

They charge you nothing to transfer money from one paypal account to another .

Compained to some of the banks here . I done an international bank transfer from my bank account of €15 with all the charges and excahnge rate all i got in my Aus account was $10

Where as I transfered €10 through Paypal and got $18.32 in my account .

So you can see the difference .

Thanks for the advice but the money is actually for my parents and they are the one's traveling. They don't hold a credit card and either do I so the paypal idea might be hard to do. They would be a bit clueless anyway about withdrawing it online over there. I was thinking of just transferring the money from their Irish bank account to my brother's Aus bank account but you mentioned that you would still lose some value. Is this always the case? So, if they transferred €1000 from BOI to Aus bank, they would still not get the full exchange amount?

Ozeire

If you were to transfer €1000 from their bank account to your brothers in Australia using Bank Of Ireland . They would get hit with Bank of Irelands transfer fee on this side and the transfer fee from the Aussie Bank on the other side .

Then also get hit with BOI crap exchange rate .

If you setup a personal paypal account link it to your Irish Bank Account . You can transfer the €1000 into it for no charge .

Get your brother to setup a paypal account his side and link his Oz Bank account to it .

Then you can send him the €1000 to his paypal account (again no fee) it will be changed into $AUD with paypal exchange rate .

Then for $1 he can transfer the money from his paypal into his bank account . That's it the money will be with him at a much better exchange rate and way less fees.

____________________

If you want to check do all the above and try it with 10 Euro and see what rate you get .

stressed out

trailerparkboy wrote: »

by the way the dollar is only worth 1.93 at the moment this should increase in the next few months to at least 2.20m to the euro so hold off a while if you want to change a lot of money.

Last week the exchange rate was at 2.02 but has fallen to 1.93. Do you think this will increase again?
Thanks

stressed out

bump

hussey

stressed out wrote: »

bump

Nobody has a magic ball and predict the future ... a couple of months ago Oz dollar was at .48 euro, I think this was the lowest, Euro is pretty strong at the moment.

You can also get exchange over here for better rates
http://www.commbank.com.au/Today/ForeignExchange/TBC-Fxcalc.htm
gives an example of Euro to Aus you would get $1283 + commission, I know some places can be commission free for transactions over X amount

Or else use a credit card cash advance?

Rabies

Last week I was sent e100 as a present. Lodged it in my NZ account, I was given $240 .... woohoo.

Then I asked the teller to transfer $300 dollars from my NZ account to my Irish account (need to pay off CC).

$300 got me e106

Rabies

ok. Scratch that.
I just checked my AIB account. I got e88.

Somewhere along the line I was charged e18 to receive money in to my irish account

This e100 'gift' has cost me more money in bank charges than i expected.

saqui

Ozeire wrote: »

Hey Dead

I've been doing a few tests and found one of the best ways of transfering money to Australia was to setup 2 paypals accounts .

1. You use here in Ireland to transfer in your money either from bank a/c or credit card .

2. Then you can send the money to your other paypal account you have setup with an Australia bank account .

They usally give you a good exchange rate better than the banks and only charge you $1 to transfer money from you Aus Paypal to your Aus Bank A/c .

They charge you nothing to transfer money from one paypal account to another .

Compained to some of the banks here . I done an international bank transfer from my bank account of €15 with all the charges and excahnge rate all i got in my Aus account was $10

Where as I transfered €10 through Paypal and got $18.32 in my account .

So you can see the difference .

That's an interesting idea!! I've never used PayPal, so was just wondering if there is any limit the the amount of money you could transfer like this. I'm selling a house in Australia, and want to transfer the money to Ireland - so we're talking a large sum o' dosh. I've read about PayPal holding money in the account for no apparent reason and it taking law suits to release the money. Do you think this would be a high risk transaction with a lot of money?

Shutuplaura

An international bank transfer is the cheapest way to do it avoiding charges. Its cheaper than paypal. someone recommended the below site. Haven't used it myself I'd like to stress. seems like a bit of hassle.

http://www.ozforex.com.au/

mel.b

I transfer money every fortnight from Ireland to Oz ( to pay for loans etc). You should be able to find on your banks website the exchange rate for the day. I bank with National Irish Bank and the exchange rate is on the front page and is updated every morning. From that I work out how much my money will be in Oz dollars and it is never more than a dollar out when it lands in my Oz bank account (ANZ). I pay for an express transfer which is only 3euro more than a standard transfer and if it is done in the morning, is normally in my ANZ account by the same afternoon.

myhorse

Shutuplaura wrote: »

An international bank transfer is the cheapest way to do it avoiding charges. Its cheaper than paypal. someone recommended the below site. Haven't used it myself I'd like to stress. seems like a bit of hassle.

http://www.ozforex.com.au/

have used them a fair few times myself for decent chunks of money. Handy enough once you have used it once and everything is in place. the first time can be nerve racking though.
If memory serves and I am pretty sure I am right you need to provide 2 forms of ID and there is an address validation thingy to do to open an account with them. No fees for transfers over 3K.

HIFX is also one I hear alot about but havent used. The benefit with them is that they can open an account for you (westpac) before you reach Australia so you can walk in and pick up your cards etc when you land and have your money there.

(I am not in anyway associated with either of the above)

edit: here is ozforex's sister company for smaller transfers
http://www.tranzfers.com/index.html