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anywhere cheap to buy sterling ?

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  • 28-08-2010 4:32pm
    #1
    delllat
    Closed Accounts Posts: 1,388 ✭✭✭


    i need to change some euros into sterling and cant find anywhere that offers more than 82p per euro

    does anyone know anywhere that offers more ?


Comments

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    #2
    91011
    Closed Accounts Posts: 1,383 ✭✭✭91011


    Sterling isn't like some regular product with 10% off weekends. It a currency.

    The current market rate is 0.8223, so if you are getting 82p / euro then it is the absolute best you'll get as normally banks will take a 2% margin.

    On the reverse calculation £1stg will cost 1.2161 at market rate. Bank rate will be about €1.24 per £1.

    You'll only get market rate if you're trading in millions.


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    #3
    flutered
    Registered Users Posts: 6,689 ✭✭✭flutered


    if you know a bank official they are allowed a little cut.


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    #4
    okidoki987
    Registered Users Posts: 10,622 ✭✭✭✭okidoki987


    Don't forget you'll pay commission on top on that.
    Some banks do a commission free deal for over 50's.


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    #5
    cem
    Closed Accounts Posts: 30 ✭cem


    I got some sterling last week in the Post Office. They were offering Sterling and US Dollars commission free. I cant see anything about it online but it might be worthwhile checking with your local post office.


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    #6
    JohnnyBananas
    Registered Users Posts: 306 ✭✭JohnnyBananas


    cem wrote: »
    I got some sterling last week in the Post Office. They were offering Sterling and US Dollars commission free. I cant see anything about it online but it might be worthwhile checking with your local post office.

    Hi All,

    I’m looking to convert some Euro to Sterling myself. I’ll check my local post office as per previous reply. If anyone has any more up to date information, I am all ears.

    Thanks In Advance for all responses


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  • Options
    #7
    91011
    Closed Accounts Posts: 1,383 ✭✭✭91011


    Don't be fooled by commission free offers - the rate will simply be inferior.

    Here's a yahoo link to cross rates

    http://finance.yahoo.com/currency-investing#cross-rates

    Currently €1 will get you 83.22p sterling at mid market rates. (€1.202 per £1)
    Doing an online transfer and you'll get a rate of approx 81.85p (€1.222 per £1)
    Buying cash over the counter will get you 81p (€1.235 per £1)

    So ask for the cost in euro per £100 including all commissions and aim to get it for about €122.50


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