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Banks/sterling.

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  • 28-04-2011 4:51pm
    #1
    cards
    Closed Accounts Posts: 196 ✭✭


    I had to get about 900 in sterling today.When I came home and checked the paypal conversion,it would have cost 95 less. I can't believe that there can be such a difference.Was there likely to be some huge fees included by the bank or do they just rip off customers giving them very poor exchange rates?


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    #2
    maxer68
    Closed Accounts Posts: 1,076 ✭✭✭maxer68


    Today's market rate is about €1.135. Banks add about 2%, so £900 should have cost you about €1050 + commission


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    #3
    thesandeman
    Registered Users Posts: 10,523 ✭✭✭✭thesandeman


    Look at the receipt and there should be a breakdown of rate, commission etc.


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    #4
    hussey
    Registered Users Posts: 6,240 ✭✭✭hussey


    Not really 'Rip Off Ireland' more like 'Rip Off banks' this is the same all around the world.

    Have a look at some of those foreign cash cards too, some good deals there


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    #5
    maxer68
    Closed Accounts Posts: 1,076 ✭✭✭maxer68


    hussey wrote: »
    Not really 'Rip Off Ireland' more like 'Rip Off banks' this is the same all around the world.

    Have a look at some of those foreign cash cards too, some good deals there

    not really - the op hasn't stated what he was charged and is comparing it with the paypal rate. My guess is its the paypal sterling "buy" rate as paypal would be far worse than banks. If paypal were to "buy" £900 of sterling, they would probably only give you €960, whereas a bank would give you about €1000.

    If paypal sold you €900 sterling, my guess is they would charge almost €1100.


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    #6
    cards
    Closed Accounts Posts: 196 ✭✭cards


    885 sterling cost me 1118.

    To send 885 sterling today via paypal costs 1021.


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    #7
    maxer68
    Closed Accounts Posts: 1,076 ✭✭✭maxer68


    cards wrote: »
    885 sterling cost me 1118.

    To send 885 sterling today via paypal costs 1021.


    Then a mistake has been made. By my calculations, based on yesterdays mid market rate it should have cost you less than €1020 for £885 sterling. - Probably 1018 and an error was made and you were charged 1118.

    Assuming you have a receipt or something, go back to / ring the bank and see if the desk was over by €100 yesterday.

    I'm assuming that you used one of the main banks and not a standalone bureau de change.

    People / companies and even banks make mistakes - try not to assume a rip off.


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    #8
    jett
    Banned (with Prison Access) Posts: 193 ✭✭jett


    UK forex, good deals and very fast. Only failing is the time irish banks hold on to your money before puting it your account. Says it all!


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