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Transferring money v ATM withdrawals

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  • 26-05-2015 9:16pm
    #1
    veganrun
    Closed Accounts Posts: 1,137 ✭✭✭


    I'm moving back to the north next month and I have a euro Bank of Ireland account in Dublin as well as a sterling Bank of Ireland account in the north.

    I'm wondering is it better to transfer a lump sum to the sterling account and use that for ATM withdrawals etc, or to just withdraw money as I need it from the euro account from the ATM in the north as I need it?

    I don't know if there's a benefit e.g. exchange rates with one larger transfer v taking out 60 euro at a time etc?


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    #2
    Rataan
    Registered Users Posts: 88 ✭✭Rataan


    I have just opened an account north of the border, as I will need to make several cash sterling transactions over the next few months. What I plan to do is use Transfermate. If you haven't heard of them, they're an online currency exchange broker, but they're also regulated by the central bank of Ireland. They give much better exchange rates than the banks will. You could potentially save yourself a few hundred euro in the exchange if you're exchanging a few thousand pounds/euro. There are other online currency brokers as well other than Transfermate, and they're also regulated. Askaboutmoney have a good articles about them.

    What I plan to do myself is transfer money from my euro account in Dublin to my sterling account in the north via Transfermate, thereby getting the best possible exchange rate and avoiding the banks commission costs. I will then withdraw my sterling from an ATM in the north.


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