Euro to sterling

pudzey101 · 28-01-2016 11:46pm #1

Hi ,

I am wondering what's the best option: I'm going to London for 4 days, is it better to change my money here before i go or use my debit card over there and withdraw cash?

If it's better to do it here, who has the best value at the moment?

Thanks

coylemj · 29-01-2016 1:46am

Withdraw the money you need from a mainstream bank ATM when you get there. Avoid any ATM with a name that you don't recognise. I believe the ones in Heathrow now pay to be there so you will get screwed.

pudzey101 · 29-01-2016 2:31pm

good thing im flying straight into london city airport lol

so best bet would be to withdraw 400 sterling from an atm rather than exhange here ?

coylemj · 29-01-2016 6:01pm

pudzey101 wrote: »

good thing im flying straight into london city airport lol so best bet would be to withdraw 400 sterling from an atm rather than exhange here ?

Yes, the rate you get from your bank when you withdraw from an ATM over there will be much better than doing over the counter FX here. But watch the charges your bank will levy, in particular the minimum charge though that won't be an issue if you're going to withdraw £400.

Try to only use an ATM with the name of a recognisable bank on it and as in the US, especially avoid ATMs in convenience stores, pubs, McDonalds, hotel lobbies etc.

dobsdave · 29-01-2016 8:43pm

If you have a bank of ireland account, you can withdraw from a post office in the uk without the currency charge.

coylemj · 30-01-2016 1:57am

dobsdave wrote: »

If you have a bank of ireland account, you can withdraw from a post office in the uk without the currency charge.

Can you elaborate please on what is 'the currency charge' which you seem to suggest is applicable to everyone except Bank of Ireland customers.

okidoki987 · 30-01-2016 2:03am

Withdraw the money you need from a mainstream bank ATM when you get there. Avoid any ATM with a name that you don't recognise. I believe the ones in Heathrow now pay to be there so you will get screwed.

Converting Euro into GBP via an ATM will cost a fortune, not only so they do the exchange rate there is also a a charge by the bank.
An Post is commission free or use a parent/friend etc who is over 60 as most places will do commission free if the purchaser is over 60.
I would buy it before I went over.

Probably not to make a massive difference with the different places unless you are planning on bringing/spending thousands?

coylemj · 30-01-2016 2:49am

okidoki987 wrote: »

An Post is commission free ....

Stop right there.... does that mean that the post office is always cheaper than AIB or Bank of Ireland for sterling?

Or does the exchange rate matter, or do you have a clue what you're talking about?

dobsdave · 30-01-2016 1:09pm

coylemj wrote: »

Can you elaborate please on what is 'the currency charge' which you seem to suggest is applicable to everyone except Bank of Ireland customers.

ATM charge, (my apologies), and I'm not suggesting it, its a fact.
BOI supply UK post office with ATM machines.
Tried this myself in Manchester last week: ATM1801STG 100@1.3466 134.66

coylemj · 30-01-2016 7:59pm

dobsdave wrote: »

ATM charge, (my apologies), and I'm not suggesting it, its a fact.
BOI supply UK post office with ATM machines.
Tried this myself in Manchester last week: ATM1801STG 100@1.3466 134.66

You were charged more than 2% above the interbank rate so I doubt that you did better than you would have at any of the major banks' ATMs.

It's also worth noting that not every Post Office in the UK has an ATM, in fact very few of them do. If you were in Oxford St. for example, the nearest PO with an ATM is way down in Trafalgar Square.

wolfyboy555 · 30-01-2016 9:34pm

This could be an option

https://revolut.com

dobsdave · 02-02-2016 11:19pm

coylemj wrote: »

You were charged more than 2% above the interbank rate so I doubt that you did better than you would have at any of the major banks' ATMs.

It's also worth noting that not every Post Office in the UK has an ATM, in fact very few of them do. If you were in Oxford St. for example, the nearest PO with an ATM is way down in Trafalgar Square.

Youre comparing an atm transaction to the interbank rate? really?
I saved the atm charge that would normally have applied.
I got the same rate as any boi customer got in the uk that day.
I've yet to go into a po in the uk that didn't have an atm.
Hopefully it might help someone.

anothernight · 03-02-2016 12:13am

None of my local post offices have an ATM (some have ATMs nearby, but owned by banks or supermarkets). I was under the impression that most branches didn't anyway. I mean, there's 11500 PO branches, and only ~2600 of them have an ATM, according to their website.

coylemj · 03-02-2016 1:18am

dobsdave wrote: »

Youre comparing an atm transaction to the interbank rate? really?

I wasn't suggesting for a minute that an ATM should give a customer the interbank rate but the gap between interbank and what you pay is an indicator of how good or bad the actual rate is. How else can you judge if you've been ripped off or not?

Aerman · 03-02-2016 1:32am

The most cost effective way is to place credit on your credit card, and make a withdrawal using that. The card must be in credit but you'll get the best rate and a lower % charge for foreign exchange than a debit card.

dobsdave · 04-02-2016 7:06pm

coylemj wrote: »

I wasn't suggesting for a minute that an ATM should give a customer the interbank rate but the gap between interbank and what you pay is an indicator of how good or bad the actual rate is. How else can you judge if you've been ripped off or not?

The gap is set by your bank, it has nothing to do with the ATM you use.
My only point was that if you are with BOI and use a PO ATM in the UK, you will not have to pay the ATM charge.

km991148 · 04-02-2016 9:16pm

Aerman wrote: »

The most cost effective way is to place credit on your credit card, and make a withdrawal using that. The card must be in credit but you'll get the best rate and a lower % charge for foreign exchange than a debit card.

Does that avoid the cash advance fee (If in credit?)?

BuffyBot · 04-02-2016 11:52pm

km991148 wrote: »

Does that avoid the cash advance fee (If in credit?)?

IT's much rarer than it was, and general advice like the above is now bad advice.

The banks have long been wise to this, and it's not a feature with many newer accounts.

Some folks with older/legacy accounts/card products remain lucky enough to have it..but you would need the T&C's of your card to be sure, and if it is an old one, check they haven't been updated since to you got it.

Ogham · 08-02-2016 11:44am

Aerman wrote: »

The most cost effective way is to place credit on your credit card, and make a withdrawal using that. The card must be in credit but you'll get the best rate and a lower % charge for foreign exchange than a debit card.

This is not always correct.
Some credit cards charge a cash advance fee even if you are in credit - eg AIB Click (maybe others too)

Euro to sterling

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