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Best time to buy sterling

  • 01-07-2016 3:45pm
    #1
    PáircLife
    Registered Users Posts: 89 ✭✭


    I am going to London in December for a few weeks? Would it be worth my while buying sterling now or will there be a better time to buy it?


Comments

  • #2
    stronglikebull
    Registered Users, Registered Users 2 Posts: 477 ✭✭stronglikebull


    I went to the post office to buy Sterling yesterday as I'm off to England next week. They had none. Maybe it was just that office, but there could be issues with getting Sterling nots right now.

    No one knows how the currency market is going to fluctuate, so no one can tell you when is best to buy. Best is to look at the exchange and buy when it's acceptable to you. It's pretty good right now, better than it was a month ago, but no one knows if that will get better or worse as the year goes on.


  • #3
    VincePP
    Closed Accounts Posts: 982 ✭✭✭VincePP


    stronglikebull wrote: »
    I went to the post office to buy Sterling yesterday as I'm off to England next week. .

    Post office have dreadful rates - but many think its value as they advertise "no commission"
    Today Post Office is 80.10, AIB is 81.12, atm machine (rate set by visa) is 82.03

    Best value is using a debit card in a main bank atm in the UK when you arrive.

    As for December - no-one knows. Unless there's a second election with a pledge to have a second referendum or to ignore the referendum result (uk referendum is not binding) there probably won't be any dramatic change from current levels.


  • #4
    Winterlong
    Closed Accounts Posts: 3,759 ✭✭✭Winterlong


    VincePP wrote: »
    Best value is using a debit card in a main bank atm in the UK when you arrive.

    This is always the best advice you will get. And when withdrawing if the ATM offers to 'do the conversion' for you - decline. That way you get your bank rate and not an extortionate rate.
    Similarly -if paying for something by credit card when in the UK- if they offer to let you pay in euro then dont , always pay in sterling and let your bank do the converting.

    Tis a minefield!


  • #5
    PáircLife
    Registered Users Posts: 89 ✭✭PáircLife


    Thanks for the advice guys!!!
    Winterlong wrote: »
    This is always the best advice you will get. And when withdrawing if the ATM offers to 'do the conversion' for you - decline. That way you get your bank rate and not an extortionate rate.
    Similarly -if paying for something by credit card when in the UK- if they offer to let you pay in euro then dont , always pay in sterling and let your bank do the converting

    Never knew this would you believe!


  • #6
    Vic_08
    Registered Users, Registered Users 2 Posts: 3,055 ✭✭✭Vic_08


    VincePP wrote: »
    Post office have dreadful rates - but many think its value as they advertise "no commission"
    Today Post Office is 80.10, AIB is 81.12, atm machine (rate set by visa) is 82.03

    For reference interbank rate is 83.91.

    effectively the post office "no commission" cut is over 4%
    VincePP wrote: »
    Best value is using a debit card in a main bank atm in the UK when you arrive.

    That depends on the bank, many add transaction fees, it will normally be best to take out a large amount at once rather than making multiple withdrawls.

    Best value is to use the likes of Revolut card.

    Worst by far is to use the exchange shops in airports, these rely on taking unorganised punters to the cleaners.


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