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Foreign Exchange - whats the cheapest way to get 2000 Sterling to a UK supplier

  • 09-01-2017 9:30pm
    #1
    worded
    Registered Users, Registered Users 2 Posts: 4,600 ✭✭✭


    Usually ....

    Is it by paying by personal Credit Card?
    Business Credit card?

    Paper:
    Post Office bank draft?
    Bank draft?

    Something else?

    Thanks


Comments

  • #2
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Use a foreign exchange broker. Send them the necessary amount in euros, they will convert to sterling and credit your beneficiary.


  • #3
    worded
    Registered Users, Registered Users 2 Posts: 4,600 ✭✭✭worded


    srsly78 wrote: »
    Use a foreign exchange broker. Send them the necessary amount in euros, they will convert to sterling and credit your beneficiary.

    Approx gain / saving from doing this?

    Can you recommend one?


  • #4
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    You can save a few percent this way, it all depends on what rate you are already getting etc. Pretty much anything will beat your banks rate. If it's a once off just use your bank, otherwise endure the hassle of setting up with a fx service. There are loads of online ones, setup is similar to bank account (KYC requirements = id, proof of address etc).


  • #5
    Jimbob1977
    Registered Users, Registered Users 2 Posts: 2,239 ✭✭✭Jimbob1977


    Online international bank transfer. Find out their BIC and IBAN.

    Although there is a fee that depends on speed... Normal or Urgent.

    My gut feeling is that a local bank branch will exploit the foreign exchange rate.


  • #6
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,227 ✭✭✭Yggr of Asgard


    You could save at least 30€ by using a currency broker like transferwise or currencyfair etc. if the supplier is accepting bank transfers as payment.

    Otherwise you might want to look at Revolut (see the thread on boards about it) which would allow you to do via either card payment if the supplier accepts mastercard (for usually good exchange rates) or bank transfer.

    Paying via your credit card will lead to you payment being more expensive as your bank charges for non euro transactions (1.75% to 2.75% in my experience).

    Paying via Swift transfer will also give you bad rates by your bank plus fees.

    It really depends on what payment they will accept and you willingness to go through setting up an account with currencyfair etc. is as they will need to see your identification documents and proof of residency as srsly27 mentions.

    Shop around depending on what the UK supplier accepts you might have different options that can save you some money.


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