Travelling UK, where can i get pounds for euro asap?

turkeyboy1990

Hi guys where can i get the cheapest and fastest deal for my euro for pounds?
I'm looking for around €200's worth, would i be better off using my bank card for the rest of the expenses?

Should i withdraw pounds there in an atm or is it expensive?
Sorry for the newbie questions

Dardania

How soon are you going? If not for a few weeks, check out revolut prepaid debit cards.

You top up an account with them in euros, no transaction fees when you spend in any other currency (including sterling), and the actual rate they give you is the interbank rate. 

Whereas with a domestic bank like AIB, BOI or PTSB, you have transaction cost of of euro or two each time you use it, plus the conversion rate they charge you is not guaranteed to be the best at any given time.

jasonb

An Post also do Sterling and you don't pay a transaction fee, but once again there's no guarantee that their rates are the best. Pretty sure you can find today's rates for the Banks/An Post online to compare before you go to a branch...

coylemj

jasonb wrote: »

An Post also do Sterling and you don't pay a transaction fee, but once again there's no guarantee that their rates are the best. Pretty sure you can find today's rates for the Banks/An Post online to compare before you go to a branch...

An Post is never the best rate, even allowing for their 'no commission' BS which appears to fool a lot of people into thinking they must be the best.

What An Post do every morning is lookup the two big banks's rates and pitch their rate in between the two of them (allowing for the banks' 1% commission) so if you want the best rate on a given day, check the AIB and BoI websites, pick the lower of the two and don't even bother looking up the an Post rate.

Today's rates for sell sterling notes:

AIB 0.8735
BoI 0.8596
An Post 0.8590

Buy GBP 200.....

AIB..... 200 divided by 0.8735 = 228.96 plus 1% commission = €231.25
BoI ......200 divided by 0.8596 = 232.67 plus 1% commission = €234.99
PO ...... 200 divided by 0.8590 = 232.83 plus 0% commission = €232.83

AIB cheapest, An Post in the middle and BoI the most expensive.

Q.E.D.

https://aib.ie/our-products/current-accounts/foreign-exchange/foreign-exchange-rates-sell
https://personalbanking.bankofireland.com/bank/international-payments/daily-foreign-exchange-rates/
http://www.anpost.ie/AnPost/MainContent/Personal+Customers/Money+Matters/Foreign+Exchange/Choose+Sterling+and+US+Dollars+in+cash.htm

turkeyboy1990

Sorry need it in a couple of days before thurs next week, thanks for the post above!

ozmo

There is always a Bid and Ask price - Banks in Ireland want Sterling - so will give a better rate for Euros to Sterling than Sterling to Euros.

But I would guess it works opposite in UK - where they will want Euros - so if you need get it from a standard bank or ATM machine... bringing Euros and changing to Sterling over in the UK should give a better rate?


That's just my take on it - havn't looked up figures to back it up.
Also - On a sum that small - the commission if you have to pay it - will be a high % of the cash you get back.

turkeyboy1990

Im only going for 2 days. So if I bring euro over there and get to a bank, I should expect to get sterling at an instant in a bank?

coylemj

turkeyboy1990 wrote: »

Im only going for 2 days. So if I bring euro over there and get to a bank, I should expect to get sterling at an instant in a bank?

Much better withdrawing sterling from an ATM when yo get there, the rate will be better than over the counter cash. Banks all over the place are discouraging cash transactions so you may walk into a branch and find that there is no FX desk. And stay away from those high street currency exchanges and especially the ones in the airports. Also note that ATM in hotels, convenience stores and takeaways in the UK usually levy a charge on top of your bank fees. Try to find an ATM on the wall of a bank branch or in Heathrow with the name of a high street bank on it.

Check your bank for the rates for ATM sterling withdrawals and note that there is usually a flat charge so make sure you don't take out several small amounts.

coylemj

ozmo wrote: »

There is always a Bid and Ask price - Banks in Ireland want Sterling - so will give a better rate for Euros to Sterling than Sterling to Euros.

It's nothing to do with local demand. No matter where you do the trade, all currency rates involve a 'spread' between buy and sell with the interbank rate somewhere in between.

I seriously doubt that a high street bank in the UK will give better or worse rates than a bank here for Euro to sterling or v.v.