Buy Sterling

Firblog

Hi I need to buy a large amt of Sterling and send it to an account in N.I, appreciate if anyone can advise where to get the best rate on this type of transaction. Rang my bank and they said I could only get the branch rate.. Would be 10K+

Glenalla

Firblog wrote: »

Hi I need to buy a large amt of Sterling and send it to an account in N.I, appreciate if anyone can advise where to get the best rate on this type of transaction. Rang my bank and they said I could only get the branch rate.. Would be 10K+

Used Caxton FX recently. Easy to use and better than the bank rate.

RUDOLF289

Firblog wrote: »

Hi I need to buy a large amt of Sterling and send it to an account in N.I, appreciate if anyone can advise where to get the best rate on this type of transaction. Rang my bank and they said I could only get the branch rate.. Would be 10K+

I recommend Transfermate. There are quite a few currency traders such as Currencyfair, Currencydirect, TorFX. I found Transfermate one of the easiest to set up and their Customer service is good. Hope this helps

Cheers,
Rudolf289

Sono

Just get a revolut card and transfer that way, get the live rate and no fees. It’s a no brainer.

RUDOLF289

Sono wrote: »

Just get a revolut card and transfer that way, get the live rate and no fees. It’s a no brainer.

That may be a longer term solution but it might take some time to arrange. I get the impression the OP's requirement is imminent ..... But good advice!

Just do a little bit of due diligence around Revolut and other providers such as N26.

Glenalla

We pay our suppliers using Transfermate, once set up its very easy to use and most payments go through within 24 hours. No fees on transactions over €1000.00. Compared to what we used to endure using banks years ago it is brilliant.
Was in a meeting with my bank (major Irish bank) recently and they asked my what was "Transfermate", I explained and they responded "Is that something like Paypal?" They have no idea what is happening in the real world!!

jimmii

Glenalla wrote: »

We pay our suppliers using Transfermate, once set up its very easy to use and most payments go through within 24 hours. No fees on transactions over €1000.00. Compared to what we used to endure using banks years ago it is brilliant.
Was in a meeting with my bank (major Irish bank) recently and they asked my what was "Transfermate", I explained and they responded "Is that something like Paypal?" They have no idea what is happening in the real world!!

Wtf! Cant believe someone in a bank hasn't heard of these transfer companies it's not like they are small niche companies any more?! Most of the people I know would be well aware of what they do even if they haven't used them themselves.

onedmc

I suggest https://www.currencyfair.com/ or similar I use it for all my payments non Euro payments

Jonny303

I always found transfermate great for rates.

I'd imagine they'd be far better than n26 etc. They work off the standard MasterCard rates don't they?

RUDOLF289

Jonny303 wrote: »

I always found transfermate great for rates.

I'd imagine they'd be far better than n26 etc. They work off the standard MasterCard rates don't they?

Their advertising seems to suggest they work off mid market rates.

RUDOLF289

http://www.moneyguideireland.com/n26-compared-revolut.html

Some review of N26 and Revolut

RUDOLF289

some additional reviews of N26

https://www.bonkers.ie/compare-prepaid-credit-cards/n26/4NGZWA/mastercard/

https://www.weresuckingdiesel.com/the-downsides-to-n26-mobile-bank-account/

https://www.irishtimes.com/business/technology/stripe-backs-monzo-again-as-digital-only-bank-becomes-a-tech-unicorn-1.3682986

https://app.hubspot.com/sales/692389/

jimmii

I use revolut but those reviews make me want to switch to N26!

RUDOLF289

jimmii wrote: »

I use revolut but those reviews make me want to switch to N26!

Just to be clear, I have no interests in N26 ........... But I certainly will be opening an account. Have been an AIB customer for 36 years, by and large happy with the services, but it looks like these new banking options are faster and easier to use.

As an aside, the banks in the Netherlands will be introducing new services later this year whereby transfers from one bank to another will be done in 5 seconds - instant pay ....... It may actually do away with debit card payments and payment machines ........

We live in interesting times

Wheety

jimmii wrote: »

I use revolut but those reviews make me want to switch to N26!

I have both. N26 is a proper current account with a real MasterCard debit card. Can be used with Google Pay etc.

Revolut is a pre-paid debit card. There are subtle differences and the Visa one they issue for standard accounts can't be used with Google Pay yet.

TheCostumeShop.ie: Ronan

Firblog wrote: »

Hi I need to buy a large amt of Sterling and send it to an account in N.I, appreciate if anyone can advise where to get the best rate on this type of transaction. Rang my bank and they said I could only get the branch rate.. Would be 10K+

Transfermate.com is who I use for these transactions, highly recommend them.

Firblog

Just used Transfermate today, I have to say they couldn't have been more helpful. On the downside Sterling had strengthened a fair bit since i first posted on here, so cost me more than I thought it would.

RUDOLF289

Firblog wrote: »

Just used Transfermate today, I have to say they couldn't have been more helpful. On the downside Sterling had strengthened a fair bit since i first posted on here, so cost me more than I thought it would.

It would have cost you a great deal more if you had to do it through your bank.