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Sending money to UK, Why ULSB exchange rate differs from actual

  • 10-05-2021 1:21pm
    #1
    B-D-P--
    Registered Users, Registered Users 2 Posts: 1,167 ✭✭✭


    So I have to send a large sum to UK,
    The difference between Online exchange and the the amount Ulster Bank want me to send for the UK equivalent is big.

    Theres a few hundred lost.
    Can anyone explain why this is and is there anything I can do?


Comments

  • #2
    Spocker
    Moderators Posts: 6,864 ✭✭✭Spocker


    Thats Ulster Bank adjusting the FX rate in their favour, and they get to keep the few hundred. Have a look at cheaper services such as Currencyfair or Transferwise


  • #3
    B-D-P--
    Registered Users, Registered Users 2 Posts: 1,167 ✭✭✭B-D-P--


    Done that way, Thanks Spocker!
    Saved a good bit.


  • #4
    B-D-P--
    Registered Users, Registered Users 2 Posts: 1,167 ✭✭✭B-D-P--


    Edit to anyone who reads this in future,

    I sent from UB - Currencyfair at approx 3 on a Monday, buy 9am next morning it had arrived in currency fair, was converted to GBP and delivered to the motor dealer.
    This included time to verify my account with pics of proof of address ect.

    Great service, would highly recommend. Saved few hundred this way.


  • #5
    Gooser14
    Registered Users, Registered Users 2 Posts: 1,602 ✭✭✭Gooser14


    B-D-P-- wrote:
    I sent from UB - Currencyfair at approx 3 on a Monday, buy 9am next morning it had arrived in currency fair, was converted to GBP and delivered to the motor dealer. This included time to verify my account with pics of proof of address ect.


    When I worked abroad I used Currencyfair extensively & found it to be excellent.


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