buying in Euros

Apreciar

I am considering buying a car from someone in he Irish Republic, it's only €9000, what is the best way to pay or transfer this amount of money, particularly as the pound/euro rate is so poor at the moment.

ianmr65

Apreciar wrote: »

I am considering buying a car from someone in he Irish Republic, it's only €9000, what is the best way to pay or transfer this amount of money, particularly as the pound/euro rate is so poor at the moment.

In terms of transaction fees the cheapest for you is a sterling ordinary bacs transfer into his eire account. Takes about a week for him to get the money. and should be free to you. As long as he is happy with that, and you agree what rate of exchange you'll be using.

If you have to buy euros you'll have to pay for the exchange, (the bank will charge you a rate that favours them) possibly a transaction fee, and may even have to pay extra to have them bacs transfered, Instant Electronic transfers, and so on are nornally all extra too. But it depends on which bank and which account you have. That's all if you use your bank.

If you use a money transfer service like western union it will cost more, IE 5 cents over and above banks on the rate and i'm guessing £250-£500 for the transfer.

There is effectively nothing you can do about the exchange rate itself, unless you will be doing this a lot, in which case you can set up a euro account in the UK, to take advantage of future fluctuations.