Bank to Bank transfer - who does the currency conversion?

J

jman0war

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When doing a Bank to Bank transfer of funds, from Ireland to USA, who converts the euros to dollars?

Is it possible for me to ask the bank (Investec) to convert first?
 
Your bank here will do the exchange. They will send USD to your bank in the States so there is no conversion on that side.
 
It can be done either way. I have heard of people sending euros and having them converted on the far side.
 
It can happen at both sides but very frequently happens on the receiving end.

If you transfer, for example, 100 EUR from an IE IBAN (EUR) to another IE IBAN (GBP), the sender bank will not always know that the money is going to a GBP account, they will just see the IBAN code. The receiver, will do the FX to GBP provided they allow EUR to be deposited in a GBP account, which they normally will because they can profit off the FX margin that is at their discretion.
 
Us dollar exchange rate

Why don't you check with your bank to find out how much USD you will ultimately get using your bank, compare with another bank and also with transfermate in Dublin
 
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