Converting Foreign Savings to Euros

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SkippyOD

Registered User
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I would like to convert US$55,000 into euro's between now and the end of the year. The euro / dollar ratio that I'm looking at right now is 1.333. I have approached my Irish bank manager to try and get a preferantial rate but have had no response from them yet.
Does anyone have any idea what bank or broker might offer me the best exchange for this amount?
Is there likely to be a event in the coming weeks/months that might influence the rate i could get?
Does RaboDirect or similar on-line bank handle currency exchange?
I have done some research on InterchangeFX in UK but was scared off when I found some details of the company changing their name in the recent past.
Thanks in advance...
 
Has anyone any experience of using Rabo - Direct or Interchange FX for this type of service. Is there any meeting of the FED or ECB between now and the end of December
 
US FOMC meets on the 12th - no change expected - ECB is almost certain to increase rates by 0.25%
 
SkippyOD said:
I would like to convert US$55,000 into euro's between now and the end of the year. The euro / dollar ratio that I'm looking at right now is 1.333. I have approached my Irish bank manager to try and get a preferantial rate but have had no response from them yet.
Does anyone have any idea what bank or broker might offer me the best exchange for this amount?
Is there likely to be a event in the coming weeks/months that might influence the rate i could get?
Does RaboDirect or similar on-line bank handle currency exchange?
I have done some research on InterchangeFX in UK but was scared off when I found some details of the company changing their name in the recent past.
Thanks in advance...
Click to expand...

I've used www.xetrade.com in the past to physically move US dollars to Euro in Ireland. No fees and they offered a better exchange rate than my Irish bank.

Note that you don't have to physically move your US savings to protect them from a falling dollar. If you have dollars in a trading account in the US you can buy an ETF CurrencyShares Euro Trust (symbol [broken link removed]) so that your US savings will rise (or fall) with the Euro.
 
all brokers will pretty much offer the same service, just check where the current spot rate is (bbc news online) and where they are quoting you work out the difference and that is how much money they are taking from the deal. I suggest trying to speak with your banks treasury department first, if that dosent work i suggest that a broker will take 300 euros (based on 55k€) as a commission (spread) and thats what you should negotiate for. Remember trying to second guess the market is pretty much the same as gambling so dont unless you can afford to lose!
 
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