Best Exchange rates banks currency $ £ euro € saving money

Sceala Philosopher Location: Navan

A great tip was passed on to me just in time for Christmas.
If like me you need to send money to family abroad, this savings tip will be a great free bonus gift.
I need to send money $ to US to Canada and to Australia and sometimes £ sterling to myself when I visit friends in England and Wales.
I have always suspected that the banks make money from my money gifts and had that confirmed by one of my friends.

How do you get the best exchange rate when sending money abroad, even if it is sending money to yourself.
Not the Banks! The Banks are ripping us off taking big charges for every time they convert exchange money.

On Monday I sent €100 to my nephew in Wales by using Transferwise who are backed by the Virgin airlines boss Richard Branson.
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Basically if I had sent it via my bank or sent my nephew a cheque to convert his end, he would now be worse off at least £8.00
And it gets worse that is £8.00 for every €100 sent
So send someone a €1000 and the banks will typically take an extra 80 of the receivers funds! For doing what?

Why give the banks any more of our money, save yourself and your friends lots of money by getting better exchange rates.

It takes a minute to open an account and the transfer is completed very quickly, my nephew got his money in his account the next day, and I had not done the transfer until late the previous evening.

Like the banks Transferwise do make a charge, but the charges are minimal and unlike the banks they are exchanging at real market rates, which mean the best market rates of currency exchange.
I don't really understand what all that means but I can see the results.
I was told it means that the banks use their own rates, worse exchange rates so they can take some more of our money.

Even better exchange rates are guaranteed against the banks, because your first transfer is totally free of charges.

Check it out go ask your bank what they would give you back if you handed them $100 US or $100 CD or £100 GBP

Compare with the rates at Transferwise

I have now sent around €400 to family members and they have been given a lot more money than if I had foolishly continued to use the rip off banks.

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Irish Forums Message Discussion :: Best Exchange rates banks currency $ £ euro € saving money

Best Exchange rates banks currency $ £ euro € saving money