I need to buy a substantial amount of the euro, please I would appreciate if nairalanders can help with the exact exchange rate. These abokis are trying to rip ♍e off.

Help please, anyone?

No one here can help

Why not go and apply officially at the bank?

Thanks for replying.

I have actually been to a couple of banks, and the story has either been that tĦey don't have euros, or that tĦey don't sell to people. So, I'm left with these abokis who I don't trust one bit.

Check up to be sure you really want the euro in cash. May be you just need it to pay for something outside the country, which you can actually use your card or bank transfer to pay for without needing aboki. First confirm the kind of usage you need it for here within country before you decide for euro cash or otherwise.

With regards to card use, there is a limit to which I can pay out, and the amount of euros I need far exceeds this. The next alternative is for me to use my domicilliary account to transfer directly, in which case I have to make more deposit, and its this deposit I am trying to get.

I need to be certain of the current exchange rate, as all the people I have spoken to, have given ♍e different figures, though within a range.

I know that the bank rate you will get from bank transfer (from DOM) like GTB is around N215 and you can transfer up to $10,000 equivalent per day totaling $50,000 per week. If you log into your gtb internet banking, you will see the current rates. Only that I cannot guarantee good fees/charges from my experience but I got fair rate from euro transfers/payments I made through Union from my Naira & dom accounts. In fact, if not that you need more than card payment limit, I would have advised union because my visa card there has never being charged a dime whenever I spend from my DOM thru the attached card. Let me know how I can help if you cannot do your transfer/payment from your account.

How much do you need and where are you based?

@ arbitrage,

Thanks so, so much. But for your dom a/c,  does the bank change your currency for you or you convert iτ̅ on your own first, before lodging in? Because I can't understand why local banks sĦouldn't be able to  do something as basic as this.

Whenever I make use my card in Nigeria, I'm also not charged, even when I'm making payments abroad but its just the stress of buying currencies that gets to ♍e.

A friend of mine at the bank told ♍e iτ̅ 's about 216/217, yet another told me 214/215, but the silly abokis I spoke to said 217, and one mumu said 220.  > and fact remains iτ̅ 'l be more straight forward to just get the euros in cash directly.

The transfer is not quite an issue, its just that I'm looking to get a really good bargain.

@ Uziz, presently I am in Lagos, Nigeria.

if you want to use your dom acc, then you have to buy the currency you need yourself and then pay it in there yourself, It depends on where you want to send the money, I maybe of help. I am based in London, United Kingdom

Yeah thats true, but its actually the exchange rate I want to be certain of, as I have received different rates from different people.

I just don't want to regret buying for a particular amount, when I could have gotten a better bargain, because I have sat down to calculate the difference in the various rates I have been given, and iτ̅ won't be funny if I make the wrong move. Lol.

Thanks for your concern :*

As for good bargain on the rate, I do not think abokis or bureau de change will give you better than bank transfer services. If you use GTB internet banking, you can see their rate anytime you log on. It is usually the official rate rounded to nearest whole number not usually ecxceeding 1 in addition be it $, euro or pounds.

As for my DOM or card use, I never have to buy the euro as your money (dollar or naira) will be converted to the receiver at the prevailing market rate as at when you are making the transfer/payment. For instance, my DOM with Union and GTB are in dollars but with Zenith I have $, euro and pounds. So if I use my union card online or outside Nigeria, the DOM dollar will be charged at the prevailing rate but usually no charge. If it is the naira I spend (bank transfer), naira will be charged plus the usually transfer/charges (usually better than abokis rate overall).

If I use GTB DOM for the transfer, it is charged at higher than usual rates because GTB added another fee/charge that makes it be like twice the normal bank charges/fees. If you use GTB naira mastercard for the transfer/payment (now that means on the recipient website or by withdrawal from ATM outside Nigeria), it will be at the prevailing market rate plus just N1k. This is the best option if you are outside Nigeria (ATM withdrawal) or your recipient has website to receive the money from your card. Your GTB dom visa card can also be used to make the payment or withdrawal (if outside) but at less charge and official rate compared to bank transfer from the GTB DOM.

So for my DOM transfer, the bank does the remittance to my recipient in euro at the prevailing/official rate from my dollar denominated account. The only side to that is that you will have to get the dollar (or euro or pound) first before you put it into your DOM. I prefer doing the bank transfer from my Naira account. The bank will give me offical rate to euro and calculate how much Naira I will pay and the charges/fees for bank transfer, all chraged to my Naira account. In that case I do not worry about getting dollar, euro or pound to fund my DOM first. BUT that option usually requires you to produce a proof of the need to make foreign payment. e.g. school fees addmission letter, invoice from a seller of goods/services you are buying, or travel ticket & visa for a BTA or PTA (this one will only give you the euro by cash and not send it on your behalf to the recipient), etc.

Hmm, I see.
Pls could you drop your email address

ige700@yahoo.com

Please I don't really understand this, My Internet Banking Only Puts My DOM account numbers when I try to transfer.
Meanwhile the Official rate is around 206 Euros in the GTBank Interfce & I never get to buy at this rate.
Is there anyway anyone actually gets as low as this rate?

arbitrage:

As for good bargain on the rate, I do not think abokis or bureau de change will give you better than bank transfer services. If you use GTB internet banking, you can see their rate anytime you log on. It is usually the official rate rounded to nearest whole number not usually ecxceeding 1 in addition be it $, euro or pounds.

As for my DOM or card use, I never have to buy the euro as your money (dollar or naira) will be converted to the receiver at the prevailing market rate as at when you are making the transfer/payment. For instance, my DOM with Union and GTB are in dollars but with Zenith I have $, euro and pounds. So if I use my union card online or outside Nigeria, the DOM dollar will be charged at the prevailing rate but usually no charge. If it is the naira I spend (bank transfer), naira will be charged plus the usually transfer/charges (usually better than abokis rate overall).

If I use GTB DOM for the transfer, it is charged at higher than usual rates because GTB added another fee/charge that makes it be like twice the normal bank charges/fees. If you use GTB naira mastercard for the transfer/payment (now that means on the recipient website or by withdrawal from ATM outside Nigeria), it will be at the prevailing market rate plus just N1k. This is the best option if you are outside Nigeria (ATM withdrawal) or your recipient has website to receive the money from your card. Your GTB dom visa card can also be used to make the payment or withdrawal (if outside) but at less charge and official rate compared to bank transfer from the GTB DOM.

So for my DOM transfer, the bank does the remittance to my recipient in euro at the prevailing/official rate from my dollar denominated account. The only side to that is that you will have to get the dollar (or euro or pound) first before you put it into your DOM. I prefer doing the bank transfer from my Naira account. The bank will give me offical rate to euro and calculate how much Naira I will pay and the charges/fees for bank transfer, all chraged to my Naira account. In that case I do not worry about getting dollar, euro or pound to fund my DOM first. BUT that option usually requires you to produce a proof of the need to make foreign payment. e.g. school fees addmission letter, invoice from a seller of goods/services you are buying, or travel ticket & visa for a BTA or PTA (this one will only give you the euro by cash and not send it on your behalf to the recipient), etc.

Buy from inspired

www.nairaland.com/nigeria/topic-779700.192.html