transferring pounds to dollars

[Lou Lou 1]

FWIW I write US checks to my UK accounts for no fee, and UK cheques to my US accounts for a small fee (usually $5-10 depending on the amount).

[Mr. Big Dog 10,747]

No he writes it in UK pounds and it gets converted by the US bank when he pays it in.....

That will cost you way more than that buck fifty you quoted earlier. Take a good look at the exchange rate the bank applies for your funds. They make money there, too...

Well I transfered 3,000 GBP from my UK acount just 2 weeks ago I paid the check into my US account and the exchange rate was $1.86 for 1.00GBP and the only fee was $1.50 foreign transaction....

So as far as I can see this was much cheaper than anyother way I could find....

Kezzie

The rate that day on a credit card transaction would have been better. Unless your bank actually operates this service at a loss. There is no way for any bank to do a foreign check collection at a buck fifty and still turn a profit.

Edited August 20, 2006 by ET-US2004

[Kez/JWolf 6]

ET-US2004 are you saying I am lying.......

Kezzie

[Mr. Big Dog 10,747]

ET-US2004 are you saying I am lying.......

No, I am not. All I am saying is that the $1.50 fee your bank charges is more of a symbolic nature. The actualy fee for that transaction is earned elsewhere. Usually that is in the foreign exchange part of the deal by applying an unfavorable rate. I've left that very business not too long ago...

[rbhigday 0]

when you buy money you pay about 5% more then when you sell it that what he is saying

[Kez/JWolf 6]

I fully understand the foreign exchange market as I work for a Bank... All I can say is that is what I was chagered and the rate I got 2 weeks ago here in boston....

Oh and that was not a staff rate as I dont bank at the bank I work for....

Kezzie