just got screwed with exchange rate, bank transfer

P

paperclip

Registered User
Messages
336
transfered €1835, to an english account, when it arrives, it's €1800!

i kinda assumed what i sent, would be what would be received.

is this normal?

bit of a hit
 
I presume the 1800 is actually now in sterling?

If so the reason for the "hit" is the spread or margin on the fx rate
 
ye, it's in sterling.

is there anyway to transfer money, and have the amount you've transfered materiaise in the other account for the same amount?
 
Which exchange rate are you using to reconvert the sterling back to euro to compare? How do you know you are down 35 euro?

If you do an International TT or SWIFT payment you can "accept all charges" - that way the exact amount appears in the other account.
 

well, i had to send over a sterling amount, which, when i went to xe.com, came to €1835

the sterling amount, that was received, when put into xe.com, 3 days later, came to €1800.......... €35 less.
 
€35 loss is prob due to both banks charging you for transfer. LLoyds TSB take £20 and BOI take €7, at leat thats the way it worked when i sent from uk to roi
 
paperclip said:
well, i had to send over a sterling amount, which, when i went to xe.com, came to €1835

the sterling amount, that was received, when put into xe.com, 3 days later, came to €1800.......... €35 less.
Click to expand...

But is that not because the exchange rate has changed?

Also xe.com supplies Mid rates, not the Offer rate that you would be buying sterling at.
 
efm said:
But is that not because the exchange rate has changed?

Also xe.com supplies Mid rates, not the Offer rate that you would be buying sterling at.
Click to expand...

ye, but i'd asumed that the amount i transfered would be the amount that would, well, be transfered.
 
paperclip said:
ye, but i'd asumed that the amount i transfered would be the amount that would, well, be transfered.
Click to expand...

But it was! You sent over 1,500 GBP (I'm guessing) and that was what was received.

The banks don't do money transfers for free you know - so there are charges as well. And, exchange rates move; so 1,500 GBP may be worth 1,835 EUR in Monday but only worth 1,800 EUR on Wednesday because the Euro has gone up in value against the Pound (ie the exchange rate changed)

Or am I missing something?
 
paperclip said:
well, i had to send over a sterling amount, which, when i went to xe.com, came to €1835

the sterling amount, that was received, when put into xe.com, 3 days later, came to €1800.......... €35 less.
Click to expand...

Unless you're using XE.COM to transfer the money the rate they quote is irrelevant in the real world. The rate you will pay is the ont the bank quote. Anything else is a distraction.
 
You can't rely on XE.com - your Bank will prob not be using the same rate. XE.com is only a guide.
 
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