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Conversion question

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  • 25-11-2007 4:18pm
    #1
    Faith
    Moderators, Society & Culture Moderators Posts: 30,657 Mod ✭✭✭✭


    I've no idea if this is the right forum or not, so sorry if it's not!

    Basically, I had a cheque for $248 from the US that I lodged to my UK bank account. It took 6 weeks to clear and there was a £7 commission. I expected to get at least £110 (with commission taken into account) for it, but I only got £96 (£89 minus the commission). All the useless girl in the bank could tell me was that maybe the conversion rate was really bad that day. I've been keeping an eye on the rates and I didn't notice any massive fluctuation. Right now, xe.com is telling me I should get £120 for it. Is it possible the rate really was that bad that day? Do I have any way of checking? What can I do if the bank is at fault, to get the rest of my money?

    Cheers.


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    #2
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    xe.com doesn't give you the rate you get in the bank - wholesale exchange rates and retail exchange rates can be different.

    It does seem low, but depending on the rate it might account for it.


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    #3
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    Faith wrote: »
    I've no idea if this is the right forum or not, so sorry if it's not!

    Basically, I had a cheque for $248 from the US that I lodged to my UK bank account. It took 6 weeks to clear and there was a £7 commission. I expected to get at least £110 (with commission taken into account) for it, but I only got £96 (£89 minus the commission). All the useless girl in the bank could tell me was that maybe the conversion rate was really bad that day. I've been keeping an eye on the rates and I didn't notice any massive fluctuation. Right now, xe.com is telling me I should get £120 for it. Is it possible the rate really was that bad that day? Do I have any way of checking? What can I do if the bank is at fault, to get the rest of my money?

    Cheers.

    Why is it necessary to refer to the girl as 'useless'? It adds nothing to the post and is offensive.

    Having said that, the rate seems a bit savage
    http://www.fxcentre.com/doratesaver.asp
    suggests an average rate of 0.4924 for sept and October against a rate of 0.3871 for your transaction.

    I would query it, given the fact that there may be additional charges for such a small amount and for handling cheques and there may have been a bank to bank charge for sending the cheque back for collection.
    the 7 quid may only have related to converting the currencies once the net amount of dollars had been exchanged.

    getting the detail is a bit like taxes and other charges for flights


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