The Wholesale Forums

[ara-uk]

I need to send a payment of $7600 this week to my supplier for mobile phones this week. Only problem is that the bank I use charge an exchange rate of £1 = $1.72..which makes it more expensive for me. The current rates on www.xe.com are around £1 = $1.85

I asked the supplier if I can send the payment in GBP (£) by the rates on www.xe.com, to make it cheaper for me. They don't have a GBP account so can't accept GBP payments.

Is there any way I can send the payment cheaper?

Thanks in advance.

[Boro97]

Try your bank

[DSC]

You will rarely get the rate shown on xe as its the inter bank rate and so you would have to be changing a huge sum to get that.

Having said that 1.72 is rubbish, I could go and get 1.80 at Thoams Cook for cash so I would use a different bank.

[Parasol FX]

Hello ARA - UK

If you drop me a line i can help 0207 043 0403

I am a FX dealer for SME's

Regards

Damian George
damian.george@parasolfx.com

[ara-uk]

Damian, it's alright mate, I've sorted the problem out. Natwest's exchange rate is $1.8555 = £1. I'll be using them now. Thanks anyway.

[mazzster]

Yeah, was about to say the first deal sounded rubbish!

I've used Natwest several times, and their split is 5 cents, which seems fairly reasonable to me (ie if "real" exchange rate is 1:1.82.5, then they'll buy at 1.85 and sell at 1.8...or is that the other way round... I never remember!)