Halifax poor echange rate

hubballi

I had a foreign cheque for $446 which when converted with the online currency converter gave me £232. When it finaly went through to my Halifax bank I was charged a reasonable £10 fee but only ended up with £207 in my bank account. I phoned my bank and they said the exchange rates vary but surely not by £25 !!!! I smell a rat.

RayWolfe

Look at what has happened to the Pound/Dollar over the past few days and see if you still feel the same.

mrposhman

Does it state the rate on your statements? If not, ask them. Check the date too so you can see what the base rate closed on that day.

Theres no way you will get more money but it may satisfy your mind.

jonesMUFCforever

By online currency converter what do you mean exactly?

No one bank has a set rate against any currency but the rate that they would have applied to your cheque would not have been a cash currency rate.

nzseries1

You'll never get the "exchange rate displayed online". This is the mid-market rate that banks use when transferring large amounts of different currencies between each other.

You'll get Halifax's latest "Offer" rate, which they may advertise on their website but they may not. It's always less than the online rate and it's one way that the banks make money. It's very common practice.

Have you ever been into a place that sells currency and seen the "We buy at" and the "We sell at" rates, and noticed that they are different? (Roughly the same amount either side of the online rate?) The difference between these figures is the difference between the online rate and the rate you get.

Richard019

Do Halifax charge commission as well as a fee?