Norway salary paid to UK bank account

mistalee

As from next month my salary will be paid into my UK Santander bank account in NOK. The rate I recieve will be whatever it is on the day, but I have no idea the difference in the true rate and the rate Santander uses.

Is there any way I can track these rates live or is there a general mark down rate the banks use? I don't want to end up getting alot less salary with this change.

I know the bank don't charge any fee's for the monthly transfer so it's just the rate info I'm unsure about. There is no info regarding how to find out the rates on their website.

Thanks for any advice/help offered

maninthestreet

You will be exposed to daily currency exchange fluctuations, and there is little you can do to affect these.

mistalee

Yes but is there any way to keep a track on what the rates are?

innovate

You could check an online service, e.g. xe.com

Not sure whether your bank publishes the rates they use, you could always check with them perhaps?

Rafter

I would use xe.com which is a reliable source of interbank rates before the lovely loading fees and spreads applied by banks that make them lots of lovely profits!

If this is a longer term arrangement you may wish to open an NOK account with a bank and then use a money transfer service to get your income back into GB£ at a rate that is likely to be much better than that used by Santander.

Good luck

R.

iluvsaving

You should be able to ask the international team of the bank you are with to send out an automatic receipt for international payments that are posted to you each time you receive a credit. This should tell you the conversion rate and any charges incurred.

catokelly

Hi,

I would advise you to avoid using your bank to receive inbound international payments as you are subject to their rubbish conversion rates and fees.

If you use a currency broker, the Norwegian Kroner would be sent to the directly to the brokers Norwegian Kroner account, they would then negotiate it into sterling for you (using live market rates not banks 'tourist' rates) and you have control over if you want to book a rate or wait - once agreed the sterling equivalent is then transferred to your uk account. Whereas when you do it through your bank they automatically use their own rates. I usually use Thomas Exchange for sending Euros back to the UK and I am sure they also cater for Norwegian Kroner, send an email to [EMAIL="enquries@thomasexchange.co.uk"]enquries@thomasexchange.co.uk[/EMAIL] to make sure (if you are interested).

scottishblondie

My father receives a Norwegian pension. He has been using a Nationwide account to receive the payments as they do not charge for incoming foreign payments and offer a decent exchange rate.

If Santander charge for these transactions, it might be something to look into.

mistalee

Thanks to you all I will look at all these options

:T