Bank Currency transfer rates

GMil_2

Hi,

I was working abroad for a few months and was getting paid euros into my UK bank account.

I am doing some reconciliation and never realised that the rate my bank has being using appears to bear no resemblance to the actual rate?

For example on the 11.01.2013 the rates at

• xe.com was 1.2079 ,
• at exchangerate.com/ was 1.2119,

But my bank used 1.2446. How can this be?

Is there somewhere I can a definitive rate?

Thanks

jonesMUFCforever

As there are no fixed exchange rates the answer to your question is no.

grumbler

GMil wrote: »

...Is there somewhere I can a definitive rate?...

If you want an educated guess just add about 3% to the interbank rate

catokelly

xe.com shows the interbank/spot rates. Your bank is more likely to use 'tourist rates' when converting your funds to Sterling.

Dragonista

Bank will take a charge to cover "admin" costs too. I live overseas and it costs around £6 for my UK bank to receive an international bank transfer (and costs about £12 to send one). It can vary slightly depending on the sums involved.

grumbler

Not all banks charge for receiving.
And I think you can do better than just sending money by a bank transfer: http://www.mycurrencytransfer.com/