Exchange rates

ste29uk

Hi im currently withdrawing from an online booker maker and converting dollars to pounds via my visa debit card using the Halifax bank.
But I am getting really low rates.
The bank has told me they convert the money at visa rates.
Does anyone know how I can get better rates ?

grumbler

ste29uk wrote: »

Hi im currently withdrawing from an online booker maker and converting dollars to pounds via my visa debit card using the Halifax bank.
But I am getting really low rates.
The bank has told me they convert the money at visa rates.

They lied. They (Halifax) charge 2.75% for every currency conversion. Have they not charged you for the deposit either?

Does anyone know how I can get better rates ?

Use a card that doesn't charge: Your Card's Overseas Charges
If possible, get bookies accounts in £.

ste29uk

When I change pounds to dollars, its at the bookmakers rates.
When I change dollars to pounds I have been told it is at visa rates.
I have never noticed a charge by the Halifax for deposit or withdrawl.

reclusive46

ste29uk wrote: »

When I change pounds to dollars, its at the bookmakers rates.
When I change dollars to pounds I have been told it is at visa rates.
I have never noticed a charge by the Halifax for deposit or withdrawl.

The fee is normally hidden in the actual transaction itself.

grumbler

ste29uk wrote: »

When I change pounds to dollars, its at the bookmakers rates.

Are you sure? Very few bookmakers offer this. Usually if the account is in $ then the deposit is processed in $ to and it's Visa that do the conversion and the bank that charge you extra.

When I change dollars to pounds I have been told it is at visa rates.
I have never noticed a charge by the Halifax for deposit or withdrawl.

How the deposit is shown in the statement? Is it $ or £? If the bookmaker really does the conversion and charges the card in £, then there would be no fees. However, why can the bookmaker not do a similar conversion $->£ for a withdrawal then?

ste29uk

Ok after phoning the Halifax for over 1 hour,and being placed on hold alot 1 person said there is a fee, but said it may take sum time to find the exact fee for my current account.
I rang back and a different person said there is no fee at all.

I exchanged 935 dollars to pounds sterling.

On my statement it says GI 935.00 XR 1.60111 = £583.97
According to the visa exchange rates website for the day it says
1 POUND STERLING = 1.553000 UNITED STATES DOLLAR.

Should I get this exchange rate stated by visa for the type of transaction I am doing.

grumbler

ste29uk wrote: »

Ok after phoning the Halifax for over 1 hour,and being placed on hold alot 1 person said there is a fee, but said it may take sum time to find the exact fee for my current account.
I rang back and a different person said there is no fee at all.

You can keep wasting your time. Alternatively you can check MSE article that I posted a link to above or just check the website:
Rates, rewards & fees

We will charge a non-sterling transaction fee of 2.75% of the amount of the transaction

ste29uk wrote: »

I exchanged 935 dollars to pounds sterling.

On my statement it says GI 935.00 XR 1.60111 = £583.97
According to the visa exchange rates website for the day it says
1 POUND STERLING = 1.553000 UNITED STATES DOLLAR.

1.553*1.0275=1.5957 that is almost the same as 1.6011, especially if you take into account the fact that the rate fluctuates during a day.

Mikhail

Are you talking about VISA money transfer?
https://usa.visamoneytransfer.com/Visa/Web/Help/FAQ

grumbler

I don't think so. All bookies process CC withdrawals as card refunds.

ste29uk

I used this website - visa exchange rates


At no point over the last few weeks as the exchange rate been
1 POUND STERLING = 1.60111 UNITED STATES DOLLAR

This is the exchange rate on my statement form the halifax bank.

Whats going on ?

grumbler

I start thinking that you can type, but cannot read...

1.601 is the exchange rate that Halifax used by adding their 2.75% to the Visa rate. Is this still not clear enough?