Nationwide SWIFT RECEIVING rates

liviboy

Hi guys,

Couldn't decide whether to post this on Foreign Currency or on here...so have posted in both, sorry.

Can anyone tell me roughly if the exchange rates for RECEIVING a SWIFT payment to the Nationwide are any good.

i.e. are they severely loaded or are they competitive?

Many thanks

agrinnall

SWIFT will use spot rate, you're unlikely to find anything better. What you have to beware of is that charge for doing the transfer (which is probably made at the sending end, although if it's coming from somebody else they could pass that on to you).

liviboy

Thanks for the reply, but what is the spot rate?

liviboy

For info from the other thread
It's a transfer of $11,000.

Just want to get the best rate as the money is coming from my mum and she has been offered a rate to send in GBP of 1.6065 instead of the 'real' rate of 1.56 so trying to work out if me receiving in dollars will give a better rate than the 1.6065 offered by the sending bank.

liviboy

Any other comments at all?

catokelly

Use an international money transfer specialist to maximise the amount of £££s you will get. Once you have registered, the $$$ could be transferred to their Client US Dollar account.. once they receive the USD they would contact you to confirm receipt of funds and let you know what the current rate is - you dont have to book a rate straight away so the Dollars would only be converted to Pounds once you are happy with the rate. The rate will always be better than what banks offer!

If usd are transferred directly to your uk bank, you wont know what rate they gave until you check your bank statement (usually an unfavourable 'tourist rate').

liviboy

Hi catokelly,

Have replied to your PM and I will certainly take on-board your comments for the next time :-)

al25

Also keep in mind that Nationwide uses HSBC payment system to process their SWITS & IBAHNS.
You should expect delays in receiving the payment as a result.

ColdIron

liviboy wrote: »

Can anyone tell me roughly if the exchange rates for RECEIVING a SWIFT payment to the Nationwide are any good.

I wouldn't have thought it would have any bearing at all. SWIFT is a secure network for exchanging structured messages, these could be anything from simple notification of payments to corporate actions. It would be like asking will I get a better rate if my bank sends a message by letter post or email

liviboy

ColdIron wrote: »

I wouldn't have thought it would have any bearing at all. SWIFT is a secure network for exchanging structured messages, these could be anything from simple notification of payments to corporate actions. It would be like asking will I get a better rate if my bank sends a message by letter post or email

I think you've missed the whole point of the thread!

I'm well aware of what SWIFT is as a process...my question, which I genuinely thought was fairly clear, was do Nationwide SWIFT transfers generally receive a competitive exchange rate or not.

The fact that SWIFT is essentially messages over a network is by-the-by, the question stands...if I had said an "electronic transfer" would that have made you happier?

**EDIT** - The question is essentially because I know from past experience foreign cheques generally receive a poor exchange rate...is the same true for a SWIFT transfer...

liviboy

Having called the Nationwide now the office is open to get a rough indication of SWIFT exchange rates, the rate "ish" for today is 1.59 for USD to GBP transfers (obviously they can't guarantee it).

The rate for SENDING the payment to me in GBP was 1.6065 so therefore I appear to be better getting it sent in USD and allowing the Nationwide/HSBC to do the conversion.