Is there a big difference in banks business exchange rates?

Swampyrn

Hi,
I get paid in US dollars and my bank charges me 7 GBP to exchange from US dollars to GBP. The exchange rate is always higher than the tourist rates in the street so i take it there is a business exchange rate that the banks use.
Is there a big difference in this rate between banks as i am thinking of shopping around to get a better deal if this is worth while.
Kind regards,
Ian.

grumbler

They almost never publish their current rates, but I guess all charge something within 2.5-3.5%

ETA, also, some charge a flat fee for incoming international transfers.

Swampyrn

Santander don't charge for exchanging the currency from dollars to GBP, but I want to know if the exchange rates differ from one bank to the next. I have messaged Santander to see what their current exchange rate is as of the 31st Oct when I got paid and Lloyd's exchange rate was 1.63.

grumbler

Swampyrn wrote: »

Santander don't charge for exchanging the currency from dollars to GBP, but I want to know if the exchange rates differ from one bank to the next.

As I said, some banks charge a flat fee for incoming transfers, not for exchanging. All banks charge for exchanging by using their own exchange rate.

I have messaged Santander to see what their current exchange rate is as of the 31st Oct when I got paid and Lloyd's exchange rate was 1.63.

If it's true, 1.63 is a good rate - much better than I would expect.

Swampyrn

I get a letter every month from Lloyd's telling me what the monthly charge is, 7GBP, and the exchange rate they used. I just thought 1.63 was high as the tourist rate is 1.56. I know they will be a difference between the two but not that much.

grumbler

What's this monthly £7 for? Is it some premium account?

Swampyrn

This charge is for exchanging the dollars into GBP.

grumbler

I refuse to believe that they charge a flat fee.
At what date have they made the conversion @1.63?

Swampyrn

The last letter I got was the 1st oct, which they call a CHAPS receipt, it's a flat fee with Lloyd's for the exchange. I have just checked the letter again and the rate was worse. It was actually 1.65, not 1.63.