bank forex rates

straggler

Hi all,

I have a Dollar account with Citibank UK and want to do a transfer to a UK Sterling account. I could do that to a Citibank account but their forex rate is pretty dire. I'm out of the country for a while so can't just get cash, go to a specialist Dollar bureau and get pounds, unfortunately.

Does anyone know if any UK bank gives a good rate on incoming payments in foreign currency?

Thanks for your time.

grumbler

Citibank internal rates used to be much better than in other UK banks. Although they reportedly deteriorated recently, I think they are still better than in other banks. Also a $ transfer to another UK bank isn't free and will cost you a flat fee. For the same fee you can transfer your money to a currency exchange broker who will offer you a much better exchange rate. For some names see MSE article Sending Money Overseas

If you go this route make sure that the broker doesn't charge you for transferring ££ to your account as they like using Chaps by default.