I am confused by Santander Zero's exchange rate

hss

Perhaps the easiest way would have been if Santander had actually put 1.33 as the rate instead, it would have been the way I would have converted my USD to UK£. How Nationwide have done it shows it much clearer for me. I feel Santander is more confusing not using this method. Just my thoughts.


Thanks for all yours.

PeacefulWaters

hss wrote: »

Perhaps the easiest way would have been if Santander had actually put 1.33 as the rate instead, it would have been the way I would have converted my USD to UK£. How Nationwide have done it shows it much clearer for me. I feel Santander is more confusing not using this method. Just my thoughts.


Thanks for all yours.

Regardless, previous research has shown you get more foreign currency per pound using MasterCard compared to Visa on most transactions.

There's no right or wrong way of expressing a foreign currency transaction. But a bit of basic division (which for most will need a calculator) can tell you the answer.

hss

Yes I do use a calculator, yes it is basic revision. I'm just saying for me - others may have different views - showing the actual exchange rate on my statement is how I would divide it to show the actual cost. That is logical to me & how I do things. Others may do it differently. Just my thoughts which is easier for me.

Nebulous2

hss wrote: »

Yes I do use a calculator, yes it is basic revision. I'm just saying for me - others may have different views - showing the actual exchange rate on my statement is how I would divide it to show the actual cost. That is logical to me & how I do things. Others may do it differently. Just my thoughts which is easier for me.

Regardless of how the rate was shown - your statement will show how many dollars you withdrew and what those cost you in pounds. Simply divide the pounds by the number of dollars and that will give you the cost in pence per dollar.

singhini

I think the title of the thread needs to be changed as its a little harsh on Santander considering its the OP's lack of understanding on the matter.


In Finance there is a big difference between the meaning of the words "Zero" and "Free" and even "No" (they never claimed to give you anything "free"). You got a better rate with Santander compared to Nationwide so perhaps you could alter the thread title and not mislead others?

hss

Once again thanks to all replies. If Santander had put the exchange rate on the statement, would be clearer. I don't need to know how much 1 dollar is in UK pounds, just the exchange rate. Don't need to be a financial genius, but if you are AND happen to work for Santander, perhaps you could pass on my comments. I haven't misled anyone & if they had put 1.33 rate instead of the UK £, I wouldn't have needed to post my thread in the first place. Quite simply when I go to buy a foreign currency, I look around to see the exchange rates before buying. Likewise I want to see the exchange rate of the currency used to tell me the cost. Quite simple.

chattychappy

hss wrote: »

I haven't misled anyone ..... Quite simple.

You have misled people by your thread title.

Quite simple.

PeacefulWaters

hss wrote: »

Once again thanks to all replies. If Santander had put the exchange rate on the statement, would be clearer. I don't need to know how much 1 dollar is in UK pounds, just the exchange rate. Don't need to be a financial genius, but if you are AND happen to work for Santander, perhaps you could pass on my comments. I haven't misled anyone & if they had put 1.33 rate instead of the UK £, I wouldn't have needed to post my thread in the first place. Quite simply when I go to buy a foreign currency, I look around to see the exchange rates before buying. Likewise I want to see the exchange rate of the currency used to tell me the cost. Quite simple.

$1 costing £0.7512 is an expression of exchange rate.

eDicky

hss wrote: »

Don't need to be a financial genius...

...to realise that Santander couldn't possibly be giving you only 75 cents to the pound instead of $1.30+, and it must be the exchange rate expressed as what a dollar cost you, perfectly normal for a GBP account.

Any exchange rate can be expressed either way. Why not admit your mistake and edit the thread title?

EveryWhere

OP, you made a mistake. Earn the respect of your fellow members and fix the title.

You can put "Beware, Santander Zero quotes exchange rate in a confusing manner".