LLoyds exchange fee

Marchitiello

BTW Wise (formerly transferwise) has a comparison table at the bottom of the mobile view landing page, comparing £1000 converted and sent into Euro and Halifax (Lloyds group) is about €47 worst off, and NatWest/RBS about €45 worst.

anapiu

Marchitiello said:

BTW Wise (formerly transferwise) has a comparison table at the bottom of the mobile view landing page, comparing £1000 converted and sent into Euro and Halifax (Lloyds group) is about €47 worst off, and NatWest/RBS about €45 worst.

Well now is too late

eskbanker

anapiu said:

This is what I don't get...Transfer wise calls it a fee as well!

What does Wise declare as their conversion rate and correspondingly the £ amount they'd send?  It's only the difference between that figure and what actually landed in your Lloyds account that you can attribute to charges levied by Lloyds - the exchange rate itself is down to Wise....

Edit: I'm assuming, perhaps erroneously, that you actually used Wise - if you didn't then it might be worth clarifying exactly which institution you did use to send the money and whether or not they handled the currency conversion?

Marchitiello

anapiu said:

Grrr! Next time I'll ask them fees, costs or rates then... If I don't know what to ask, I think fees or costs covers everything, apparently it doesn't.

I know this must have upset you but unfortunately you must blame yourself for not researching properly how currency exchange are managed by traditional banks. SEPA transfers (of which UK bank are still part of for now, although this may change as consequence of Brexit) guarantee that no fee should be added at origin (unless “urgent” transfer is selected) or receiving end. Currency conversion margin and/or fee are at the bank/service discretion.

Using the bank to convert the money should be the one lesson that make you decide that there should not be  “next time”. The receiving bank can tell you little about their rate as well as if you walk today in your Lloyds branch and ask what they would convert €27,000 to in GBP, they will give you a quote for right now. You then send the money from your EURO account and most probably it would land in your Lloyds account tomorrow, when exchange rates could have changed even considerably (like what happened weeks ago when the Mini budget  was announced and the pound crashed), so the only sure way to do it if you want to use your existing bank arrangement, is to ask the sending bank to convert and send in GBP at origin (again, likely to apply equally terrible rates, that is one of the ways traditional banks make their money).

otherwise, take the advice given to you in this or in other similar thread and use a different way to send/receive currency. 

Marchitiello

eskbanker said:

anapiu said:

This is what I don't get...Transfer wise calls it a fee as well!

What does Wise declare as their conversion rate and correspondingly the £ amount they'd send?  It's only the difference between that figure and what actually landed in your Lloyds account that you can attribute to charges levied by Lloyds - the exchange rate itself is down to Wise....

OP has not use wise, otherwise he would not be even creating this thread. He just went to look at how wide manage currency conversion and bank transfers and conclude that as Wise calls it a Fee, Lloyds should also estrapolate the margin they built in their exchange rates and bill it as fee and also clearly communicated.

@anapiu would you mind sharing the exact day /time the transfer landed into your account and/or the exchange rate they may have listed in the details of the transaction. We may be able to extrapolate what are the margin % they have applied. 

anapiu

It was today, doesn't have an hour but it was there at 7am already.
I have transferred 28,000 euros and got £23,650.65.
Details only say f/ flow and my name.

[Deleted User]

anapiu said:

Grrr! Next time I'll ask them fees, costs or rates then... If I don't know what to ask, I think fees or costs covers everything, apparently it doesn't.

If you had asked them to provide you with an illustration of the conversion when at the bank it would have highlighted the gap between your expectations & what they were offering. 

anapiu

Deleted_User said:

anapiu said:

Grrr! Next time I'll ask them fees, costs or rates then... If I don't know what to ask, I think fees or costs covers everything, apparently it doesn't.

If you had asked them to provide you with an illustration of the conversion when at the bank it would have highlighted the gap between your expectations & what they were offering. 

I went there to do this. But they just said "there's no fees" and sent me away -.-

anapiu

Anyway... They just stole Christmas from me... I hope that extra bottle of Cabernet makes them happy.

[Deleted User]

anapiu said:

Deleted_User said:

anapiu said:

Grrr! Next time I'll ask them fees, costs or rates then... If I don't know what to ask, I think fees or costs covers everything, apparently it doesn't.

If you had asked them to provide you with an illustration of the conversion when at the bank it would have highlighted the gap between your expectations & what they were offering. 

I went there to do this. But they just said "there's no fees" and sent me away -.-

I guess only you can decide if you were misled or if you didn't try hard enough.