Finding the best exchange rate...

Poker_Pro

Hi,

I need to cash out a large sum from Party Poker, my account there is in USD and I want to cash out to my English bank account (Halifax). I know Party Poker offers a poor exchange rate, but I can cash out in USD. I assume Halifax will then convert the amount to GBP? If so what is the best way to check Halifax's exchange rate on a specific day?

Is there any alternative to using a bank wire transfer, in order to get a better exchange rate? I'm cashing out $400,000 so a small change in the rate makes a big difference to me.

Thanks,

Mike

BruceyBonus

Do they offer a withdrawal to VISA debit card option? If they do, use a Nationwide VISA debit card. You should receive the exchange rate offered by VISA.
http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp?src=ex_rez

Not sure if they will ask questions over that large sum of money though!

Poker_Pro

Forgot to mention there is a $10k max for VISA withdrawals. But I'll look into that.

Am I right in assuming that whatever method I choose, I will always be offered a rate less than than the 'actual' exchange rate? Does ~2% sound reasonable?

purch

An amount of $400k/£200k will attract a rate pretty close, if not at the actual spot price at the time

You should not just allow Halifax, Visa or anyone to just convert the sum at whatever rate they want to use

Make sure they quote you a price, don't be 'ponced off' my some clerk trying to tell you 'it's not done that way'

If your UK Bank won't offer you the service try someone like http://www.hifx.co.uk/personal/money_transfers/overview.aspx
or
http://www.moneycorp.com/personal/
or
http://www.afex-uk.com/pages/index.asp?content_area=7

lr1277

Can't you use an intermediate bank? Say open a $ account at Citibank (in the UK) or HSBC, move the money into this account and then consider your options. These $ current accounts should give you a cheque book and/or a card giving you the flexibility in the way you move your money and so you will be able to control the exchange rate you get.

Jonbvn

lr1277 wrote: »

Can't you use an intermediate bank? Say open a $ account at Citibank (in the UK) or HSBC, move the money into this account and then consider your options. These $ current accounts should give you a cheque book and/or a card giving you the flexibility in the way you move your money and so you will be able to control the exchange rate you get.

I think this is good idea, since IMHO sterling is likely to drop against the dollar in the near future, as we go through our own housing market crash.