rate of exchange

[Amilcar]

I am expecting 55,000 Euros to be paid to me from an individual in France. The value in sterling appears - from my search engine - to be in excess of �49K at the moment. But I asked Natwest how much I was likely to receive into my account and they quoted "in the region of 45,000 pounds." Does this seem right and, if so, I wonder why the large discrepancy? The person on the phone couldn't explain. Is it a commission? Is there any way to avoid this, please?

[dzug]

Not a commission as such - but a loading on the exchange rate, difference between buying and selling rates and the like.

You can't avoid it completely but using a currency broker rather than Natwest should reduce it somewhat.

[Amilcar]

Thanks for the response and suggestion.
I'll look into it. Cheers!

[coccinelle]

Or you could open an account in France...

[coccinelle]

Or as I've just seen exists on another thread; open a Euro account

[Leggendisgod]

open a euro account .bearing in mind that when you withdraw in pounds sterling you will be paid at the rate of the day.

at todays tourist exchange rate of 1.08


108, 000 euros would be = to 100,00 pounds

therefore


54,000 euros would be equivilant to 50,000 pounds..


it does seem that your bank are charging a hefty fee.


check with some of the money brokers for a better deal.

[dzug]

at todays tourist exchange rate of 1.08

Surely that's the tourist exchange rate for buying euros. If that's the case the tourist rate for buying �� is going to be nearer 1.15 to 1.20


I suspect that OP has been quoted on the tourist rate - possibly by an ignorant clerk, possibly 'correctly', though I would have thought that a bank could do better than that.

[pbeach]

Hmm someone at Natwest is quoting a massively wrong rate...

Although a bank will not give you the same rate as you might find quoted on xe.com for example, the rate should not be that far off...

secondly check that the cost of the transfer is fixed and how much it is....

thirdly you could if you wanted (especially on a sum as big as this) try and get a forward contract to guarentee the exchange rates if you so wish.

[Amilcar]

Hi,
I dropped into my local NatWest in person, today, to check this out. Amazingly, it took several phone calls and conferences between colleagues before a "Head Office"
resolution. You are right and the woman in the NatWest call-centre was grossly off beam. At today's rates, the bank would be paying me over �48.6K for the 55,000 Euros. And I am reasonably content with that. Thanks to all for their interest....
Bryn.

[buildersmate]

Glad to learn that you appear to have finally won this case (that from memory relates to the flawed purchase of a vehicle from a French motor trader).

[Amilcar]

Hello Buildersmate. What a memory !!!
I had a daylong hearing in CC on Friday, focussing on two issues: identity of correct defendant and my rights under DSR2000. Defendant accepted that he had not disclosed limited liability so was personally and individually responsible. Judge was satisfied as to applicability of the DSR Regs and that, in absence of receiving "information before contract" I had cancelled within the time limit. Therefore, I was due the 55000 refund and costs (to be assessed). The judge declined to deliver judgement on the day but he secured agreement from Defendant that the refund would be paid and costs would be decided at a telephone hearing to save him another trip from France. My solicitor has written confirming payment is due. So, fingers crossed (after a year and a half) conclusion is in sight. Otherwise, I will press for judgement which, in light of the above, I trust will be a formality. Thanks to Answerbank legalisters for their help and support !!!!