Foreign Currency to UK Bank Account; where to exchange?
Discussion
Hello knowledgeable PH'ers...
I am due to receive an amount of money from a sender abroad into my UK Barclays account (sterling account, not multi-currency). The proceeds are in a currency which is not GBP. The sender has asked me whether I would prefer GBP to be sent (exchange at their bank) or in the original currency (exchange by my bank). The sender has given me an indicative exchange rate which is, at a glance, poor. I would like to check the Barclays rate but am having trouble locating this. Any suggestions on how to make the required comparison?
I have used an FX broker but require bank-to-bank in this circumstance. I appreciate I will get less GBP doing it this way!
I am due to receive an amount of money from a sender abroad into my UK Barclays account (sterling account, not multi-currency). The proceeds are in a currency which is not GBP. The sender has asked me whether I would prefer GBP to be sent (exchange at their bank) or in the original currency (exchange by my bank). The sender has given me an indicative exchange rate which is, at a glance, poor. I would like to check the Barclays rate but am having trouble locating this. Any suggestions on how to make the required comparison?
I have used an FX broker but require bank-to-bank in this circumstance. I appreciate I will get less GBP doing it this way!
Edited by AdviceHunter on Friday 27th August 23:16
Both options you list aren't great. Are you able to bill the amount you want in GBP, so that the sender can ensure that is the amount that is bought at their end and the amount that is then sent to your Barclays account (transfer fees paid their end)?
Can you call Barclays to ask them for an indicative rate? Knowing what they're like (as of three months ago when I last asked a client to check for me) they may have a margin as much as 4%, regardless of sum involved.
Why is a broker no good this time? Do you need to show that the funds hit an account in your name? I realise your post is a few days old but if you've still to do this then I would suggest doing a test transfer first, just so you're set up as a beneficiary at the sender's bank, for all to run smoothly (hopefully) when the main transfer is sent.
Can you call Barclays to ask them for an indicative rate? Knowing what they're like (as of three months ago when I last asked a client to check for me) they may have a margin as much as 4%, regardless of sum involved.
Why is a broker no good this time? Do you need to show that the funds hit an account in your name? I realise your post is a few days old but if you've still to do this then I would suggest doing a test transfer first, just so you're set up as a beneficiary at the sender's bank, for all to run smoothly (hopefully) when the main transfer is sent.
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