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Tips on dodging exchange rate muggings

I've just crashed clumsily through my woeful personal admin and done the numbers on what I am getting mugged for by Santander when my Dollar pay arrives and is changed to stirling

I've got a local HSBC (middle east) account and a UK Santander account

Example of Decembers rate. 1.518 versus 1.48 which is skinning a fair bit off me annually

Any solutions.

Would being paid into a dollar account then sitting for favourable rates work?

Are there any better/more competitive accounts I could use

I'm off to google, but any advice gratefully received
 
My big money saving tip would be to know the currency of the country you are going to.

I was going to Gothenburg to talk to a client. Got to Stansted and bought €500.

Met my oppo in the bar and said I had euros. No good mate. They use Swedish Crowns.

Boogger. Back to the FX and converted the €500 into Crowns.

Didn't spend any cash over the three days. All card transactions. Changed crowns into ££ at the airport and walked away mugged of about £40 in two lots of commissions.
 
My big money saving tip would be to know the currency of the country you are going to.

I was going to Gothenburg to talk to a client. Got to Stansted and bought €500.

Met my oppo in the bar and said I had euros. No good mate. They use Swedish Crowns.

Boogger. Back to the FX and converted the €500 into Crowns.

Didn't spend any cash over the three days. All card transactions. Changed crowns into ££ at the airport and walked away mugged of about £40 in two lots of commissions.
Was there any evidence of a purple cape and a sulphurous smell..........
 

Rab_C

War Hero
If you are eligible for an offshore account which you appear to be, then Lloyds IOM charges no commission on exchanges or you could just open a USD account with them.
 
Was there any evidence of a purple cape and a sulphurous smell..........

I assumed it was aviation fuel leaking out of CryingAir aircraft.

Didn't learn as I did the same thing when I went to Prague. Another FX mugging.
 
You might get a good deal from Crossbar or World First.

We use the former and used to use the latter as we buy stuff from Bulgaria and Croatia and the FX rate/commission can make a big difference.

Google them adding FX into the search request.
 

Zhopa

War Hero
I use a Halifax credit card specifically for overseas use. Seems about the best as long as you pay it off in entirety.
 
I've just crashed clumsily through my woeful personal admin and done the numbers on what I am getting mugged for by Santander when my Dollar pay arrives and is changed to stirling

I've got a local HSBC (middle east) account and a UK Santander account

Example of Decembers rate. 1.518 versus 1.48 which is skinning a fair bit off me annually

Any solutions.

Would being paid into a dollar account then sitting for favourable rates work?

Are there any better/more competitive accounts I could use

I'm off to google, but any advice gratefully received

We have HSBC accounts in the US & UK and can freely transfer dosh between them - money laundering limits allowing. Not much impact on the exchange etc.

Remembering when HSBC went all global their intent was to offer the 'International' seamless, affordable international banking through their network. They may have their problems, but with a Mrs in banking, who knows the ins and outs of the good 'uns and the bad 'uns we are still with HSBC because they offer the one stop service.

So, go open a UK HSBC ac.

As to Santander, well there is an opinion of them in the upper levels of banking. Think along the lines of Manuel, siesta's, etc, etc......
 
Ok, just opened a dollar HSBC account linked to my dirham HSBC account.

Will look into getting an HSBC uk current account

Why is life so filled with chadmin
 
Ok, just opened a dollar HSBC account linked to my dirham HSBC account.

Will look into getting an HSBC uk current account

Why is life so filled with chadmin

The Mrs called you a bad name (based around self abuse with your hand) because you had not done the obvious and opened an HSBC account both ends.;)

You just open both accounts on your PC and more or less simply drag and drop from one to the other, then after a while it shows up as in the actual account. Really simples.
 
There are a couple of debit cards on the market that use the spot rate at the time of transaction with a tiny fraction of margin taken for the provider. FairFX is one such; you have to pre-load the card before use/travel in a designated major currency. A couple of financially illiterate mates have used it with success so it's probably worth looking at.
 
I'm looking at this
Payment Options - Forward Contract

Forward contract.It would seem to be a cunning plan as I get paid in dollars and dollars are strong at the minute. just need to work out numbers/price

thoughts please
 
Talking to them it seems straight forward

I decide on a sum of money I want to transfer
I decide on a period I want the deal locked in
I pay up front a %5 deposit this locks the exchange rate for the period
I transfer dollars to them, they give me sterling back at the locked it rate

I can't find a catch...........

answers on a post card
 

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