I optimistically follow this thread, hoping to be alerted when the pound rises a bit*. I then read here it’s hit (say) 1.14 and immediately check HighFX (CA Britline’s foreign exchange partner) and find the rate is almost always about 0.8-1€ less than the headline (1.14) exchange rate.
When you folks say the rate is (for example) 1.14, is that the actual rate you really get when you buy € or is it the headline mid-market rate, (which is presumably the mid-point between buy and sell prices?). Maybe I’m using the wrong fx broker, but I find it hard to believe there is going to be a huge discrepancy between market participants.
I’m confused…
*I do also check the exchange rate every working day, online, just in case…
Is the actual rate I got less the transfer fee. I do my best to let people know but it can change quickly. Still using Wise but happy to hear the rate and charges from others to compare.
Absolutely agree with @Corona. The headline rate from e.g. poundsterlinglive.com is what you get from e.g. Wise but of course there are transfer charges - not generally huge, but if you include them , it will drop the apparent rate @George1
Thanks all. I guess my concern is that the ‘headline rate’ being quoted by delighted SF members is either gross, before deduction of transfer charges/commission etc, ie the real rate received is less. Alternatively (for example) the Britline agents I use seem to have a poorer rate (-0.8-1%) than the headline rate, but no charges anywhere. That’s why I wonder if the real rate received net, irrespective of the exchange rate method used, is always going to be less (by varying amounts) than the headline rate.?.
Tricky because the size of the transfer is relative to the charges. At the rate I got the other day the net rate was 1.14. Just going to check that fact from the website.
I used to use FX brokers but found that the new online platforms consistently beat them.
My last Wise transfer was 0,004 under the headline rate when transfer charge calculated in. So 1.13605 againt headline rate of 1.1407. Since the transfer charges are standard it’s easier for me when checked rates to have a headline figure in my head.
I think I might be over-worrying…taking a sample snapshot of a live rate (thanks for the link @AngelaR ) and comparing it to (for example Britline/High FX) the difference between the headline rate of 1.1376 a few moments ago, and the net receivable post exchange of
1.1286 is ‘only’ 0.009. I accept that the differential becomes more material if substantial amounts are at stake…
Nuff said.
You’re lucky it’s so light.
3% is more the norm in FX weighting when any bank is involved, and that’s before any fees which, say, a regional Caisse of CrAg might apply additional to a weighted exchange rate.
Wise seems currently the best, most transparent, most OK on fees. Some like Revolut.
Starling and Metro Bank might still transfer at bank rate.
Wise is now 0.4% ish, used to be 0.35. I think starling is also 0.4%
Revolut is less, but how less varies - their own rate doesn’t track exactly track the market rate. So on Friday during the day at various points it was charging variously 0.88 to 0.18%.
I understand Britline International Payment Services is in fact an own brand CA label, which is reality is HighFX , an independent online broker that “partners” with CA Britline…maybe that explains the 0.8/0.9% spread, as opposed to the classic bank 3% you mentioned.
As above (and thanks for the detailed comparison you’ve separately made!)
Just to note that I SHOULD have told you all that I’d just made a transfer now the rate had gone up. As is almost always the case, the rate has gone up significantly more since
I’ve been doing smaller amounts as it seems quite volatile, I did £200 at 1.130 (all my actual exchange rates) when the rate first started rising, to get some euro for the tax direct debit. I then missed last Fridays big rise, I hit 1.39 then when revolut dropped back to 1.38.
Thought I’d gamble on the euro bank and it paid off - yesterday bought two separate £100 at 2.40 and 2.55 just before the first dip - at 1.1391 combined.
So my last week ‘cost’ me €1.70 compared to yesterday. I might buy another couple hundred now its going up further - my next targets are 1.1457 ish but maybe picking up a few more euros at less might be helpful…
However, my thought is to only buy what you need if it’s rising again - it could be 1.17 in a few months?
