A money question
May 30th 2007 | 2:48 pm
#1
Thread Starter
BE Forum Addict
Joined: Apr 2003
Posts: 3,015
A money question
I do work on the Internet for a UK company. They wire or however it's now nowadays, my pay into my Canadian bank account.
The amount I was expecting was £512.99. On xe.com it said that this converted to $1,088.35. However, what arrived in my bank account was $1,060.04.
I assume that banks don't transfer the money for nothing. However, I understood from the company that they picked up the cost of transferring the money.
Does anybody know how transfers work? Am I being charged for the transfer fee. I worked out that if xe.com is correct, I am $28.31 short. But perhaps xe.com is NOT correct.
Anybody know the answer to this?
The amount I was expecting was £512.99. On xe.com it said that this converted to $1,088.35. However, what arrived in my bank account was $1,060.04.
I assume that banks don't transfer the money for nothing. However, I understood from the company that they picked up the cost of transferring the money.
Does anybody know how transfers work? Am I being charged for the transfer fee. I worked out that if xe.com is correct, I am $28.31 short. But perhaps xe.com is NOT correct.
Anybody know the answer to this?
May 30th 2007 | 2:51 pm
#2
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Joined: Dec 2005
Posts: 89,088
Re: A money question
I do work on the Internet for a UK company. They wire or however it's now nowadays, my pay into my Canadian bank account.
The amount I was expecting was £512.99. On xe.com it said that this converted to $1,088.35. However, what arrived in my bank account was $1,060.04.
I assume that banks don't transfer the money for nothing. However, I understood from the company that they picked up the cost of transferring the money.
Does anybody know how transfers work? Am I being charged for the transfer fee. I worked out that if xe.com is correct, I am $28.31 short. But perhaps xe.com is NOT correct.
Anybody know the answer to this?
The amount I was expecting was £512.99. On xe.com it said that this converted to $1,088.35. However, what arrived in my bank account was $1,060.04.
I assume that banks don't transfer the money for nothing. However, I understood from the company that they picked up the cost of transferring the money.
Does anybody know how transfers work? Am I being charged for the transfer fee. I worked out that if xe.com is correct, I am $28.31 short. But perhaps xe.com is NOT correct.
Anybody know the answer to this?
May 30th 2007 | 3:41 pm
#3
Just Joined
Joined: Apr 2007
Posts: 13
Re: A money question
We both have Private UK Pensions. My husband always receives a better exchange rate then I do. Must admit that I have complained many times but with no success!!
All I can say is that I
All I can say is that I
May 30th 2007 | 3:42 pm
#4
Just Joined
Joined: Apr 2007
Posts: 13
Re: A money question
try to keep smiling and hoping next month will be different!!
May 30th 2007 | 4:07 pm
#5
BE Enthusiast
Joined: Jan 2007
Posts: 470
From: British Columbia
Re: A money question
I do work on the Internet for a UK company. They wire or however it's now nowadays, my pay into my Canadian bank account.
The amount I was expecting was £512.99. On xe.com it said that this converted to $1,088.35. However, what arrived in my bank account was $1,060.04.
I assume that banks don't transfer the money for nothing. However, I understood from the company that they picked up the cost of transferring the money.
Does anybody know how transfers work? Am I being charged for the transfer fee. I worked out that if xe.com is correct, I am $28.31 short. But perhaps xe.com is NOT correct.
Anybody know the answer to this?
The amount I was expecting was £512.99. On xe.com it said that this converted to $1,088.35. However, what arrived in my bank account was $1,060.04.
I assume that banks don't transfer the money for nothing. However, I understood from the company that they picked up the cost of transferring the money.
Does anybody know how transfers work? Am I being charged for the transfer fee. I worked out that if xe.com is correct, I am $28.31 short. But perhaps xe.com is NOT correct.
Anybody know the answer to this?
May 30th 2007 | 8:10 pm
#6
BE Enthusiast
Joined: Dec 2006
Posts: 329
From: Basildon, Essex
Re: A money question
Have a look at #2 on this link - that might be your problem:
http://www.xe.com/faq.php#midmarket
Scott
http://www.xe.com/faq.php#midmarket
Scott
May 30th 2007 | 10:57 pm
#7
BE Forum Addict
Joined: Apr 2007
Posts: 1,175
From: London, Ontario, eh?
Re: A money question
Hi,
xe.com post what are referred to as 'mid-rates'. They explain that these are the current market rates and they do not equate to the actual exchange rate you get when transferring money or sending/receiving a payment.
Depending on who you bank with or use to make transfers, the fees will vary.
Our Canadian bank (TD Canada Trust) charge a flat $10 for each transaction, no matter how large / small.
For transfers we use HiFX who will reimburse the $10 on proof that it has been charged.
Hope this is of help.
Simon
xe.com post what are referred to as 'mid-rates'. They explain that these are the current market rates and they do not equate to the actual exchange rate you get when transferring money or sending/receiving a payment.
Depending on who you bank with or use to make transfers, the fees will vary.
Our Canadian bank (TD Canada Trust) charge a flat $10 for each transaction, no matter how large / small.
For transfers we use HiFX who will reimburse the $10 on proof that it has been charged.
Hope this is of help.
Simon
May 31st 2007 | 10:26 am
#8
Lost in BE Cyberspace
Joined: Aug 2005
Posts: 13,402
From: South of Calgary
Jun 6th 2007 | 3:13 am
#10
BE Forum Addict
Joined: Jun 2007
Posts: 1,096
From: Cobble Hill, Vancouver Island
Re: A money question
Hi, HIFX do a regular payment service (go to www.emigreat.com, then financial, click on HIFX). Also we bank with CIBC and we exchange English and Danish cheques there free. Even before we emigrated we set up an account with them and used to send over a cheque once a month and there was never a money exchange charge.
