dollars for the pound ?

[Robert5988]

<blockquote id="quote" class="ffs">quote: have a bank account in the U.S , so I like to send over some money at regular periods and just use my debit card issued by my U.S bank , to do this I use Paypal there are no charges for usng this service and at the moment they are giving a rate of $2.08 to the pound .[/quote]

Run that by me again slowly please!

As a US Account Debit Card will have the US$ as its unit of currency, are you sure that you don't have to pay $2.08 from your US account for £1? i.e. you are looking at the rate of US$ for UK£

I have a Citibank US$ account and the rate they offer is £1 = $2.0048. I would be really surprised if any bank will offer a rate 7.52 cents better than that - it is way above the commercial rate so they would be losing money on each transaction.

[dsv77]

sorry Robert I missed out a couple of zeros and a 2 the rate paypal were giving for changing pounds to dollars is $2.0028 to the pound , that is higher than Marks and Spencer ect

[Frosty]

I use my Nationwide card to bring money from the UK here.

Acouple of weeks ago i walked into Bank of America and just handed the Nationwide card and my Bank of America card to the teller and said transfer $10,000 from this (Nationwide) into this (BoA Checking)

First, they needed ID then simply ran the Nationwide card through the swipe machine punched in the numbers, got the approval code then made out a deposit slip for the BoA checking account. All done in under 5 mins.

Now i'm sure i could have just asked for cash if i wanted, so if you go into the bank, the limit in theory is whatever you have in your account.

PS there were no extra charges from Nationwide or BoA.

[Robert5988]

<blockquote id="quote" class="ffs">quote: use my Nationwide card to bring money from the UK here.

Acouple of weeks ago i walked into Bank of America and just handed the Nationwide card and my Bank of America card to the teller and said transfer $10,000 from this (Nationwide) into this (BoA Checking)

First, they needed ID then simply ran the Nationwide card through the swipe machine punched in the numbers, got the approval code then made out a deposit slip for the BoA checking account. All done in under 5 mins.

Now i'm sure i could have just asked for cash if i wanted, so if you go into the bank, the limit in theory is whatever you have in your account.

PS there were no extra charges from Nationwide or BoA.[/quote]

The '$64,000 question' is what exchange rate did you get?
i.e. was it the same as you get using Nationwide 'plastic' out here in the USA. For the last 3 weeks it has been between 2.03 and 2.04.

I investigated with Nationwide the possibility of getting a US$ cheque for a large amount from my Nationwide A/C, or a bank transfer to US* and, whilst it was possible, the exchange rate they offered was several cents less than the rate they give for purchases/ATM withdrawals out here.

I must admit I never thought of doing it with a debit card transfer to a US bank as I assumed I would get the same lower rate.

*I have several expenses out here - property tax being a good example - that won't take a credit or debit card without a % fee.

If your 'system'(i.e. using a debit card to transfer) works with the same exchange rate as 'plastic' what is to stop someone transferring $1,000,000.00 to buy property using a debit card? Surely there must be a limit?

[mizzy]

i've just got my nationwide credit card statement today i paid a $800 deposit on 9th october for my disney cruise and got $2.04 to the £

$800 = £392.07 [clap]

[Frosty]

<blockquote id="quote" class="ffs">quote:Originally posted by Robert5988
<blockquote id="quote" class="ffs">quote: use my Nationwide card to bring money from the UK here.

Acouple of weeks ago i walked into Bank of America and just handed the Nationwide card and my Bank of America card to the teller and said transfer $10,000 from this (Nationwide) into this (BoA Checking)

First, they needed ID then simply ran the Nationwide card through the swipe machine punched in the numbers, got the approval code then made out a deposit slip for the BoA checking account. All done in under 5 mins.

Now i'm sure i could have just asked for cash if i wanted, so if you go into the bank, the limit in theory is whatever you have in your account.

PS there were no extra charges from Nationwide or BoA.[/quote]

The '$64,000 question' is what exchange rate did you get?
i.e. was it the same as you get using Nationwide 'plastic' out here in the USA. For the last 3 weeks it has been between 2.03 and 2.04.

I investigated with Nationwide the possibility of getting a US$ cheque for a large amount from my Nationwide A/C, or a bank transfer to US* and, whilst it was possible, the exchange rate they offered was several cents less than the rate they give for purchases/ATM withdrawals out here.

I must admit I never thought of doing it with a debit card transfer to a US bank as I assumed I would get the same lower rate.

*I have several expenses out here - property tax being a good example - that won't take a credit or debit card without a % fee.

If your 'system'(i.e. using a debit card to transfer) works with the same exchange rate as 'plastic' what is to stop someone transferring $1,000,000.00 to buy property using a debit card? Surely there must be a limit?




[/quote]

Just for you Robert i looked up the charge on my account.

It cost £4916.81 to get $10,000 which by my reckoning is 2.0338

The transfer was done on 3rd Oct, if you can find out what the rate was that day, then you can make a compaison.
From what you said i think its going to be the same rate.

Let me know what you find out.

Bye the way, the quote i made about how much you can transfer was partly because of the answer i got from the teller when i asked "how much can i transfer" after consulting her help screen she answered "if its in your account, you can withdraw it".......hope this helps.