FTP Regs

bank transfer
usually back in your account in 3 days
need your banks swift code and your iban number

Bank Transfer is best, you get a poor exchange rate no matter what unless you have a usd bank account.

lol, beaten to it!

do they purposefully do you on exchange rates?

Nope.

It's simply the fact that you cannot withdraw the money in sterling.

X-(

If ur struggling I can Neteller it out for you and send it to ur bank that way. However that would only be if for some weird reason u weren't allowed to withdraw by bank transfer lol.

visa

usd account (with hsbc or barclays) and use crown currency for exchange.

otherwise bank transfer and suck it up with rate exchange.

Problem is, you have to pay a seperate monthly fee or service charge for transfers to have additional bank accounts in usd (unless your transactions are huge). Thus negating any savings you make from avoiding a poor exchange rate.

Why the **** can't you simply withdraw money in sterling like you can on *s for christ's sake?

ty all looks like sh1t exchange rate only option, might hold for now and blow it :D

Bank transfer, I am with nationwide and it is in my bank within 1-2 days.

Neteller sometimes if I want quick cash onto my net+ card and its instant withdrawal.

Bank transfer 99% of the time though by far the best cash out system I have used.

a tip for you on st^rs

your withdrawals will still be in USD unless you make a deposit in UKP first

Have used both bank transfer and credit card for withdrawals, got a much better exchange rate from the bank t/f (hsbc) than I did on the cc.

should both be the same rate .. unless the CC charges you

It's not tilt setting the rate, it's the receiving bank. You withdraw in $, they arrive at the bank in $, they charge you anything between an almost fair and extortionate exchange rate.

most banks don't charge though .. it's simply done on the spot rate

On the bank transfer, exactly. On the credit card, I got ripped off by the credit card company on the exchange rate, they did not list any charges on for receiving the money.

"it's simply done on the spot rate"

It's done on the bank selling rate, which is miles away from the market price (4 cents approx when I did it) and therefore a complete rip off.

hmmm i've spoken to my bank about this too & they swear they don't charge

I reckon they trade it somehow though !

I've withdrawn whist the dollar's dropping & i still lose out .. impossible !

the hsbc account I use is a multi currency account. FT ship in dollars and when it arrives my bank allocates it to the relevant currency, (you have to activate the sub account currency first otherwise it gets converted to sterling). you can then decide how where and when to convert. no charge from FT for this. this is in effect one account to FT to withdraw and deposit to, and my bank sorts out the sub accounts invivisibly to all but me. does that make sense?

I think there may be a monthly bank charge for these accounts unless you qualify for it free based on savings investments or annual earnings, and a combo of all by negotiation. It is not out of reach for most, (and soap is rolling in it ;-) ) I believe others do similar.

"spot rate" still has a spread at the bank. hsbc is around 1.75% for less than £10K, 1.33% upto 100K.

not sure about CC's

TJM, that's very interesting.

When you convert your money from $ to £ in this multi currency account, do you get more or less market rate?

If so, I will have to look at getting one :)

once with the hsbc if I exchange with them I pay the spread as above. if it is worthwhile I may use an external provider instead.

sometimes I may just look at DBFX short term forecast, (have to register that is all), and pick a good time to exchange with bank.

Okay, thanks. Still a bit of a hassle then, having to withdraw, then send it to an external company, and then have it sent back.

But it's better than losing out on the rate I guess. Will make some enquiries to see if I qualify for a free one, cheers for the info :)