Exchange Rate

More problems with banks.

As if all the fees, charge and commissions aren’t bad enough you will probably lose out with your bank’s exchange rate as well. All the high street banks will obviously have access to the keenly priced commercial rates of exchange. But customers’ money is normally applied to the far less competitive tourist rates. So another 3 per cent of your money can effectively disappear on the deal.



Last but not least you can face a charge when the money reaches its destination. Some overseas banks will charge a receipt fee of around 0.5 per cent of the payment. Add it all up and experts say someone transferring £8,000 can see £750 disappear because of fees, charges and poor exchange rates. It means trusting you local bank manager to look after your foreign currency can be an expensive mistake.