The "prevailing rates" have nothing to do with you: they are reserved for banks moving tens of millions of dollars a day, not a private individual with a bit of spare change.
actually private individuals can do forex trading at very close to interbank rates. problem is it's only virtual and you can't have the currency you buy on these systems delivered to an actual bank account without going back through the base currency of the trading account. this makes the situation a bit confusing.
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Well banks are businesses, not charities. Currency exchange brokers offer more competitive rates, but they also make their profit from the spread, and if they go bust while they have your money then you're unlikely to see it again. You're getting your knickers in a twist over nothing; there is absolutely no way that you as a private individual with a relatively small amount of money can exchange money at commercial rates. The "prevailing rates" have nothing to do with you: they are reserved for banks moving tens of millions of dollars a day, not a private individual with a bit of spare change.What you should be more concerned about is how the rate compares with other institutions' rates: Nationwide are very competitive, for example. But the differences won't be huge (PayPal excepted).
I just got hit by a 78 pound overdraft charge by Halifax cause my account was overdrawn by 80 pence! I tried talking to the buggers but to no avail! Agreed Banks arent charities but 78 quid for 80 pence is simply ridiculous!! The prevailing rate is the one that one is able to exchange foreign currency why then cant the banks let us do the same!!
Rise up, comrade!
By the way, how much do you pay for your bank account with Halifax? Do you have the free one or the one that pays you £5 a month?
By the way, how much do you pay for your bank account with Halifax? Do you have the free one or the one that pays you £5 a month?
Free one!
I am fighting this OD charge and have an email from the cc head that they are looking into it although the robotic telephone execs ruled any reparations out and suggested that the od would increase if not addressed asap! An inadvertent credit of 80 pence...and they think they did me a huge favour for which I should cough up 78 quid!!
PS whats this 5 quid a month account?
I am fighting this OD charge and have an email from the cc head that they are looking into it although the robotic telephone execs ruled any reparations out and suggested that the od would increase if not addressed asap! An inadvertent credit of 80 pence...and they think they did me a huge favour for which I should cough up 78 quid!!
PS whats this 5 quid a month account?
I think you missed my point. They charge you nothing for managing your account. It's therefore not unreasonable for them to make their money from other sources, such as foreign exchange or when you break the terms and conditions by becoming overdrawn. You complain about the foreign exchange spread, complain about the overdraft fees, and take it for granted that the account is free. I hope you never run your own business.
Information on the account that pays a monthly reward can be found on the Halifax website.
Information on the account that pays a monthly reward can be found on the Halifax website.
Unfair though you think they may be the charges and rates of change they used are clearly laid out in their terms of service which UK banks anally send out every time there is a change and are available on their website. Moreso than most other countries, UK regulations force domestic banks to make their conditions as clear as possible to their customers to avoid any confusion. That's not say they are fair, but it's your own fault if you were not aware of them.
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