Reply To: If you had a cheque in Euros and was changing it into Pounds

Spanish Property Insight Forums Spanish Property Forums Spanish Real Estate Chatter If you had a cheque in Euros and was changing it into Pounds Reply To: If you had a cheque in Euros and was changing it into Pounds


Hi Shakeel

Re your “The rates move every second, 7 days is a long time”, am not sure of the relevance of this but admit I’m no expert.

The chap from HIFX telephoned me a week after our agreement on the rate I wanted and said “at this particular moment, as we speak, I can give you the rate you want”. Let’s say for arguments sake we had agreed on 1.45. I said ok, do it as that was the rate I was wanting.
My point is that the Greek bank told me that the day this happened, the rate hadn’t in fact fallen below 1.463 or something like that (because the rate had done an incredible climb the night before (during USA trading?). For some of the day it was a lot higher than 1.463. So instead of HIFX ringing me and offering me the true rate-of-the-moment, they got away with offering me the minimum rate we had agreed on. To say “at this particular moment as we speak I can give you the rate you want of 1.45, looking at the screen” was rubbish, he should have said “as we speak, since the start of trading in UK today, the rate is even higher than you want”. Lack of honesty. With hindsight, it’s my fault for not checking the rates that day myself on the Reuter’s website because I would have told him “rubbish, it’s not 1.45 as we speak, it is 1.463″….or more depending on the moment.
The rate was probably well over 1.46 at the time, but they knew I would be ‘happy’ with just offering me the 1.45. It was the lack of honesty/bullshit that angered me. But hey, loads of commission for them on that transaction.

My bank making money from me in other areas? Actually Shakeel I have to admit I’ve been pleasantly surprised. In my experience so far (instigating Bank Drafts etc., sending/receiving monies) all their charges seem low, especially compared to UK banks.