Wire transfer with exchange rates clarification Watch

Will1692
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#1
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Hey, so i wont go into the details but im buying a product from America that costs $1956 usd.
So were on natwest and this was the confusing thing.
There exchange rates dont add up, or im missing how they do this!
If i say convert £1300 to $ i get $1956 ok.
If i say convert $1956 to £ i get £1.152!

So i dont really get why lol but if im sending a payment to America which one am i going to be charged?
I see it as im sending $1956 to america hence charging me £1.152, but it just seems a little weird. Sorry if this sounds obvious lol.
And a bank wire payment, its with a very reputable company but as im international they dont accept the more "common" forms. Does anyone know the average charge for this service through natwest? Heard its a really slow process
Thanks
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hypocriticaljap
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Different possibly but I get charged £20 by my bank to transfer money to France plus a firther £6 by the bank at that end.
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bigjoebob90
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It's because, as with all currency exchanges, the vendor will buy and sell at a different price. Here he is selling $US at 1.5 (from £->$US) but buying it at 1.69 (from $US->£). You have to use the 1.5 rate because you are going from £ to $. Hope you understand this, I had to read it twice!
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Will1692
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(Original post by bigjoebob90)
It's because, as with all currency exchanges, the vendor will buy and sell at a different price. Here he is selling $US at 1.5 (from £->$US) but buying it at 1.69 (from $US->£). You have to use the 1.5 rate because you are going from £ to $. Hope you understand this, I had to read it twice!
So i will pay £1300? I think that is what your saying lol?
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bigjoebob90
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Yeah, you have to pay the higher amount because it is always more expensive to 'purchase' currency. I forgot to say that in my other post.
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Will1692
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(Original post by bigjoebob90)
Yeah, you have to pay the higher amount because it is always more expensive to 'purchase' currency. I forgot to say that in my other post.
Thanks man, not the answer i wanted but thanks for help lol. Do you know how much banks usually charge for these transactions? Thanks
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bigjoebob90
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(Original post by Will1692)
Thanks man, not the answer i wanted but thanks for help lol. Do you know how much banks usually charge for these transactions? Thanks
I can't help you there, google search didn't help one little bit! But if you go in on the day there should be someone to help.
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