$ at business rate

[snookhams]

I have just discovered that DH can get business rate on $ through his work (at a london airport) how do I find out what the business rate is!!!

If it is a lot better than tourist rate I am considering getting extra TC and paying for AP renewal this way rather than with debit card - would the business rate still be better than the rate on debit card!!!!

16 days til we hit the world

 

[rob@rar.org.uk]

I have just discovered that DH can get business rate on $ through his work (at a london airport) how do I find out what the business rate is!!!

If it is a lot better than tourist rate I am considering getting extra TC and paying for AP renewal this way rather than with debit card - would the business rate still be better than the rate on debit card!!!!

16 days til we hit the world

The business rate would be pretty close, if not the same as, what banks use for debit/credit cards.

 

[crim1978]

Offical rate in the bbc stock market site shows business rate at just over 1.763

General rule of thub is that business rate will be about 10 cents better than the tourist rate.

 

[daywalker]

Offical rate in the bbc stock market site shows business rate at just over 1.763

General rule of thub is that business rate will be about 10 cents better than the tourist rate.

I thought it was usually 5 cents but it depends on how how high the rate is.
You can get business rate near enough with nationwide debit/credit card, all other banks levy a transaction/foreigh loading/handling fee and you do much worse.
If you can get TC's on business rate now though that's good and personally i'd go for it. Business rate has gone below $1.75 today though.

 

[mickg7dyd]

Hi,
I usually look on BBC 2 Ceefax page 200 or on channel 4 page 500 They are usually updated fairly regularly.

Mick.

 

[kellyglv]

Business rate is normally the middle market rate at which banks will trade currency with each other. The tourist rates normally have between a 2.5% and 5% spread either side of the business/market rate.

For example if the market rate is 1.75, banks will sell you USD at 1.6625 and will buy back USD from you at 1.8375, if they are using a 5% spread. This spread is where the banks are covering their costs of trading/note transportation costs etc.

If you are getting the market rate for your notes, you are doing well.

 

[Shropshire Saint]

Try www.xe.com
Then take off about 2 cents & its about what you will get. In my experience its been the quickest & easiest way to check.

 

[Sarnia]

It depends what Business Rate means. I imagine that the business rate he can get is at a lower margin from the interbank market rates than the tourist rate. I doubt it would actually be the market rate though, as even businesses would usually have a spread applied.

The easiest way to figure out if it's worth it would be to find ut from your DH what rate he can get, and compare it to the tourist rate. As some posters above have said the credit card companies generally get a much better rate than the usual tourist rates because they have such high volumes.

 

[paulh]

just get a nationwide CC and get the interbank rate(bussnes rate) best way to buy we use for our dvc dues and we save 2.75%
Paulh

 

[Sarnia]

just get a nationwide CC and get the interbank rate(bussnes rate) best way to buy we use for our dvc dues and we save 2.75%
Paulh

paulh, you still don't recieve the interbank rate on your credit card. The 2.75% that you save is the commission charge, which some cards charge on top of the spread from the interbank FX rate. As an example the current interbank GBP/USD rate is around 1.7300, but the 'commission free' rate that they quote on their website is 1.6652, which is around 3.5% away from the market.

The interbank rate is the rate that banks trade foreign exchange between themselves, usually in amounts of USD 1 million plus.

 

[mickg7dyd]

Hi,
As far as I am aware you DO get the Interbank rate when you use a Nationwide C/C The exchange rate quoted on their site as far as I can tell is if you order cash or t/c's. I used my card at the weekend and I got $1.75 to the £ which was the same as the rate quoted on city websites for that day.

Mick.

 

[Peebee]

I agree with Mick, it is the Interbank rate that Nationwide use - or at least extremely close to it. My last transaction from our April trip was on the 29th at a rate of 1.9070, with Oanda.com (http://www.oanda.com/convert/fxhistory) posting an interbank rate of 1.9071 on that day - close enough for me!

Paul

 

[Sarnia]

Ah ok, looks like I was wrong

That's an amazing deal, I might look into it myself then. I work in foreign exchange in a bank, and am amazed that they give interbank rates on credit cards, but the rates quoted above would be interbank