British Warriors - Is the exchange rate killing you?

34 replies
Hi so I have received 2 checks from clickbank in the last 2 months totalling about $600. Now I went to cash them and it was all good. Few days later checked my account and only about £320ish actually in!!!! Checked the exchange rate, this was low, then banks exchange rate, this was also low, a £10 fee for the exchange and there £50 gone! Ouch!

What do you make of the exchange rate? Is it a pain? How do you deal with it?
#british #exchange #killing #rate #warriors
  • Profile picture of the author Hamida Harland
    That's a very poor exchange rate. I recently lodged a check for $600 and I got £368 for it. I find my bank use a very similar exchange rate to XE - Universal Currency Converter and I pay £3 per foreign transaction charge.
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    • Profile picture of the author EndGame
      Hi Hamida Harland,

      Please by all means tell me to mind my own business, but I'd love to be with a bank that kept somewhere close to xe.com. Do you mind me asking what bank that is?

      I would understand if you didn't want to say so publicly, and again, I'd understand if you told me to mind my own business!
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  • Profile picture of the author Charlotte Jay
    I feel your pain, recently I went on a trip in December with $600 and managed to blow through it within 3 days because of the lousy exchange rate. My credit union slammed me with a ridiculous amount of fees as well. Ugh!
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  • Profile picture of the author TomBuck
    I know :/ Annoying. Thanks for the response, not just me then.
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  • Profile picture of the author Barb Thornback
    The exchange rate at my bank doesn't seem too bad, but they charge £9 per foreign transaction, so I save all my cheques and only pay in once a month.
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    • Profile picture of the author daisy172
      Back in 2007 the exchange rate was $2:£1, which was mega-painful - after all the fees and commission $600 bought you about £250.
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  • Profile picture of the author JamesW
    To be fair the exchange rate is pretty good at the moment. As long as we're getting over half the dollar amount after fees and deductions, we can't really complain.
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  • Profile picture of the author GarrieWilson
    Open a US account and have payments automatically deposited. Then use it to pay for things like hosting, domain names, purchases, work for hire, etc that use US funds.

    You could then transfer funds as needed and convert when it will be higher.

    -g
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    • Profile picture of the author spearce000
      Originally Posted by GarrieWilson View Post

      Open a US account and have payments automatically deposited. Then use it to pay for things like hosting, domain names, purchases, work for hire, etc that use US funds.

      You could then transfer funds as needed and convert when it will be higher.

      -g
      You could also see if your bank will open an account for you in US Dollars - I know Barclays offers Dollar accounts, and I think HSBC does as well. That way, you can bank the cheques (or get a wire or BACS transfer) and then transfer the money to your Sterling account when the exchange rate is in your favour.
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  • Profile picture of the author Steve Garratt
    When I started marketing online back in 2007 the exchange rate was pretty much 2:1 so I think it's pretty good right now :-)
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  • Profile picture of the author TomBuck
    I remember 2-1 days but I went to USA then so I was pretty happy , But i did not start I.M. before then.
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  • Profile picture of the author ruch1v
    The exchange rate sucks when paying in dollars, but earning in dollars I like
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  • Profile picture of the author True Solution
    Brother I feel you completely on this one.

    Right now True Solution is profiting $1,100ish daily - and it is all from Clickbank - I bleed when I see the difference in amounts, but that is just the way it goes my friend - we are making money atleast, who's complaining when nothing costs a penny anyway (our current system is organic)
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  • Profile picture of the author ruch1v
    Does anyone do direct deposit? Is that even possible for us UKers?

    Ruchi
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  • Profile picture of the author samstephens
    I think that's being felt in a lot of countries.

    I remember the days when cashing a US check in Australia used to pay out enough to basically cover my income tax.

    Now I take in a cheque for $2000 USD, and I walk away with about $1850 AUD.

    I've heard talk that there is an expectation that the US economy will start to strengthen this year. Hopefully it's true, as it'd be nice to even things out again.

    cheers
    Sam
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  • Profile picture of the author Snow_Predator
    I think things are better now than they used to be. I'm no economist, but I think when the economy of the UK is doing worse than the US economy, then it's better for us British folk earning money in the US.

    Garrywilson mentioned opening a US account, which is something I have been thinking about doing for a while. It is definitely worth considering.

    I advise the OP to switch to receiving direct debit from Clickbank, as there are less extra bank charges that way.
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  • Profile picture of the author Wizardofwisdom
    Tom - did you know you can set your account settings in Clickbank to pay directly into your British bank account? It doesn't help the exchange rate, but it saves those extortionate bank charges!

    Also, Barclays will accept dollar cheques for no charge if they're worth less than a certain amount - I think it may be 50 pounds, but they're worth checking with if you're only getting small cheques.

    Other than that, the exchange rate is what it is ... As Jim Rohn said, "The same wind blows on everyone. What matters is the set of your sail..."

    Hope that helps!

    All good things,
    Trevor Emdon.
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  • Profile picture of the author Thomas Smale
    Originally Posted by TomBuck View Post

    Hi so I have received 2 checks from clickbank in the last 2 months totalling about $600. Now I went to cash them and it was all good. Few days later checked my account and only about £320ish actually in!!!! Checked the exchange rate, this was low, then banks exchange rate, this was also low, a £10 fee for the exchange and there £50 gone! Ouch!

    What do you make of the exchange rate? Is it a pain? How do you deal with it?
    That's not the exchange rate that's causing issues, it's your bank fees. The exchange rate is pretty good right now, we're getting £1 on every $1.54 or so.

    With $600 cheques you don't really have much leverage I'm afraid.

    If you're doing slightly better volumes (ie 5 figures monthly) then I'd recommend one of the following:

    - Setup a US based LLC with a US bank account.

    - Open a multi-currency account in the UK.

    - Use a foreign exchange broker to get you a better rate.

    I don't use Clickbank, but I get my networks to pay me via Wire, this is usually far cheaper and quicker than Cheques.
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  • Profile picture of the author CDarklock
    Originally Posted by TomBuck View Post

    Few days later checked my account and only about £320ish actually in!!!!
    "Oh, boo hoo, my currency is worth almost twice as much as your currency."

    Shut up. :p
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  • Profile picture of the author vok
    Banking in GBP is like the worst currency you could bank with on an international scale. I'm also thankful I'm not banking in Kuwaiti Dinar, I think thay'd start to my eyes bleed looking at the accounts.

    1 Kuwaiti Dinar (KD) = 3.55 USD (US Dollar) = 2.29 GBP (Pounds Sterling).
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  • Profile picture of the author Paleochora
    Shop around the banks, maybe.

    I am in the Eurozone and out of 3 banks in my town (I have accounts at two of them) I discovered that one would accept dollar cheques without a commission.

    The exchange rate is not so bad either. The only pain in the A is that they take 20 days to clear.
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  • Profile picture of the author davewebsmith
    I flew over to the US on vacation and opened a current account at BOA - with my UK address. Direct Deposit and PayPal work fine and fees dont exist

    You need to appear in person with proof of ID and you can go from there
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    watch this space ...
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    • Profile picture of the author Chri5123
      Originally Posted by davewebsmith View Post

      I flew over to the US on vacation and opened a current account at BOA - with my UK address. Direct Deposit and PayPal work fine and fees dont exist

      You need to appear in person with proof of ID and you can go from there
      Awesome work ^

      This is the way to do it!

      Otherwise we just have to pray that it gets better soon!

      Chris
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  • Profile picture of the author Janet Sawyer
    Originally Posted by TomBuck View Post

    Hi so I have received 2 checks from clickbank in the last 2 months totalling about $600. Now I went to cash them and it was all good. Few days later checked my account and only about £320ish actually in!!!! Checked the exchange rate, this was low, then banks exchange rate, this was also low, a £10 fee for the exchange and there £50 gone! Ouch!

    What do you make of the exchange rate? Is it a pain? How do you deal with it?
    Tom, since you now have met their 2 check payments criteria, log into your clickbank account and change the method of payment to DIRECT DEPOSIT, Clickbank will then make any future payments directly into your bank account and in GBP.

    Clickbank fee is $5.00 which is a lot less than the £10 fee from the British Banks.
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  • Profile picture of the author Apollo-Articles
    The base exchange rate, isn't that bad at the moment, it was $2 to the pound a while back.

    Your more likely to get stung by fees, try opening a UK Dollar account, if your spending dollars as well. Or a better bank!

    Sam
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  • Profile picture of the author nettech
    Cant you do a direct deposit into yoru account like AdSense? That'll save you a few quid!
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    Thanks
    Zaheer

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    • Profile picture of the author AnitaCross
      Hey Tom,

      I'm not in the UK, but your thread caught my attention. The exchange rate bites from both directions. There have been products (in euros) that I wanted to pick up, but had to pass on once I saw how much it was in USD!

      The economy is picking up here. A bit too slow for my liking, but picking up all the same. The closer the exchange rate gets to 1:1, the better for all of us, on either side of the pond.

      I like Janet's suggestion. Sounds like the least hassle for you. Most economical, too.

      -Anita

      Originally Posted by Janet Sawyer View Post

      Tom, since you now have met their 2 check payments criteria, log into your clickbank account and change the method of payment to DIRECT DEPOSIT, Clickbank will then make any future payments directly into your bank account and in GBP.

      Clickbank fee is $5.00 which is a lot less than the £10 fee from the British Banks.
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  • Profile picture of the author Danny Cutts
    Not just the exchange rate... just generally the UK! What a ****e place to live now!
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  • Profile picture of the author Apollo-Articles
    Danny your a funny man! Found a Roundabout yet? Ever visit the Snow dome in Milton Keynes? I've been a fair amount.

    Sam
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    • Profile picture of the author garyfromdurham
      Hi Tom

      I seem to be getting a better rate than you and I don't pay a £10 charge.

      I bank with Barclays and just submit the Clickbank cheque ticking the 'negotiate transaction' box (the bank tellers will do this for you). I get a decent rate (not as good as a few years ago when we really scored with the exchange rate) and no fee.

      Gary
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      • Profile picture of the author Frank Donovan
        Yes, definitely shop around if your current bank's charges are too high.

        The other options are to open a US Dollar account with Citibank:

        US Dollar Current Account | Euro Current Account - Citibank

        You can also use this account to pay for all your US-based services, such as hosting, autoresponders etc.

        And if you just want to exchange one or more US Dollar cheques for Sterling, there's a great service called AuctionChex:

        Auctionchex - Online auction payments exchange and escrow service

        They've been around for several years (originally set up as an eBay service) and they'll exchange a whole batch of cheques in one go for a £1.20 admin charge.


        Frank
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    • Profile picture of the author Danny Cutts
      Originally Posted by Apollo-Articles View Post

      Danny your a funny man! Found a Roundabout yet? Ever visit the Snow dome in Milton Keynes? I've been a fair amount.

      Sam
      Haha... yeah I spend a fair amount of time there... I live in bedford at the moment though so not as much as I use to :-)

      Plenty of roundabouts and yes concrete cows as well....
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    • Profile picture of the author spearce000
      Originally Posted by Apollo-Articles View Post

      Danny your a funny man! Found a Roundabout yet?

      Sam
      It's hard not to find a roundabout in Milton Keynes. Finding the right one, well, that's another matter...
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