British Warriors - Is the exchange rate killing you? | Warrior Forum - The #1 Digital Marketing Forum & Marketplace

13 years ago

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.

Thanks
1 reply

Signature

** [Custom Blog Creation - 700+ Sold!]**
Want A Niche Affiliate Blog That Makes $300 - $1500/mo? I'll Build One For You

{{ DiscussionBoard.errors[3271638].message }}

EndGame 13 years ago

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!
- Thanks
Signature

NA
{{ DiscussionBoard.errors[3272020].message }}

Charlotte Jay

13 years ago

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!

Thanks

{{ DiscussionBoard.errors[3271647].message }}

TomBuck

13 years ago

I know :/ Annoying. Thanks for the response, not just me then.

Thanks

Signature

The Seo Oasis

SEO Company? - 8 Great ways to get new SEO Clients

High DA Links for sale

{{ DiscussionBoard.errors[3272005].message }}

Barb Thornback

13 years ago

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.

Thanks
1 reply

Signature

==> Join CPA Park For A Wealth Of Products To Promote!
Easy Sign Up.

{{ DiscussionBoard.errors[3272067].message }}

daisy172 13 years ago

Back in 2007 the exchange rate was $2:£1, which was mega-painful - after all the fees and commission $600 bought you about £250.
- Thanks
{{ DiscussionBoard.errors[3272087].message }}

JamesW

13 years ago

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.

Thanks

Signature

Forex Trading Tips
Forex Affiliate Programs

{{ DiscussionBoard.errors[3272139].message }}

GarrieWilson

13 years ago

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

[ 1 ] Thanks
1 reply

Signature

Screw You, NameCheap!
$1 Off NameSilo Domain Coupons:
SAVEABUCKDOMAINS & DOLLARDOMAINSAVINGS

{{ DiscussionBoard.errors[3272171].message }}

spearce000

13 years ago

Originally Posted by 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

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.

Thanks

{{ DiscussionBoard.errors[3279528].message }}

Steve Garratt

13 years ago

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 :-)

Thanks

Signature

Please visit my blog and if you have an interest in electronics then please join me at Home DIY Electronics

{{ DiscussionBoard.errors[3272267].message }}

TomBuck

13 years ago

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.

Thanks

Signature

The Seo Oasis

SEO Company? - 8 Great ways to get new SEO Clients

High DA Links for sale

{{ DiscussionBoard.errors[3272332].message }}

ruch1v

13 years ago

The exchange rate sucks when paying in dollars, but earning in dollars I like

Thanks

Signature

[1900+ Sold] Reverse Engineer TOP Super Affiliates + Legally STEAL The Most Profitable Niches + Keywords For FREE

{{ DiscussionBoard.errors[3277014].message }}

True Solution

13 years ago

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)

Thanks

{{ DiscussionBoard.errors[3277074].message }}

ruch1v

13 years ago

Does anyone do direct deposit? Is that even possible for us UKers?

Ruchi

Thanks

Signature

[1900+ Sold] Reverse Engineer TOP Super Affiliates + Legally STEAL The Most Profitable Niches + Keywords For FREE

{{ DiscussionBoard.errors[3277121].message }}

samstephens

13 years ago

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

Thanks

Signature

DLGuard v5 - The Warrior Edition
Full integration with JVZoo, DigiResults, and WSO Pro for secure WSO's and WSO memberships.

www.dlguard.com
Serving the Warrior Forum since 2004

{{ DiscussionBoard.errors[3277639].message }}

Snow_Predator

13 years ago

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.

Thanks

{{ DiscussionBoard.errors[3277708].message }}

Wizardofwisdom

13 years ago

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.

Thanks

Signature

Establish your online biz in weeks not months without selling, coercing, persuading or manipulating anyone into buying your services... Talk to me for FREE...

{{ DiscussionBoard.errors[3277726].message }}

Thomas Smale

13 years ago

Originally Posted by TomBuck

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.

Thanks
1 reply

Signature

I specialize in selling websites over $10,000 in value. No obligation, confidential valuation here.

{{ DiscussionBoard.errors[3280062].message }}

abs007 13 years ago

I get paid directly into my account with clickbank

really not sure of the exchange rate though - should take a look and stay on top of it

I know that abbey national will accept dollar cheques but you will need to advise them of this - they do take long to clear though - about 3 weeks if i can recall -

If your bank charges are high but the transfer rate is ok then would it not be possible to up your payout - so you get less frequent cheques but larger amounts

thanks
- Thanks
Signature

[Crowd Marketing]Social Media Syndication system - $1 Trial
SociVidz - The Ultimate Video Marketing Toolkit That Gets Results
The #1 Keyword Research & Competition Analyses Tool (Niche Genetics)
FREE WSO, Yahoo Questions & Answers Software
{{ DiscussionBoard.errors[3280226].message }}

CDarklock

13 years ago

Originally Posted by TomBuck

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

Thanks

Signature

"The Golden Town is the Golden Town no longer. They have sold their pillars for brass and their temples for money, they have made coins out of their golden doors. It is become a dark town full of trouble, there is no ease in its streets, beauty has left it and the old songs are gone." - Lord Dunsany, The Messengers

{{ DiscussionBoard.errors[3280207].message }}

vok

13 years ago

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).

Thanks

{{ DiscussionBoard.errors[3280220].message }}

Paleochora

13 years ago

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.

Thanks

Signature

Free Case Study - See What You Can Do If You Can Copy & Paste

{{ DiscussionBoard.errors[3280526].message }}

davewebsmith

13 years ago

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

Thanks
1 reply

{{ DiscussionBoard.errors[3280577].message }}

Chri5123

13 years ago

Originally Posted by 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

Awesome work ^

This is the way to do it!

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

Chris

Thanks

{{ DiscussionBoard.errors[3280945].message }}

Janet Sawyer

13 years ago

Originally Posted by TomBuck

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.

[ 1 ] Thanks

Signature

Royalty Free Graphics 200+ 3D Characters || My Sometimes Updated Blog ||

{{ DiscussionBoard.errors[3280744].message }}

Apollo-Articles

13 years ago

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

Thanks

Signature

AT LAST: "At Last...A US Writing Team That Delivers High Quality Articles At Unbelievable Prices!"

{{ DiscussionBoard.errors[3280931].message }}

nettech

13 years ago

Cant you do a direct deposit into yoru account like AdSense? That'll save you a few quid!

Thanks
1 reply

Signature

Thanks
Zaheer

{{ DiscussionBoard.errors[3281267].message }}

AnitaCross

13 years ago

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

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.

Thanks

Signature

Looking For A Short Cut To Online Retail Profits?
OSOA on Facebook -- SimplySilk on Facebook

Anita is one of several Moderators at "Live Marketing Chat"
LMC, mixing work and fun on Saturday nights -- Google it

{{ DiscussionBoard.errors[3282801].message }}

Danny Cutts

13 years ago

Not just the exchange rate... just generally the UK! What a ****e place to live now!

[ 1 ] Thanks

Signature

Come and See me on Facebook... Come and See me at my blog...

{{ DiscussionBoard.errors[3283189].message }}

Apollo-Articles

13 years ago

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

Sam

Thanks
3 replies

Signature

AT LAST: "At Last...A US Writing Team That Delivers High Quality Articles At Unbelievable Prices!"

{{ DiscussionBoard.errors[3293376].message }}

garyfromdurham 13 years ago

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
- Thanks
- 1 reply
{{ DiscussionBoard.errors[3293499].message }}
- Frank Donovan 13 years ago
  
  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
  
  Thanks
  
  Signature
  
  {{ DiscussionBoard.errors[3293603].message }}
Danny Cutts 13 years ago

Originally Posted by 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

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....
- Thanks
Signature
Come and See me on Facebook... Come and See me at my blog...
{{ DiscussionBoard.errors[3293621].message }}
spearce000 13 years ago

Originally Posted by Apollo-Articles

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...
- Thanks
{{ DiscussionBoard.errors[3293907].message }}

British Warriors - Is the exchange rate killing you?

Trending Topics

Google Ads, landing pages, and Clickbank links

Carry out better target audience research

YouTube gets shopping display tools and affiliate partnership updates

A Very Strange Internet Problem

Membership area with multiple income streams