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Local Currency vs USD
Which cheque mode to prefer...?
NibbleGuru




msg:1453407
 1:33 pm on Aug 26, 2005 (gmt 0)

I have always observed that we get a "lot less" when we get the cheque in local currency.
The advantage of getting the cheque in local currency means clearing in 3-4 days max. while a USD cheque takes 30 days approx to clear.

Following is the comparison of Google's rate and local currency conversion rate of RBI - [rbi.org.in...]

== Google's Rate ==
Aug 23, 2005 Payment Details
Payment Type: Check
Payment Date: Aug 25, 2005
Exchange Rate 43.180 : 1
== RBI's Rate ==
26/08/2005 43.7300
25/08/2005 43.7600
24/08/2005 43.7200
23/08/2005 43.6700

== Google's Rate ==
Jul 22, 2005 Payment Details
Payment Type: Check
Payment Date: Jul 26, 2005
Exchange Rate 43.000 : 1
== RBI's Rate ==
26/07/2005 43.5200
25/07/2005 43.5000
22/07/2005 43.3900

== Google's Rate ==
Jun 23, 2005 Payment Details
Payment Type: Check
Payment Date: Jun 27, 2005
Exchange Rate 43.010 : 1
== RBI's Rate ==
27/06/2005 43.4900
24/06/2005 43.5600
23/06/2005 43.5300
22/06/2005 43.5000

Which payment method do you prefer: Local Currency/ USD?
Do you think getting the money 20-25 days early and loosing approx 0.50 INR for every USD, worth it? Is the commission of 1.12% - 1.33% justified, given the normal industry standard is normally lesser than that.

 

Blue Gravity




msg:1453408
 1:49 pm on Aug 26, 2005 (gmt 0)

I think what it comes down to for you is by asking yourself, even though the dollar is stronger, is it worth the time it takes to clear for you to recieve payments in USD or not. Meaning, weigh it out against your currency first, so that if let's say you are getting a check in USD for $200, what would that equal to in your currency for 30 days, and aside for patience, do you need your adsense money immediately, or is it something you can wait for?

OptiRex




msg:1453409
 2:10 pm on Aug 26, 2005 (gmt 0)

Is the commission of 1.12% - 1.33% justified, given the normal industry standard is normally lesser than that.

Don't move to Europe then!

Google gives you the commercial mid-market rate which is virtually impossible for anyone but a dealer or bank to obtain. Banks in Europe will charge anywhere from GBP 5-20, say Euro 8-30, for the privilege of depositing it in your account.

Unless you have a business deposit currency account when you decide to exchange it they will exchange it at up to 10-15% either side of the mid-market rate, business accounts usually fair better at about 5%.

Note, I am just giving generalised figures here for Europe however I have to question your statement:

given the normal industry standard is normally lesser than that.

I have travelled to India for the past 30 years and never seen such legal exchange rates...you're getting a very special deal at 1.12-1.33%.

Now street deals are another thing:-)

OptiRex




msg:1453410
 2:33 pm on Aug 26, 2005 (gmt 0)

Hi again

I want to add a bit more to this since I've just checked my Google account and with my bank.

Bear in mind this is for the US Dollar to GB Pounds.

Today's mid-market rate according to xe.com is 1.8071

Barclays Bank to convert from my US Dollars to GB Pounds is 1.8202.

Google's conversion rate for this month's earnings 1.8089.

Remember this, your situation may be different, I do not have to wait for the cheque to clear since it is already in GB Pounds plus I am also not charged for depositing it whereas I would be into my US Dollar account.

caran1




msg:1453411
 2:52 pm on Aug 26, 2005 (gmt 0)

Banks rates are usually much lower than RBI rates and the amount is significant only if you make more than $1000. which bank do you use?

NibbleGuru




msg:1453412
 8:15 pm on Aug 26, 2005 (gmt 0)

hi caran1, i am using icici primarily. i dont mind using citibank or even sbi for that matter.
my experience with icici has been good. exchange rates are way better than google, and additional approx rs. 250/- is charged. the %age still comes around <1% i think.
the advantage of getting in usd also seems to be in filing tax returns etc as I can easily get FIRC certificate from the bank as the proof of income.

gideonboulton




msg:1453413
 8:44 pm on Aug 26, 2005 (gmt 0)

Daylight robbery!
I checked the amount I was paid by google
USD2,783.64
I checked this amount today on www.xe.com, to give
2,783.64 USD = 1,545.96 GBP

In my account appears
1,318.97 GBP
Nearly 20% difference.
Can anybody explain this?

jatar_k




msg:1453414
 8:46 pm on Aug 26, 2005 (gmt 0)

Welcome to WebmasterWorld gideonboulton,

you would have to check the spot rate on the day the payment was actually issued/converted for the basis of your comparison.

rkhare




msg:1453415
 8:54 pm on Aug 26, 2005 (gmt 0)

I dont know what i am going to use ICICI , SBI $ or INR, still waiting for my first ..... no not $ 100 month but $ 1.00 day

:-(

OptiRex




msg:1453416
 9:00 pm on Aug 26, 2005 (gmt 0)

Nearly 20% difference.
Can anybody explain this?

Wow...USD 400 difference!

I'd get on to them straight away, point out the mistake and ask where the balance is or the reason for the shortfall in payment.

ashii




msg:1453417
 9:42 pm on Aug 26, 2005 (gmt 0)

The data shown above by author of thread is not applicable here.
There are several type of exchange rates.
I think
when you are deposting a INR check from a USA based company you are selling your USD and buying INR ,so "Cash Buying" rate is applicable.
and cash buying rate was 43.10 on 25th August 2005.
so google give more than expected (43.18).

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