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Exchange rate

UK Pound Vs US Dollar

   
4:00 pm on Feb 3, 2004 (gmt 0)

10+ Year Member



The v. strong uk pound against the dollar is not healthy for my payments. Is there a time limit on cashing the google cheques? Ideally I'd like to save them up till the dollar recovers a bit.
4:23 pm on Feb 6, 2004 (gmt 0)

10+ Year Member



Post 9/11 and recent tightening of financial regulations, trust me, no US bank wants your business unless you have an American social security number.

US banks do not want foreign customers. It happened long before 9/11, remember BONY & Russian mafia story? US investment (brokerage) account can do the trick. Non resident accounts are welcome by most brokers (although yes, rules are getting tighter and business accounts require a lot more paperwork than ever). Many brokerages offer investment accounts linked to money market fund accounts. The later spells you may 1) deposit checks denominated in USD with zero commission, 2) you may access this cash using debit card and yes, 3) you can use this cash for hedging/gambling/investing :o)

A.

6:22 pm on Feb 6, 2004 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



eastwright, I don't remember BONY & Russian. No idea who these friends of yours are ;-)

.... but welcome to ww :-)

10:48 pm on Feb 6, 2004 (gmt 0)



I have had a fairly big US cheques bounce $5k ish
So no big deal we all have had cheques bounce now and again. But here's the important point, the cheque that bounced was 14 days showing in my account, no problem ..it bounced after 16 days showing cleared.

And my Superb Bank lol(Lloydstsb) charged me 50.00 for the info.
They refunded my 50.00 after I complained as a "good will gesture" but informed me a forein cheque can bounce and is "not properly cleared for 6-months"
BS you may think, I went to task over this and demanded the 5K back into my account..no chance.

I was lucky I knew the guy who owed me the money and he quickly settled up..cash flow probs etc, the money was taken on the wrong day etc...

So then I decide on wire tranfers only, again LloydsTSB made errors (they give me wrong International wire codes)

Moral ..bank cheques asap, do not deal with Lloydstsb

12:11 am on Feb 7, 2004 (gmt 0)

10+ Year Member



"Post 9/11 and recent tightening of financial regulations, trust me, no US bank wants your business unless you have an American social security number"

It still seems pretty easy for non-US citizens to set up a company in, for example, Delaware and with it you get a US bank account and a US dollar debit card.

10:29 am on Feb 7, 2004 (gmt 0)

10+ Year Member



It still seems pretty easy for non-US citizens to set up a company in, for example, Delaware

true

and with it you get a US bank account and a US dollar debit card.

No way. All the simplified corporate account application forms require both the company EIN and SSN of owner or principal partner. Banks want to be assured the beneficiary is not a nonresident alien. Also, all corporate credit lines and cards must be secured by an individual.

The above applies to all small companies. The company must be pretty big, with physical presence and audited statements in order to be treated as an "independent" entry.

Registering an US company will not give you a key to an account with US bank, but will guarantee a liability to US federal (at least) taxes. Depending on your current tax bracket and your local tax regulations this could result in some savings. But this is definitely another issue.

8:10 pm on Feb 7, 2004 (gmt 0)



Exchange rates:
I recently deposited $5663 USD into my account in the uk,
I just looked at my statement and it equates to 2503.
Looking at xe.com it seems this figure is approx 580 short minus their commission which is?
Anyone know anything about Lloydstsb rates etc?
I normally get cheques for lesser amounts...so I don't check as often as I should, I will from now on.

Does anyone know if this figure is realistic, I know the market fluctuates but surely not to this extent.

8:02 am on Feb 8, 2004 (gmt 0)

10+ Year Member



steve128, it sounds like a mistake. Even taking into account commission. Perhaps they are charging a hefty fee - but even then, it does not sound right.

I would take it up with the bank and get a complete breakdown of charges in this transaction, and I'd do it face to face with branch staff rather than over the phone. Then you'll know for future what the score is, or whether there's been a mistake.

12:20 pm on Feb 8, 2004 (gmt 0)

10+ Year Member



Steve that seems VERY short I'd of thought you would have received in the region of 3000, something ain't right there, either a mistake or they are charging ridiculous commissions. Chase them up asap if I were you.

Chris

1:00 pm on Feb 8, 2004 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



I am with Lloyds - they always gave me a rate competitive with other banks.
1:41 pm on Feb 8, 2004 (gmt 0)



Thanks for the replies, I'm going to my branch in the morning...hopefully it is a mistake
10:27 pm on Feb 8, 2004 (gmt 0)

10+ Year Member



Anyone in Australia with a US Dollar account? Any bank recommendations, rates etc?
11:02 am on Feb 9, 2004 (gmt 0)

10+ Year Member



I'm currently with the Halifax, and am thinking of setting up with RBoS in the coming months. The current exchange rate is bad, I've found myself raising my release levels recently with my payment processors in the hope that the rate will change. Looks to be getting worse rather than better.

With what UK bank is it easiest to set up a US Dollar account?

11:53 am on Feb 9, 2004 (gmt 0)



andy_boyd, if you're with Halifax, they will refer u to the Bank of Scotland who offer free business banking and a great deal on overseas transactions.You can also transfer between Halifax and BOS accounts for same day value (i.e.no clearing delays).

I've used the BOS for almost two years and they are excellent.

7:12 pm on Feb 9, 2004 (gmt 0)



oops...got a returned cheque, the amount in words was one-thousand dollars, but the amount wrote in figures was $100,00. Returned due to discrepency
So 530 short, including their commission at todays rate )(-:...sorry lloydstsb this time.
9:06 pm on Feb 9, 2004 (gmt 0)

10+ Year Member



The best option would be to open a USD Bank account in your country with a Good Banker which has a branch in the United States.
11:36 pm on Feb 9, 2004 (gmt 0)

10+ Year Member



I am in the Uk and I am in the process of opening a USD current account with citibank. They sound very good

[google.com...]

3:00 pm on Feb 10, 2004 (gmt 0)

10+ Year Member



I got my cheque yesturday from G for adsense and went to cash it to 'The Halifax' who say it will take rather a long time and the charge could be as much us 14.

UK here btw.

Is the HSBC the best bank to got to, I think I read this on other threads?

3:12 pm on Feb 10, 2004 (gmt 0)

10+ Year Member



FYI

Halifax: Usually takes 10-14 days before it shows up in my online statement.

6:21 am on Feb 11, 2004 (gmt 0)

WebmasterWorld Administrator anallawalla is a WebmasterWorld Top Contributor of All Time 10+ Year Member



Anyone in Australia with a US Dollar account? Any bank recommendations, rates etc?

Most banks offer it - search for "site:.au foreign currency accounts"

e.g. HSBC requires US$1000 to open the account, US$ withdrawals $1000 max without notice, more if you give notice; AU$ withdrawals as much as you wish.

Am considering it myself.

6:47 am on Feb 11, 2004 (gmt 0)

10+ Year Member



I have used Westpac bank (US dollar account) in Australia for the last 2 years. My local branch takes care of all my cheque deposits and withdrawals. When comparing their conditions to other Australian banks they are light years ahead. The daily exchange rate is easily accessible also.
11:36 am on Feb 18, 2004 (gmt 0)

10+ Year Member



Saw a news report yesterday saying that the dollar could go up to $2 a 1 and stay like that for a couple of years...hmmmnnn, might be cheaper for us all to go in emigrate to the US!

Chris

12:34 pm on Feb 18, 2004 (gmt 0)

10+ Year Member



I just wish it would choose some price and stay there for a while.

It is hard to make plans when you are on a sliding scale every month

1:07 pm on Feb 18, 2004 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



I feel sorry for the Americans ...by Americans I mean people in the United States of America (with no slur intended on other residents of other state/s of North America, or people in the wider Americas including and not limited to South America and Central America), or maybe I should start again...

I feel sorry for the people living in the US of A. At the rate the dollar is going down they won't be able to afford very much anymore. I hope the US of A doesn't become a poor country ;-) or Americans (there I go again!) won't be able to visit us folk in Europe anymore.

2:36 pm on Feb 18, 2004 (gmt 0)



Don't get too smug. :-) Currencies go up and down, and anyone who's been watching the dollar over the last 30 or more years (as I've done) will realize that what's down one year can be up the next and vice versa. Over time, America's dependence on foreign investment to cover its debts could lead to higher interest rates and a stronger dollar (though at the expense of working Americans).

In any case, for those of us who make a living from the global Web, every currency cloud has a silver lining. The dollars that I earn from dollar-denominated affiliate sales may not be worth as much in Europe, for example, but the euros that I earn from euro-denominated affiliate sales are worth more in the U.S. And as the dollar's fall makes AdWords/AdSense bids look cheaper to advertisers in the euro zone, they may be willing to bid higher so that things even out.

Plus, there are other ways that the market evens out disparities between currency values. For example, when travel by Americans to Europe is down, European travel vendors often respond by offering special deals and packages to American visitors. This is similar to the U.S. practice (not uncommon among hotels and resorts near the Canadian border) of accepting the Canadian dollar at par.

IMHO, changing currency values are the least of the risks that we face as Internet entrepreneurs!

3:44 pm on Feb 18, 2004 (gmt 0)

10+ Year Member



Smiled at lady in HSBC and got off paying a transaction fee, just a straight swap from dollar to - shame the yanks can't keep a strong currency =/

W.

6:54 pm on Feb 18, 2004 (gmt 0)



Smiled at lady in HSBC and got off paying a transaction fee, just a straight swap from dollar to - shame the yanks can't keep a strong currency =/

Hey, I can remember when the pound sterling was worth $5. What happened? :-)

8:03 pm on Feb 18, 2004 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



Don't get too smug. :-) Currencies go up and down, and anyone who's been watching the dollar over the last 30 or more years (as I've done) will realize

EFV, chill.... ;-)
I'm not particularly thrilled with the dollar slipping I can tell you. I lose big time on my massive Adsense cheques.

shame the yanks can't keep a strong currency

It's a crying shame. At this rate I'll soon be able to afford buying Connecticut ;-)

(Thinking about it - Nah... what'll I do with something like that? And where would I put it!)

8:19 pm on Feb 18, 2004 (gmt 0)



(Thinking about it - Nah... what'll I do with something like that? And where would I put it!)

I don't know, but if you can afford to buy Missouri, Ohio, Florida, or one of the other swing states, you could sell it to one of our presidential candidates before the next election. :-)

8:30 am on Feb 19, 2004 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



could sell it to one of our presidential candidates before the next election

I did not have voting relations for that man Clinton.

I did not votify Bush into presendentorial office.

There's no way I'm taking the rap for your next president!

2:25 am on Feb 20, 2004 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



Nat West Bank charge about 10.5 to cash $ cheques, Nationwide just 6.5.

In 1981 i can remember $2.40 to

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