EFT Payments to non-US$ Currencies

[IanTurner]

Has anyone had any experience of these and if so what kind of exchange rate did you get?

[peewhy]

I'm just awaiting mine from Dublin in Sterling. I'm interested to hear from others too.

[Visit Thailand]

Really depends on the amount you are getting I get mine by cheque because EFT was not available and first switched last month to my local currency.

After I received the cheque though I calculated I could have quite a reasonable amount more by paying the bank charges on the US$ cheque, and using them to convert back to local currency if wanted.

Have now reverted back to US$ cheques. Sure my bank is pleased about that!

[dutch_dude]

Payment I received in May (Euro's):

Exchange Rate 0.795 : 1

They show that in your payment history, amount in dollars, amount in local currency and the exchange rate.

[peewhy]

How does it compare with the High Street exchange rate?

[dutch_dude]

How does it compare with the High Street exchange rate?

0.79470 was the average exchange rate on the day the payment is dated. (May 25th)

So I guess the exchange rate from Google is fair.

[peewhy]

Yep, they're not making money there.

[IanTurner]

That gives me some confidence in going to EFT for UKP.

[Marketing Guy]

GBP £0.544 : $1 MAY
GBP £0.518 : $1 APR

Don't really keep up with exchange rates so not entirely sure how good / bad this is, but seems OK.

MG

[Jenstar]

I have heard more than a few people remark that the exchange rate is better than what they expected for EFT - I believe this calculation is actually done by the bank. But some have said they are disappointed with the exchange rate received when receiving checks in their home currency, as opposed to USD checks. But some prefer to lose on the exchange rate and not have to wait 30-60 days for a US check to clear.

[phantombookman]

My EFT in GBP worked well and I was happy with the rate.

It may be worth pointing out that there is not AN actual exchange rate per se. There is

A sell rate
A buy rate
Then the so called 'tourist rate'

I think some people get confused because the rate most published tends to be the tourist rate and this is rarely used by financial institutions etc

[peewhy]

I suppose, logically thinking, Google transfers the USD to whatever account, be it English, German, Canadian or Zog.

The Bank converts the money at whatever rate prevails.

[OptiRex]

Google converts at the mid-market rate. Mid-market rates are derived from mid-point between the buy and sell rates of large-value transactions in the global currency markets.

IMO EFT in the UK is not necessary since I have received my last two cheques the day after they were approved!

[peewhy]

Surely Google doesn't convert it, but the bank does?

[OptiRex]

Surely Google doesn't convert it, but the bank does?

Perhaps I should have said "offers a mid-market rate".

Insofar as I am aware Google accepts payments in various currencies and since they have a huge cash pile they probably retain many of their receipts in those currencies therefore they would not actually be converting anything.

Without checking the currencies offered I am speculating that those are the currencies in which they accept payments. Am I correct?

[peewhy]

I would imagine that to be true. I'm sure Adwords account holders from varying countries can very how they are invoiced.

[rubenski]

I was hoping EFT would take less time. Usually I got my check around the 25th (Holland), and it was cashed by the bank two weeks later. EFT payments are done arounf the 25th too, then your bank holds the money for a couple of days. So, in the end for me it is only a 1 week difference or so.

I am keeping it set to EFT though. I like the idea of not getting up to receive my money. :)

I got these exchange rates:

26 april - 0.766 : 1 Euro
25 may - 0.795 : 1 Euro

These rates are roughly the same as the interbank exchange rates oanda.com shows for these dates. The first a little bit lower, the second a tiny little bit higher.