Please help me with USD to GBP conversions
October 14, 2008 5:48pm CST
Just recently received a check through the post from one of the numerous survey sites I participate with...however this month I have recieved only $2 which is equivalent to about £1...I think. I was just wondering if anyone could help advise me whether it would be beneficial to pay this check in as I will have to pay a conversion charge and perhaps an extra sum because the check is so smaller value. Has anyone actually experienced this before? If so what did you do? Please help and advise
15 Oct 08
You are correct, it is only worth £1, but you may have to pay more than that to bank it. It depends on which bank you use. My bank has a standard fee for drawing money from an American bank, in addition to paying for exchanging dollars into pounds. I only work for sites that use PayPal then I can convert all my dollar earnings into pounds before I transfer it to my bank. There is a 50p fee if you transfer less than £50 from PayPal, but I withdraw more than that each month so I never have to pay it.
15 Oct 08
Thanks for your response found it really helpful. Since your posting I have visited my bank and enquired and they said they charge £12 to cash a cheque that little and get it converted....just put this mishap down to experience I think. Hopefully i'll remember to select paypal as my method of payment on all sites now.
16 Oct 08
hm... i think the best way to check the conversion of any currency, is to check using www.xe.com . this website give more choices of currency to convert and most used in my place. it just like a standardize website used by my country. try and check. it gives almost the accurate rates, well rates can be vary in any seconds. happy mylotting~