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  #1  
Old July 19th, 2016, 09:51 AM
Roverlab
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Trevor Griffiths
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GBP to the USD

Need some help in understanding exchange rates.
If I use an on-line convertor, the GBP comes up as approximately $0.76.
When I went to place an order with a UK supplier, paying with a wire transfer per their terms, the rate came back as $1.31.
Why the difference?
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  #2  
Old July 19th, 2016, 09:55 AM
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You may be running into an order of operations issue, perhaps simply semantic.
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  #3  
Old July 19th, 2016, 10:04 AM
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The table on this site will help you.

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Banks also charge a fee on top.....
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  #4  
Old July 19th, 2016, 10:04 AM
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Trevor,
You are experiencing the completion backwards principal.
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  #5  
Old July 19th, 2016, 10:11 AM
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Quote:
Originally Posted by Roverlab View Post
Need some help in understanding exchange rates.
If I use an on-line convertor, the GBP comes up as approximately $0.76.
When I went to place an order with a UK supplier, paying with a wire transfer per their terms, the rate came back as $1.31.
Why the difference?
one converts 1 USD to 1 GBP the other does 1GBP to 1 USD

One GBP buys USD 1.31

One USD buys GBP 0.76
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  #6  
Old July 19th, 2016, 10:18 AM
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Use this service. Super easy, great exchange rate. You can see the actual cost live just put the price in, in GBP.

https://transferwise.com/us/
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  #7  
Old July 19th, 2016, 10:19 AM
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Quote:
Originally Posted by Roverlab View Post
Need some help in understanding exchange rates.
If I use an on-line convertor, the GBP comes up as approximately $0.76.
When I went to place an order with a UK supplier, paying with a wire transfer per their terms, the rate came back as $1.31.
Why the difference?
you did $1 to GBP on the converter. You should have done 1 gbp to usd.
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Old July 19th, 2016, 10:50 AM
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I can tell you the low Pound came in handy last week when in the UK.

The exchange rate is close to 1.30 right now. When in the UK, we learned that simply using a credit card with partnership to a UK bank means you get a fee-free exchange. So buying petrol, for instance, was exactly the official exchange rate if I used my credit card. If I bought cash, I had to pay a fee. If I used some other card, I had to pay a fee. You can look up the fee for each type of transaction.
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  #9  
Old July 19th, 2016, 12:08 PM
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I understand now. Thank goodness it's only on me for stuff for my 110, and not underestimating a customer's car!

------ Follow up post added July 19th, 2016 01:08 PM ------

Thanks!
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  #10  
Old July 19th, 2016, 01:20 PM
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Quote:
Originally Posted by Roverlab View Post
I understand now. Thank goodness it's only on me for stuff for my 110, and not underestimating a customer's car! ------ Follow up post added July 19th, 2016 01:08 PM ------ Thanks!
Congrats!
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  #11  
Old August 5th, 2016, 12:04 PM
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Just order from LR direct $1.31 to the pound. I'm pleased! So much nicer than the 1.50!i've been used to
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  #12  
Old August 5th, 2016, 12:30 PM
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Also of note when ordering from the UK: LRDirect is great and doesn't do it, but some other sellers will forget (or hope you do) that VAT doesn't apply to U.S. buyers.


Be sure you're not getting charged the extra dough. (UK VAT is 17% as I recall.)


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Old August 5th, 2016, 12:38 PM
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1.5 was not bad....remember buying rovers at nearly 1.8! That sucked
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Old August 5th, 2016, 12:59 PM
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UK vat is 20%.
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