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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3653
Experience:  Solicitors 2 years plus PQE
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How do I verify my exchange rate is normal

Resolved Question:

how do I verify my exchange rate is normal
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.

Hi thank you for your question and welcome. My name is ***** ***** I will assist you. Can you provide me with any further information? Kind regards AJ

Customer: replied 1 year ago.
In internet transaction with my bank I transferred funds to our French account from a K account. I wanted to know who set that rate and what I can do to verify that it was reasonably close to the real rate at the time.. I recognize that it is volatile at the moment but that means the comparison is more important. I have not been able to find any regulatory guidance to help me find out the rules to be followed by banks or as point of reference to crosscheck; making competitive comparisons is not practical
Expert:  Alex J. replied 1 year ago.

Hi. Thank you. Is the rate at the European Central Bank not the best reference point? It is updated at 3pm everyday. I look forward to hearing from you. Kind regards ***** *****://www.ecb.europa.eu/stats/exchange/eurofxref/html/eurofxref-graph-gbp.en.html

Customer: replied 1 year ago.
Thank you very clear and helpful ;finally I suppose the are no regulations for controlling the proportion of difference a bank is allowed to charge
Expert:  Alex J. replied 1 year ago.

Hi thank you. A bank can set their own buy and sell rates but these are negotiable. A bank is obviously regulated so if they are doing anything grossly unfair for example manipulating the market you could complain to their regulator - the FCA in the UK kind regards AJ

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