I've only just paid attention to it, but with direct deposits, it seems like a big difference between the real exchange rate, and exchange rate received. For example australian dollar was approx 64c against the $US dollar today, and it worked out 68c with the money coming in to my bank account. I know the banks add a few percent (which happened when I used to cash my paper cheques) but I didn't think it was an extra 4% Any one know if Clickbank take a share/profit on the foreign currency exchange rates?
surely if it was 64c to the dollar and you were receiving 68c to the dollar you were makin 4c more for every dollar than the exchange rate said?
i notice this too with the aussie exchange rate. they would take a bit and the banks would take a bit for sure.
I suspect this is the main reason for CB making this change, just another way to make a bit extra on the conversion. they also make on the Direct Deposit conversions for us non-US guys
Hmm well that's annoying. I guess I'll weigh up the cost v benefits of going back to paper cheque. 2 extra percent doesnt sound like much, but on $100,000 its $2,000 (nothing to sneeze at) No Jimmy, I won't bore you with the mathematics of it, but I'm losing 4 cents.
Not only that but you don't get the current foreign exchange rate. When I lived in Southeast AK and used to road trip to Canada its never the actual exchange rate, it changes daily but I believe its -a small % that the banks do as a type of fee.
even if the bank / cb do take a small cut by direct deposit, i'm much better off with direct deposit as the bank was charging me £5 per £100 to cash the cheques!!! and also saves me a lot of time