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Thread: OKPAY, USD to GBP Exchange Rates.

  1. #1
    Featured Member TeenageAnnie's Avatar
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    Default OKPAY, USD to GBP Exchange Rates.

    Hello all, wonder if anyone can help me, I'm currently on OKPAY but I find it looks like they are taking too much money off me when exchanging my USD for GBP.

    My latest bill is like this:

    Source of Funds Wallet #1 - $1 566.80 USD

    Total to be charged $1 566.80 USD

    Exchange Amount £956.67 GBP

    Fees £9.57 GBP

    Amount £947.10 GBP

    Exchange Rate 1 USD = 0.6106 GBP

    But when I type 1566.780 USD TO GBP Into Google I get
    :
    1566 US dollars = 972.6708 British pounds sterling

    So where are they getting the Exchange Amount £956.67 GBP from ?

    This is the second paycheck now where it's been very low exchange rate. Before that I got what I expected. I don't know if I am wrong or confused so if anyone is good would figures I'd appreciate some input. Thanks

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    Banned Melonie's Avatar
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    Default Re: OKPAY, USD to GBP Exchange Rates.

    In terms of 'official' currency exchange rates versus 'market based' exchange rates, in point of fact the only transactions which are guaranteed to take place at the 'official' currency exchange rates are million dollar sized inter-bank transactions. Non-bank currency exchange rates, and particularly so in the case of 'small' transaction sizes, are subject to self-serving 'tweaking' on the part of the non-bank financial entity involved.

    Or to put it another way, OKPAY is screwing you out of some fractional amount via their stated exchange rate versus the 'official' inter-bank exchange rate. Of course, they're not alone in this regard ... MasterCard and Visa do exactly the same thing. The non-bank financial entities will claim that the exchange rate changed between the time the request for currency exchange was placed and the time the transaction actually executed, which lets them 'off the hook' from a regulatory standpoint.


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    Default Re: OKPAY, USD to GBP Exchange Rates.

    ^Yup payoneer does it too. Even if you got a cheque your bank would still do it to some extent as well.
    Quote Originally Posted by HaydenBlue View Post
    Somebody call the WAHHHHmbulance.

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    Default Re: OKPAY, USD to GBP Exchange Rates.

    I always use an exchange rate of 1.7 USD to 1 GBP so that I'm not disappointed!
    Quote Originally Posted by HaydenBlue View Post
    Somebody call the WAHHHHmbulance.

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    Default Re: OKPAY, USD to GBP Exchange Rates.

    All online payment companies do it (except DP), its to cover their own "ass". Banks do it aswell when buying and selling foreign currency.

    The other recent thread here has info on it

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    Featured Member TeenageAnnie's Avatar
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    Default Re: OKPAY, USD to GBP Exchange Rates.

    Thanks all. I just can't understand why its onlt happened the last 2 paychecks, I've been with them for over 1 year and I always get exactly what I thought I'd get, I got $1 = £1.6 or whatever it was, now Im getting £0.6 the last two times. I've gone through it throughly and checked all my transactions, some of them are higher than what google gives me... I am thinking perhaps the exchange rate was higher at the time though compared to the result I would get calculating it today... Perhaps they giving me too much before and are now correcting a mistake, because I would have notice this before surely? The only fees I ever had were the 'okpay' fee which is clearly shown to u and the £8 from my bank for handling an international transfers... I had never lost money on the exchange rate

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    Default Re: OKPAY, USD to GBP Exchange Rates.

    Quote Originally Posted by TeenageAnnie View Post
    I've been with them for over 1 year and I always get exactly what I thought I'd get, I got $1 = £1.6 or whatever it was, now Im getting £0.6 the last two times.
    Um - I'm confused. I was just on vacation in the UK a couple weeks ago and I was getting about $1.60 = £1. You could always try calling your bank or OKPAY but they'll probably give you some non-negotiable bs excuse. The exchange rate sucks, I'm sorry you're getting screwed.

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