US exchange rates and Transpact

[alexhill7]

Hi everyone,

My colleague and i are importing some goods from China, we have calculated all the duty/VAT/Freight/exchange rates/margins e.t.c e.t.c and we are looking at making a acceptable return on our investment.
So we are ready to place our order, our intension is to use Transpact, even though we know the person we are dealing with in China fairly well.
The biggest fluctuation and potential affect on our net profit are the exchange rates from £ to USD.

Our question is, what is the cheapest way to exchange our sterling into USD?
What exchange rates should we be working on?
How do we know what exchange rates our Banks will offer us, is this available online?

Transpact have said their rates are cheaper and they will send us a quote.
But we need to know the exchange rates before we can proceed with order as they have such an effect on our bottom line.
Can anyone advise what rate they work from and is this online?

Thanks
Alex

 

[alexhill7]

Can anyone help, where do check xchange rates

 

[matt_williams]

I'm sure you already know this but Google exchange rates and you can find real world rates. Currently US$ 1 = £ 0.67

However, as you have correctly assumed this won't be the rate you'll pay.

My bank (the bank that gives you extra) I can do a quick estimate online.

For international online payments there is a £9-50 flat fee (do it over the telephone it cost £19-50) and the rate currently is 0.7%, this updates every 20 minutes.

If this is competitive or not I don't know. I would be interested to know how other people are making international money transfers and the fee's and rates they pay? What is the cheapest way to pay a Chinese supplier.

Regarding Transpact, I don't know there exchange rate but can tell you there fee's. Have this confirmed but as I understand -

• Payments to US bank accounts, less than US$2500, you will be charged US$15
• Payments to US bank accounts, over US$2500, you will be charged US$29.72
• For all other international accounts, regardless of ammount, you will be charged US$29.72

Anyone making international payments please jump in as this would benefit us all if we can find cheaper ways to complete international money transfers.


Hope this helps!