A question about : Transferring salary from Norway to UK
My Norwegian employers send our salary direct to our UK bank accounts (apparently via Lloyds, who distribute it for some reason) - My account is with Santander.
This month the employers rate via their bank to use for transferring to us is 10.07NOK to the GBP. However we are being told by some of our banks that we would have got 9.5 to the GBP. Meaning we lose about Ј250 a month due to the difference.
What is the best way around this? And how do we know the correct rate they should be using? Should they use the base rate or can they set the rate to whatever they want?
Some colleagues are opening a Norwegian account and transferring it themselves next month. But after calling my bank today they said I would have received the same amount regardless. Should we use an fx exchange company or what?
We feel we are being mugged off somewhere along the process but we don't know where.
Best answers:
- Hi,
I would advise you to use an international money transfer specialist to get the most ЈЈЈs for your Norwegian Kroner. Once you have registered etc your Employer can transfer the Norwegian Kroner directly to the money transfer specialist who will hold a client Norwegian Kroner account. Their rates will be much better and another benefit is that they will only convert the funds to Sterling when you are happy with the rate and the Sterling will then be transferred to your UK account. - Do you know the exact numbers in each currency? I.e. Not one multiplied by the exchange rate, but the separate NOK & GBP values, or do you just have the GBP and the rate?
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