Re: Stingy Citibank
- From: "Martin" <ng@xxxxxxxxxxxxxxxxxxxxxxxxxx>
- Date: Fri, 28 Sep 2007 13:56:01 GMT
<nospam@xxxxxxxxxxx> wrote in message news:G5adncpJCZmsnmDbnZ2dnUVZ8turnZ2d@xxxxxxxxx
Why is it that Citibank offer you less when you give them more?
I would have thought that when I transferred more UK pounds into US dollars, I would get a better exchange rate - not a poorer one!
For example - I just tried to exchange £100 and was offered $199.70.
2 seconds later, I tried exchanging £200 and was offered $399.39 - i.e., a cent less than if I had done two transactions. Obviously this isn't much, but the point is, since I'm exchanging more money, I would expect a better rate - not a worse one.
I asked Citibank how frequently they update their exchange rate and they told me it was every 15 minutes - so the difference wouldn't have been due to that at the time I tried it.
Why not? Sounds like your two attempts straddled an update.
And / or, the bank now has to convert back twice as much cash to make its profit.
Next time you're in the supermarket, take a look at how many items are cheaper when bought in two 1/2 sized packets.
--
Martin
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