Converting USD to GBP without a retail bank

I need to convert $1500 from my dollar citibank account into my sterling citibank account. They'll charge me a hefty commission though. Can anybody recommend a cheaper way of doing it? Thanks.

You may get a better rate if you take the money out in GBP via an ATM.

I would definitely use an ATM, it's quicker & the commission is probably less.

try HIFX

foredog said:

try HIFX

Click to expand...

thanks, I'll check them out.

try Hifx.co.uk a better rate than banks, you'll need IBAN and Swift codes of your accounts

Good luck

dear community

citibank uk have decided to double their commissions on their foreign currency exchange rates. that means that if until now citibank charged a comission of 2% now they charge 4%. so for example if when the exact exchange rate is pounds for dollars is 1.60 they used to give you 1.57 and now they will only give you 1.54 !!
so please join the community and send a secure message to citibank uk (sign in to internet banking then go to customer services then go to send a secure message and choose subject "statements" as that is what gets through the quickest) complaining about this as if they get enough complaints there is a massive chance they will reinstate the old better exchange rates. this is what their customer services informed me

so for a sample letter to write them


dear sir

I have been a customer for a long time. I have a complaint regarding your exchange rate from £ pounds uk to $ dollars.

I know that you change your rates every half an hour. but my question is that when I used to transfer over £ pounds I would get a compatibale exchange rate relative to other banks. usually it was half a penny from the market price. also when I sold dollars & bought pounds I would get a penny from the market price. so for example the rate to buy dollars would be 1.58 & at the same time the rate to sell dollars & buy pounds would be 1.60 So MY QUESTION IS WHY DID THE COSTS BECOME HIGHER SINCE NOW THE RATE HAS BECOME A 2 PENCE CHARGE SO NOW THE RATE TO BUY DOLLARS IS 1.56 AND AT THE SAME TIME THE RATE TO SELL DOLLARS & BUY POUNDS IS 1.62.

Citibank in the past offered exchange rates that definitely provided a nice comission to citibank and that was fair to the customers which was a perfect combination as citibank deserves to earn revenue from it's services. But now citibank has increased the exchange rate commission, this is taking advantage of the customers and unfair to them.
I therefore feel that citibank should go back to their old exchange rate which is both fair to the customer and still advantageous to citibank. I am sure customers will change to other banks which now stand at a better exchange rate such as close brothers or hsbc. Also customers mainly openend accounts at citibank to transfer money abroad, in effect exchanging the money for another currency and to increase the exchange rate commission WITHOUT EVEN NOTIFYING THEM is definitely not the correct path for a reputable bank as citibank who cares for their customers. Therefore this surely must be something incorrect so please change it back to the way it was.

Please pass this on to the uk department as I would like someone from the uk to reply.

thank you in advance

a valued customer