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Oddball currency questions

Oddball currency questions

Old Mar 8, 19, 7:40 pm
  #16  
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Originally Posted by Often1 View Post
There is nothing whatsoever "low class" about 20's any more than 50's. In any event, 42 of a banknote is hardly many in the sense that they are hard to place in an envelope and hand over.

I presume that the cash transaction is because she does not report the income and thus, other methods of payment are less convenient for her.
If sheís also renting her property on AirBnB, then sheís probably not doing it to underreport her income. Frankly, I only asked her if i could pay by credit card last time, I donít know if she accepts PayPal or Zelle or Venmo (assuming the latter two are options in England). The point about ATM limits is a good one, though last time I did this, I was able to withdraw £400 in one transaction (I think).
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Old Mar 9, 19, 1:30 am
  #17  
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Cash is cash, nobody who wanted to be paid in cash would think twice about receiving a stack of £20s.

If she is depositing it into her bank account, the denomination doesn't matter. Deposit machines usually take 50 notes at a time, but if you have more you just do another transaction.

If she is not depositing them at the bank but spending them, £20s would be preferred over £50s anyway.

If she is going to the bank to deposit the notes, you should ask her if she will take the old pound coins as part of your rent payment. (You could give her £1 extra for the trouble.) A handful of banks insist they can only be deposited in bags of £20, but most aren't so silly. I think the machines in Metro Bank (which can be used by anybody) still accept the old pounds.

In the UK, ATMs (at least those operated by banks) are only limited by the card used. I have UK cards which allow £500 withdrawal per day. This can be "increased" to £1000 by going at 11.58pm, waiting a few minutes then making another withdrawal. I also have non-UK cards that have higher daily limits, I once did £2000 in one go (a long time ago).

I thought AirBNB is supposed to handle all the payment. Maybe she is trying to avoid some sort of AirBNB fees? Anyway, if she is paid in cash she knows exactly what she is getting and the guest knows exactly what to pay, whereas accepting paypal or credit cards incurs other fees that may not be straightforward to work out beforehand.

Last edited by :D!; Mar 9, 19 at 1:36 am
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Old Mar 9, 19, 8:57 am
  #18  
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In this case, both of us are trying to avoid AirBnB fees. Iíd have to pay a service fee, a cleaning fee, and heavens knows what else, and Iím sure AirBnB takes a cut of whatever money should be going to her. Iím certainly not complaining about eliminating the middleman.
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Old Mar 9, 19, 1:50 pm
  #19  
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As above, I'd agree that a bundle of 20s is the standard way of making a large cash payment if that's what you're going to do.

Part of me, though, really likes the idea of presenting a briefcase full of singles.
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Old Mar 9, 19, 4:59 pm
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Originally Posted by stut View Post
As above, I'd agree that a bundle of 20s is the standard way of making a large cash payment if that's what you're going to do.

Part of me, though, really likes the idea of presenting a briefcase full of singles.
Ah the £1 - another Scottish specific note; though very rarely spotted these days.
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Old Mar 9, 19, 5:10 pm
  #21  
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Originally Posted by Scots_Al View Post


Ah the £1 - another Scottish specific note; though very rarely spotted these days.
Same goes for briefcases, but.
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Old Mar 9, 19, 9:57 pm
  #22  
 
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Originally Posted by skywardhunter View Post
Can't you pay her by (international) bank transfer? Or PayPal? The latter has some fees, but the former, especially through Transferwise, may make sense for such an amount
(Assuming you're US-based), if eliminating fees, charges and the middleman's 'cut' are a consideration, you'll pay considerably fewer USD's by making a transfer through Transferwise rather than making a cash withdrawal using your cash card at an ATM at Tesco's.
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Old Mar 10, 19, 5:08 am
  #23  
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Originally Posted by Up In The Air View Post
(Assuming you're US-based), if eliminating fees, charges and the middleman's 'cut' are a consideration, you'll pay considerably fewer USD's by making a transfer through Transferwise rather than making a cash withdrawal using your cash card at an ATM at Tesco's.
I would hope the OP is using a US card that doesn't charge any forex or ATM fees, in which case the Visa/Mastercard rate would generally beat the Transferwise rate if done on the same day.
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Old Mar 10, 19, 5:38 am
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Your landlady will be more than happy with a stack of fresh and ready useable £20 notes, and will be very understanding if you have to pay in two instalments as your ATM daily withdrawal limit applies.

She is clearly a sensible businesswoman who is avoiding giving a third party a cut of her takings. Don't overthink this as it is a routine business arrangement, and all matters that she knows and fully understands - particularly as you have done business before and are both happy to continue.
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Old Mar 10, 19, 6:58 am
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Originally Posted by :D! View Post
I would hope the OP is using a US card that doesn't charge any forex or ATM fees, in which case the Visa/Mastercard rate would generally beat the Transferwise rate if done on the same day.
It almost definitely would not. TransferWise uses the mid-market spot rate which is pretty much the very best possible rate you can ever get. Though cards may not have a Forex fee the exfhaexc rate is likely 1-2% below the mid-market spot rate
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Old Mar 10, 19, 9:10 am
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Originally Posted by skywardhunter View Post
It almost definitely would not. TransferWise uses the mid-market spot rate which is pretty much the very best possible rate you can ever get. Though cards may not have a Forex fee the exfhaexc rate is likely 1-2% below the mid-market spot rate
But TransferWise charges its own fees - when added on do they really make the difference up to 2%? I'd be surprised if so, and that's not my experience when using Mastercard/Visa fee-free cards which usually come in at pretty much what Google tells me - which is the rate Transfer-wise says it uses. In any case any difference either way can be easily wiped out by market movements between when you do the transfer vs. cash withdrawal processing, although I understand (and also feel) the need to get the best rate on paper at a particular moment.
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Old Mar 10, 19, 10:57 am
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Originally Posted by Ldnn1 View Post
But TransferWise charges its own fees - when added on do they really make the difference up to 2%? I'd be surprised if so, and that's not my experience when using Mastercard/Visa fee-free cards which usually come in at pretty much what Google tells me - which is the rate Transfer-wise says it uses. In any case any difference either way can be easily wiped out by market movements between when you do the transfer vs. cash withdrawal processing, although I understand (and also feel) the need to get the best rate on paper at a particular moment.
Yes TW charges fees, but they're very small, comparatively. Not sure percentage wise but it's saving me a lot compared to regular SWIFT transfers. I've not compared it to the ATM withdrawal fees. The TW fees are under 1% though
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Old Mar 10, 19, 1:33 pm
  #28  
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Originally Posted by skywardhunter View Post
It almost definitely would not. TransferWise uses the mid-market spot rate which is pretty much the very best possible rate you can ever get. Though cards may not have a Forex fee the exfhaexc rate is likely 1-2% below the mid-market spot rate
In my experience the Visa exchange rate tends to be 0.5%-1% worse than the average rate for the day taken from various sources such as xe.com and oanda. The Mastercard rate tends to be anything from 0.25% better to 0.5% worse. Furthermore, xe.com and oanda live rates differ from each other by several basis points anyway, so how do you really know what the "mid-market rate" is other than what Transferwise says it is.

I don't know where you are getting 2% from, but if that is really the case for your cards you are getting ripped off by someone.

For all its claims of transparency, Transferwise makes it very difficult to determine its fees in advance. For a USD to GBP transfer, I know that the fee used to be around 0.5%, although looking at their website now, they claim they have lowered their fees to 0.37% plus about $1 USD.
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Old Mar 10, 19, 2:34 pm
  #29  
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Originally Posted by :D! View Post
I would hope the OP is using a US card that doesn't charge any forex or ATM fees, in which case the Visa/Mastercard rate would generally beat the Transferwise rate if done on the same day.
Yes, I have a Capital One 360 checking account that I only use for international travel because there are no forex or ATM fees (the bank doesnít charge me to use a non-Cap One ATM, but wonít reimburse me for the fee to use the ATM that the ATM might charge). This isnít my first rodeo.

The only reason to use TransferWise or PayPal would be to avoid the inconvenience of conducting the transaction in cash.
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Old Mar 10, 19, 3:11 pm
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Originally Posted by :D! View Post
In my experience the Visa exchange rate tends to be 0.5%-1% worse than the average rate for the day taken from various sources such as xe.com and oanda. The Mastercard rate tends to be anything from 0.25% better to 0.5% worse. Furthermore, xe.com and oanda live rates differ from each other by several basis points anyway, so how do you really know what the "mid-market rate" is other than what Transferwise says it is.

I don't know where you are getting 2% from, but if that is really the case for your cards you are getting ripped off by someone.

For all its claims of transparency, Transferwise makes it very difficult to determine its fees in advance. For a USD to GBP transfer, I know that the fee used to be around 0.5%, although looking at their website now, they claim they have lowered their fees to 0.37% plus about $1 USD.
2% was based on what my bank charges me on SWIFT transfers, not what I pay on ATM withdrawals. In fact my bank charges around 1.5% for SWIFT, but it varies. and it's mainly ZAR to INR, so between two 2nd tier currencies. Transferwise tells you explicitly what the rate will be before you confirm the transfer.
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