I am retired and recently transferred funds from the uk (pounds sterling) to my credit union in usd.
The credit union did not give me a good rate of exchange, in comparison with what I was seeing in the markets.
I questioned this with them and they stated, we gave you the exchange rate that the federal reserve bank supply
the credit union on the day you put the check into the bank. The bank 1.508, the comparison I looked at were 1.54,
but by the time check to my account it was 1.58.
Could you please advise where I find the exchange rate from the federal reserve bank (I searched everywhere but wasunable to locate), and is there anywhere I can get comparison for the future, as I will be doing this on a regular bases.
You can find recent exchange rate info from the Federal Reserve below:
However, this is not likely to be the rate at which you convert Pounds to Dollars; banks and credit unions will normally apply a spread to the rate- this is how they make money on the transaction. If you want to get an accurate idea as to how much you'll end up with after conversion then you'd want to contact your Credit Union and ask them for "their rate", in theory they'd give you the current rate of exchange that they're using inclusive of their spread.
Also consider that because international funds transfers take time, sometimes even a week, that the exchange rate applicable is likely to be the date of receipt's rate not the date of origination.
Hope that helps.
This is the website I use to compare currency values:
You can change what currency type you are changing from into GBP.
Your Credit Union would more than likely get the exchange rate and process it at the end of the day that the funds are received at that days rate. As Jorge mentioned your Credit Union should have their own rate sheet for that day even though the numbers may originate from the Federal Reserve.
Best of luck to you,