Royal Bank Of Scotland (RBS) Currency ReviewOverview User Reviews Get a Quote
For a more traditional money transferring experience, visit the Royal Bank of Scotland. Unlike newer companies on the market, the average customer at the Royal Bank of Scotland visits the brick and mortar institution to make a trade.
At first glance, this seems to be a huge drawback for the average user. When banking at RBS, clients wait in line to transfer money with their in branch staff. Instead of instant transfers online, clients must deal with an actual person. Worse still, the exchange rates are updated on a daily basis. If the rate improves, the bank reaps the profits and not the client.
All of this does not necessarily mean that it is a bad place to exchange money at. Many individuals prefer to deal with a live person when they are transferring large sums. Above all else, the Royal Bank of Scotland offers each client the safety and security that comes with an older brand. It may not provide the instant convenience of other online companies, but it clients always know that their money is in good hands.
Two Exchange Rates
Interestingly, this bank actually gives its clients two very different exchange rates. With the Personal Exchange Rate, clients are shown a figure that does not account for any commission costs or fees. This rate is often quite a great deal higher than the commercial rate the bank offers.
Commercial businesses get to benefit drastically when it comes to exchange rates. The bank lets any company that makes £1 million to £25 million or has a turnover of that much be considered a commercial establishment. This means that the commercial business gets a better rate, although the rate advertised is still not including the cost of commission or fees.
Unless the client needs face-to-face interaction, there is no reason to ever use the Royal Bank of Scotland. The bank charges a higher than average rate, commission and fees. Clients will also have to deal with staff members who do not know how to transfer money. The main part of RBS’s business is from commercial and retail clients. An average teller at RBS has not developed enough experience in handling money transfers abroad.
At no point will the client get the best rate out there if they are using RBS. Online services can skip out on the overhead costs and provide constant exchange rate updates. Unless the client is willing to show proof that other companies have better exchange rates, RBS will remain overpriced. Even with documentation and debates over the price, the client may still walk away having spent far too much for their currency exchange.