Compare Bank Exchange Rates – Bank Exchange Rate Comparison
Bank Exchange Rates Comparison by Compare Money Transfer.
So who is offering the best bank currency exchange rates? A bank or your foreign exchange brokers?
Compare Bank Currency Exchange Rates and Charges
There are many steps to getting the best foreign exchange rates when travelling overseas. It begins by doing your research. Check out online and printed material for foreign exchange, local economic conditions, and travel tips. If a local area is struggling economically, it might offer you better foreign exchange rates. Compare the local currency price over a year to see how dramatically the currency exchange rate changes.
Exchange rate research will provide you with a solid reference point. People will be less likely to scam you when they realize that you are knowledgeable about foreign exchange rates. As you travel, continue to check the currency exchange rates in the newspapers or on the Internet.
Exchange Rates Airports, ferries and trains
Airports, train stations, and ferries offer convenience but usually have slightly higher foreign exchange rates. Another option is to check out the airport rates on the Internet; you can order the local currency online for a better rate and pick it up at the airport – combining convenience and price. Train stations and ferries will tend to have more limited hours of operations.
Bank Exchange Rates Comparison
High St Banks Exchange Rate?
Exchanging your home currency for local currency before you travel is one viable option. In the country you visit, there will also be foreign exchange banks that serve individuals and businesses that need foreign exchange services.
Other Foreign Exchange Options:
1. Some high-traffic tourist areas may have expensive foreign exchange rate services at smaller shops and larger stores.
2. Sometimes, hotels offer decent foreign exchange rates as a service to their customers. You could receive a money transfer while you are overseas; it is cheap, safe, and fast. The best foreign exchange rates can be found at banks and post offices. Gift cards or traveller’s cheques are also options.
3. Some local exchange services charge up to 25% for currency exchange. Shop around, compare two to three rates before completing your foreign currency exchange transaction.
4. Foreign Exchange Brokerage? Foreign exchange brokerage firms buy currencies in large volumes at attractive rates. These highly-trained professionals are experts at trading international currencies. They usually offer better rates than banks, but also have higher fees.
5. Different Foreign Exchange Rates? You might run into a number of different rates: “official,” “local,” “market,” “buy,” and “sell.” Be careful, some shops will quote one rate to attract your attention. Then they will tell you that you only qualify for the higher rate.
6. When there is a “local” foreign exchange rate that is different than the government’s “official” rate. You can usually get a better deal. Some good rates only apply when large amounts are exchanged.
In an increasingly global marketplace, particularly in Australia where the bulk of goods we consume come from overseas imports. It has become important to understand Bank Exchange Rates and how they are calculated.
Compare High St Bank Rates
The strong Aussie dollar – near record highs. Has seen the majority of Australians now buying their goods from overseas usually over the internet. The reason for this is usually two-fold and comes down to ease and more competitive prices.
Personally, I have travelled the world and have seen the prices paid for basic and nonbasic items and became somewhat disillusioned with the poor service and prices we receive in outlets across Australia. Without harping on too much, it is important to understand how the bank’s come up with this rate and what you can do to achieve the best possible rate.
First, we must understand that bank exchange rates are neither the exchange rate today nor the official market rate. While this sounds obvious to me – I have worked in foreign exchange jobs for a number of years. It is not so obvious to others. And believe me over the years.
As I mentioned above the Bank Exchange Rate you receive is not the market rate. The bank exchange rate rather is a function of the market plus the bank’s margin. The easiest way to describe this is to think of a foreign exchange as a product. As we know before we buy anything we usually check a few prices. And if you did that today with the four largest Australian banks. You would get four different prices. Fortunately for the bank’s they are in the unique position where 99% of people do not check the price they are receiving. They are a true market maker.
Banking Rates Alternative options
In order to turn the tables on the bank. And wrestle back some control in terms of the bank exchange rate you receive. You will need to set-up more than one bank account and preferably with a nonbank foreign exchange provider.
They typically compete much better on price. And can give you the leverage you require to start saving money on your foreign exchange transactions. This would be particularly useful if you are an online trader with a business. Or someone who purchases a large number of goods online.
It also pays to do your research and ask the banks the tough questions. You would be amazed what they can do for you when they know losing your business is on the line. Good luck with that Bank Exchange Rate!
Who is offering the best bank currency exchange rates, is it a bank or is it foreign exchange brokers? Based on our new research the exchange rate from foreign exchange companies listed will beat your bank rates. Ranging from 3% to 5%, based on a transfer of £100,000. Compare Money Transfer now. Provides you with the first ever live comparison chart where you can compare bank rates to foreign exchange brokers.
From our new Bank Exchange Rates chart. You can see live rates and transfer charges when transferring money abroad allowing you to make the best choice. Give it a try and see how much you can save.
Sending money abroad but not sure who to use?
Thousands of people and businesses are sending money overseas worldwide. Which is in the billions where you could have saved money by using a foreign exchange broker. Foreign exchange services offer a unique service. Whereas they get a margin rate that is only available to large corporate companies that transfer millions of pounds.
Alternative Money Transfer Options
These foreign exchange companies pass this rate over to people like you and me and small to medium size businesses. Where all of a sudden you are getting currency exchange rates that would never be available to you.
Are you using your bank to send money abroad, are they offering you the best bank exchange rate?
Banks do have the facility to transfer your money overseas. But usually at a cost to the consumer and with delays. On average it can take a typical money transfer 3 to 8 days. To get your money to your chosen destination. And you will not get the best currency exchange rate. This is due to banks have a two-tiered system. Where they offer a retail rate to customers and business. And a corporate rate to companies that give them a large percentage of the business.
Unless you are transferring large amount say like a million then banks will wipe out all transfer charges. And offer you a rate that is as close to the margin rate as possible. In some cases, banks will offer larger companies the margin rate as an incentive to keep their business. And not transfer to another bank.
Can foreign exchange companies beat the bank currency exchange rates?
Foreign exchange companies provide a service to everyone with no discrimination. They offer currency exchange rates that beat the bank currency exchange rates. And in most cases will not charge any transfer fees if you are sending over £5000. Based on research could be losing money every time you send money abroad. In poor exchange rates and transfer fees.
Especially relevant with foreign exchange companies, provide sound financial advice on currency markets. And improve currency exchange rates if you are doing large multi money transfers.
