Here at BER we are very keen on promoting Exchange Rate Margin and Fee transparency. Where possible we publish the publicly available bank and fx vendor exchange rates advertised on their publicly accessible websites and any incorrect rates would affect the vendor’s positions in the BER comparison table.
Some customers have been reporting that the exchange rates for International Money Transfers published by their Financial Institutions on their websites are better than those available to their customers via Internet Banking.
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All Vendor currency exchange rates on BestExchangeRates are compared to what we call the Mid-Market Rate for each currency pair.
This mid-market rate (sometimes also called the interbank rate or spot rate) is used in global financial markets and what you normally see reported on the news.
It is called the “mid-rate” because it is always half-way between latest BUY and SELL rates for the currency pair.
Generally they say when investing you should buy low and sell high and that is exactly what the banks are doing with you, they buy currency from you at low rates and sell currency back to you at high rates, so unfortunately you end up buying high and selling low!
That is why most banks and brokers hide this mid-rate from you by marking it up significantly – to their own benefit.
Travelling with Credit Cards can be expensive!
Wondering what those extra “Fees” are on your credit card statement for purchases in Foreign currencies? Most banks and financial institutions charge these sneaky fees for transactions in a foreign currency (as much as 3% of the amount), only a few do not charge a fee for this so its worth knowing what your card is costing you.
Hi all, am about to head off on a diving trip to Fiji and was wondering where I can get the best rate for buying some Fiji Dollars?
Any of you forex experts want to hazard an opinion on what you think the Aussie dollar will do over the next few months in relation to the USD and JPY? We’re about to book a ski trip to Hokkaido Japan and hoping the ozzie will head back above 80, last time we went two years ago it was closer to 100! Will it go lower if the Aussie Reserve Bank announces more interest rate cuts or is that already factored in? Not sure whether to hold off buying JPY in the hope it will recover some lost ground or buy where it is mid 70′s?
Hi Forum, I am heading on a boys gambling trip to Vegas (sounds dangerous right!) and wondering whether I should change cash here or wait til over there and just use the ATM’s?
Since end of Sept I have been waiting to transfer NZ dollars into my home Australian bank account. Is it advisable to keep waiting for the AU$ to devalue as at the moment I appear to be losing over 30%? I am conscious of the fact that I am also losing interest by not having it here in my Australian bank account.
Relative to many Asian currencies, the Australian dollar has not risen at all, and it not at a high against .cn, .sg or chf, and has fallen against thb.
Trade weighted index is at no 27 year high either.
As the USA kited another 1 trillion to buy up toxic debt (stimulus) their currency is falling relative to about everything else, including gold.
Given everything else, relative interest rates etc, A$ should climb to 1.09 chf. It is actually the .usd that has another 25% to fall, but for the moment, China and Japan don’t want this.
I was off to the local bank to exchange Aus dollars to Malaysia Ringgit at an exchange rate of 2.63. your site had the Travelex rate published as the best rate at over 2.7 (2.72 I think?).
So, I travelled further to get to the nearest Travelex and queued for 30 mins ….. to get a rate of 2.48!! plus the normal commission.
A case of false advertising?