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International Money Transfers

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  • 21-09-2011 9:57am
    #1
    Terry Ten Cans
    Closed Accounts Posts: 11 ✭


    Hey,

    Just wondering if anyone knows a decent way around banks using poor exchange rates for transferring cash internationally? I am looking to transfer a big sum of Australian Dollars back home to Ireland and the Australian bank seems to be adding 3 - 4 % on top of the current exchange rate. I was transferring online using a Swift code and IBAN but I'm not sure if there is a better way.

    Any help or advice would be greatly appreciated.

    Thanks so much,
    Phil
    Tagged:


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    #2
    Marcusm
    Registered Users Posts: 10,220 ✭✭✭✭Marcusm


    What do you mean by the current exchange rate? While you may find many internet sources quoting a single exchange rate that will in effect be a mid rate - a rate which falls mid way between the bid and offer rates at which banks will offer to buy and sell foreign currency to you. Depending upon the currency pair, the spread between bid and offer rates will likely be between 2% and 25% (I kid you not on the latter).

    If you're transferring a significant number, it's worthwhile ringing the relevant institution and asking for a treasury rate but I would expect this to apply only for 20k or so and up. Otherwise, look for a money broker online; there's plenty of them out there.


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