Getting realistic quotes for foreign exchange

BrokenArrows

The actual exchange rate between currencies is misleading as its unlikely you will get anywhere near that if you actually wanted to convert the money.

Are there any websites which will give realistic live quotes that you are likely to get from banks around the world?

Victor

BrokenArrows wrote: »

The actual exchange rate between currencies is misleading as its unlikely you will get anywhere near that if you actually wanted to convert the money.

Are there any websites which will give realistic live quotes that you are likely to get from banks around the world?

The publicised rates are mid-rate. For any transaction, a bank will likely be looking for (€2)+(2-3%)

alanceltic

Have a look at currency fair. A very good site which I could not recommend enough but all transactions are paperless so not much use if you need a cash transaction

BrokenArrows

The reason im looking for this is when trading stocks on international exchanges id like to see if my broker is completely screwing me on the exchange.

For example i did a trade reciently SEK back to GBP.
xe.com gave a rate of 0.096554 and my broker gave 0.9605.
That ended up being around £20.00 of a difference on a ~4kGBP trade.

Is that just par for the course or is that a terrible rate?

Mr_Roger_Bongos

Check out xe.com, they do FX transfers v.close to their website quotes.

strmin

I exchange currency at the market price and pay $2.5 commission. I use interactive brokers.

moneymad

strmin wrote: »

I exchange currency at the market price and pay $2.5 commission. I use interactive brokers.

you sound like an ad on cnbc

Cute Hoor

strmin wrote: »

I exchange currency at the market price and pay $2.5 commission. I use interactive brokers.

At the risk of being accused of being an ad on CNBC I would like to second this. The best way I've come across for exchanging.