How do I get the Best Exchange Rates?

Discussion in 'New to import/export? Read these before posting' started by MRam, Mar 26, 2013.

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  1. Love2travel

    Love2travel UKBF Newcomer Free Member

    Posts: 32 Likes: 7
    I think it depends on where you are traveling to? I get the best exchange rates in Asian countries when I exchange with $100 usd bills.
    I have tried the airport kiosks, private companies large and small and my personal bank gives me the best rate I have found. But then again I only exchange around $10k usd.
     
    Posted: Jul 8, 2014 By: Love2travel Member since: Jul 8, 2014
    #41
  2. Pish_Pash

    Pish_Pash UKBF Ace Free Member

    Posts: 2,187 Likes: 538
    Seriously?!! Any currency broker in the year 2014 that still wants to charge a sending fee can 'go away very quickly' in my opinion. Cheeky bar stewards (i.e. wanting to charge you a 'sending fee' when they already make their money from the spread).

    Can you imagine you charging a customer to register his details....

    "Sir...I understand you'd like to buy something from me?" That's fine but first, let me take your name & address details & what you'd like to buy .....ok, done - that's £9.00 please"

    (cos that's all they're doing, name & address & making a note of how much you want to send)

    My currency broker charges no fee & offers about 2.5 to 3% off interbank (depending on the lump sum being sent). In my opinion, anyone who is still using a high st bank for wiring money abroad is too lazy/sloppy to call himself a businessman.
     
    Last edited: Jul 18, 2014
    Posted: Jul 18, 2014 By: Pish_Pash Member since: Feb 1, 2013
    #42
  3. Raw Rob

    Raw Rob UKBF Enthusiast Free Member

    Posts: 990 Likes: 210
    And you will get even better rates if you look at the likes of Currency Fair and Trawnsferwise. The rates are almost interbank rates (I think they take about 0.5%).
     
    Posted: Jul 24, 2014 By: Raw Rob Member since: Aug 1, 2009
    #43
  4. Eco-lead.co.uk

    Eco-lead.co.uk UKBF Newcomer Free Member

    Posts: 5 Likes: 2
    Check out bitcoin...It's a cryptocurrency, I have used many sites but to start I used localbitcoins.com. It may not be suitable for everyone but it has saved me a considerable amount in both exchange fees and transfer fees...There are no transfer fees, transfers are instant, secure, anonymous and I have often made a few bob exchanging between ££/$$.

    You may already be familiar with Bitcoins and the plethora of cryptocurrencies now available but for anyone who's not, I urge you check it out. I may be completely wrong but I'm betting it's going to be a paradigm shift on the scale of the internet :). It's not my prediction but the prediction of much more well informed and smarter people than me...People like Peter Diamandis..
     
    Posted: Jul 28, 2014 By: Eco-lead.co.uk Member since: Jul 28, 2014
    #44
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