AUD to MYR currency transfer - my bank rate seems to be better?

[Deactivated] on 04/05/2015 - 09:59

Hello all,

I have registered for CurrencyFair, OzForex + XE Trade as this has been recommended in the past for currency transfers overseas. I am going to convert AUD to MYR in a few days - waiting for tomorrow's announcement of interest rates.

I just checked this morning via Google XE Currency says currently 1 AUD to 2.82 MYR - I assume this is the bank rate.

I have a HSBC premier account that provides free global transfers which quoted me 1 AUD to 2.8022 MYR
I also have a Citibank plus account but do not have a citibank acc in recipient country so I may get a charge on the receiving end - I am expecting maybe 20 AUD

CurrencyFair does not do AUD to MYR transactions so that's out of the question.
OzForex 1 AUD to 2.7104 (Customer rates)
XE Trade 1 AUD to 2.7315

I need to transfer approximately 25k AUD. Am I missing something regarding OzForex and XE Trade that most people say provide better transfer rates?

Thanks for your help guys!

Financial

Comments

  • thirtysixd on 04/05/2015 - 14:34
    +1

    Google rate will show the current forex spot price
    Local Australian banks are terrible and will add a ridiculous 5-10% to the spread (commbank gives 2.4842 right now!)

    HSBC rate looks good so I would just go with that…
    Asian/International banks tend to me more competitive

  • [Deactivated] on 04/05/2015 - 19:39

    Thanks for that. Good to know that I'm not missing out on some crucial detail that the HSBC rate is better.

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