Hi All.
I've used citibank in the past to receive money from overseas, and their currency exchange is not too bad.
I've also looked into ozforex back in the day, but since this time around I need to transfer more money.
what is the best deal around these days?
Thanks
It might depend on where you're transferring from. But i use CurrencyFair all the time, the only fee is when you transfer money out of their accounts to your bank account. I have a referral code if you like. T&Cs https://www.currencyfair.com/refer-a-friend/
I can't say if it's the best offer around though.
My friends use transferwise… Its one of those new tech companies sort of thing!
Sorry for hijacking, couple of questions ..
Does the receiving bank determines the exchange rate?
Does ozzie bank usually change % commission for the transaction like money changer?
yes to both.
Some banks charge a fixed amout plus a percentage.
some other just have a really bad exchange rate..
never use a bank to receive money from a different currency. they all rip you off one way or another.
Is it possible to have the sender's bank to convert before the transaction (just so the the actual converted amount is known before the transaction occurs ?)
Are those ozforex/currencyfair, etc. pretty secure for big transaction ?
Thanks.
some might offer the service, but I doubt it's common or you get good rates.. you'll need to find that out from the institutions overseas. aussie businesses wouldnt.
I looked at this the last time I needed to do this but didn't need to in the end. Looks interesting though:
https://www.currencyfair.com/