Westpac Exchange Rate Is Even Worse than PayPal?

FireSword on 29/12/2018 - 15:06

Im making an international payment, on paypal I set currency conversion by Bank (Westpac)
because Paypal exchange rates suck, but Westpac is even WORSE?

paypal:
1 AUD = 0.6779 USD

westpac:
Indicative exchange rate 0.6654
https://www.westpac.com.au/personal-banking/services/currenc…

Does this definitively prove I am better off with paypal conversion today?

Financial

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Comments

  • [Deactivated] on 29/12/2018 - 15:08
    +2

    Yes

    • FireSword on 29/12/2018 - 15:09

      Damn.. that sucks

  • Curiouscat on 29/12/2018 - 15:17

    That sucks …

    I use this mob https://www.instarem.com/en-au/ , have been pretty good so far

    You Send1,000 AUD
    Fee 5 AUD
    With POLI Transfer Method
    Conversion Amount995 AUD
    Conversion Rate AUD/USD 0.7039 USD
    Recipient Receives700.38 USD

    • FireSword on 29/12/2018 - 15:20

      Yeah those are good, unfortunately this must be a paypal transfer, similar to if you buy something on Ebay. Its not an informal transaction

      • Curiouscat on 29/12/2018 - 18:33
        +1

        Then may be open an ING account and try to make a payment in USD via PayPal

  • nahi11 on 29/12/2018 - 15:22

    Keep banking with them

    • FireSword on 29/12/2018 - 15:30

      Yeah, I reckon Westpac is good. Bit sad I couldnt get a better rate tho

  • penguincat on 29/12/2018 - 15:38

    Not sure why people are surprised that banks are worse then Paypal at currency conversion.
    My bank for example charges for buying stuff in USD is around 6cents under the current wholesale rate. So I would get around 64cents today.
    So to me Paypal's ~3cents off wholesale rate is pretty nice. :) (not saying that it is the best for everyone.)

    • FireSword on 29/12/2018 - 15:44

      Im not really surprised, just a bit disappointed.
      Theres threads like this https://www.ozbargain.com.au/node/274256
      but they dont mention that many banks are gonna be worse than paypal

      • follow on 29/12/2018 - 15:59

        https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…

        you'll either get
        visa: 0.707129
        mc: 0.706818

        • FireSword on 29/12/2018 - 18:09

          Thanks I will look into it

        • Ocker on 29/12/2018 - 18:47
          +2

          With the current interbank rate of .7044 (USD to AUD), if you are a buyer for USD you will not get the rates quoted in the OP post

          As an aside, was at Melbourne Airport this morning and the Travelex booth were dealing USD 0.6400/0.8080 - nice business if you can get it - like stealing wheat from a blind chook!

  • Ocker on 29/12/2018 - 16:09
    +2

    Link your PayPal account to a card issued by the likes of 28 degrees and use the option to have the exchange conversion done by the card issuer. That way you get the interbank FX rate and no fees

    • FireSword on 29/12/2018 - 18:10

      Thankyou for the advice

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