Hi all,
Currently looking at the best way to receive foreign currency into an Australian account. Have seen lots of suggestions for Wise (formerly TransferWise) or opening a Citibank global account. Can anyway provide me with the most OzBargain way of doing this?
Please note, this would only be for receiving funds, not sending.
As always, thanks in advance!
Can you recommend a crypto exchange that has zero fees.
I had to pay something like 25-50 usd to do over 1000 AUD in crypto buys used 1000 AUD from my australian bank account to buy USDT then turned that USDT into other coins.. still have not cashed out but I am expecting more fees to get in from crypto to AUD bank account.
What I am saying is its not completely free but might be small if the amount is large enough like maybe over $30,000 AUD.
rektrading's wise suggestion might be better unless you can suggest how to do it with zero fees.
Just to clarify I used okex now okx and yeah the fee was something like 25-50 USD for about 700 USD.
edit: just checked the okx buy crypto feature and it is saying 1000 aud for 684 usdt (stablecoin that is basically the usd fiat currency counterpart) with current exchange rates it should be around 698 usd so they are taking a 14 usd fee or you are getting 14 usd less than a straight zero fee trade.. hope this helps.
Wise charge a 0.35% forex + Tx fee.
https://wise.com/gb/pricing/send-money/
That's scammy considering fintech can do <0.10% fee.
I use Currencyfair which is similar to Transferwise. The fee/commission/conversion rate are all better than the banks offer.
Are you receiving UK pension? I believe that banks will transfer these small regular transactions without commission (but they probably still sting you on conversion rate).
Depends on who you are receiving it from, if it's from friends or family then use a crypto exchange. You can convert their GBP stablecoins into AUD for virtually zero fees.