Today I walked into a bank to transfer some funds to America. Now this is were it gets complicated. I done the paper work etc etc than when the lady behind the desk converted my Aus dollars to American I got less American dollars ($12,246.67) than Aussie dollars ($12,504.26). Is that right?
If you bank with CBA then yeah that's normal, their bid ask spread is massive and they rip you off. HSBC and OzForex give you the best rates.
That is absolute and utter shit. Rip off no good parasitic germ infested maggot ridden donkey rooten pus leaking kiddy fiddling two bit cheating sons of bitches. I said that the exchange rate was like $1.02 and she would say know there always wrong. The bank was ANZ.
Local banks have a high bid ask spread for their FX rates. Basically they would offer you say $0.99 AU for $1 US if you're buying Australian Dollars with US Dollars. And offer you $0.99 US for $1 AU if you're buying US Dollars with Australian Dollars. They pocket the middle difference, plus other fees. *above is a simplification Actual ANZ rates: https://www.anz.com/aus/RateFee/fxrates/fxpopup.asp You can see the rates: DOLLAR USD 1.0426 1.0482 1.0555 0.9794 0.9792 0.9792 So if you're buying US $ notes, they will only give you the rate of 0.9792. And if you're selling US $ notes (convert back to AUD), they will charge you 1.0555 rate.
The banks foreign exchange rate +/- 3% both ways! plus the fee. it sure adds up with the banks. that's over the counter. online wire Transfer is $25 to start then the margin then $25 for them to get it out. paypal is even worse for large amonts on the bright side. if you transferred just AU$1.00 it would have cost you 8x times more money, over the counter and 25x more online
+10000 to OzForex. See http://forums.silverstackers.com/topic-1471-special-offer-for-silver-stackers-members-ozforex.html
