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Community


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Online Share Trading

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Banks

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Bouwer
Super Contributor
Why are banks such rip-offs? Wanted to exchange some currency, USD to ZAR. Was offered R 11.80 yesterday and a commission fee of 2.1%?
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13 REPLIES 13
Rams
Super Contributor
Buffet called Banks, consultants and lawyers "big mouths with expensive tastes"
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kwagga
Super Contributor
Did you take it ?
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Bouwer
Super Contributor
Well I can't remember the last time I walked out of any bank and thought "thank you for the help"..
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samoa
Super Contributor
Keep the dollars!
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Blik
Super Contributor
WHAT!! Its Simpler, Better, Faster.....ha ha ha I can think of a choice few words to replace those, but would probably be banned like Chartist!
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Bouwer
Super Contributor
I do agree with the simple!!
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Not applicable
always ask for both the spot and the forward rates. Usually they only give you the spot - but the forward rate is normally a couple of points better (providing you are willing to wait a few days). Nothing you can do about the commissions though - actually there is, but only if you bring money in regularly (There are companies specializing in this sort of thing)
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Bouwer
Super Contributor
Which companies are these?
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jetman
Occasional Contributor
I would like to buy some of that dollars if you want to sell at current rate
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Bouwer
Super Contributor
Well you can contact me on [email protected] if you are interested.
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gamma
Contributor
Currencies Direct
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jetman
Occasional Contributor
Bouwer you have mail
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geordie1
Super Contributor
the banks are charging so much that a new breed of currency brokers have stepped into this market and generally offer better deals ,the one I have used is currencyfair-they basically offer a data base that allows customers to exchange with each other and they charge a fee which is in my opinion reasonable takes a bit of effort to set up but it worked for me and i did not feel ripped of-check out other alternatives as well.its a competitive market out there and technology allows us to search out alternatives
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