Izzy Posted October 26, 2013 Report Share Posted October 26, 2013 Hi I need someone to clarify which is the best solution. I did an exercise today to see what it would cost to send R 500 000.00 to Australia at yesterdays exchange rate which was about 9.8 Cashcows said it would cost R5400.00, Exchage 4 free said it costs nothing.-???? Bidvest said it will cost about R 1700.00 Nedbank says maximum R850.00 Standard bank says maximum R750.00 What am I missing here? What am I not understanding? I don't know what to do. thank you for your assistance. IZZY Quote Link to comment Share on other sites More sharing options...
Jordy Posted October 26, 2013 Report Share Posted October 26, 2013 What you missing is what exchange rate each is offering. While the fees differ so does their exchange rate. It is no good paying R750 fees if their it costs you 50 cents more per dollar esp if you sending R500000. The R9.80 you saw was a generic rate. Each financial institution offers their own rates.Perhaps it might be better to say to each one "I need $50 000 in Australia, how many rands will you charge including fees" Quote Link to comment Share on other sites More sharing options...
StevePorter Posted October 28, 2013 Report Share Posted October 28, 2013 Hi IzzyTrust you're well.You are absolutely right to shop around for the best foreign exchange rates, as they do differ from one provider to another, however as Jordy comments it is very important to factor in the "real" cost, when determining which company to use.Every company makes income by executing the forex deal at a particular rate and quoting you, the customer a slightly poorer rate - the difference between the rates, is the "margin" which generates bottom line. All forex providers take a margin but the size of this margin will differ - some may take a bigger margin and charge a low transfer fee or no fee at all, whilst others will deal at a lower margin and levy a transfer fee. For this reason it is important to understand the full facts and "real" cost in order to determine which provider to use.You're welcome to drop me a line to steve@cashkows.com with your telephone number and I will call you to discuss and advise.Steve Porter Quote Link to comment Share on other sites More sharing options...
Izzy Posted October 28, 2013 Author Report Share Posted October 28, 2013 thank you Steve, we signed with your company today. I will be in touch Quote Link to comment Share on other sites More sharing options...
Mikeleigh Posted October 28, 2013 Report Share Posted October 28, 2013 I have had absolutely excellent service from Cashkows, Andrew Chowler is who I have dealt with I would recommend the company. Quote Link to comment Share on other sites More sharing options...
Izzy Posted October 29, 2013 Author Report Share Posted October 29, 2013 thank you all for your input Quote Link to comment Share on other sites More sharing options...
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