What's the cheapest way to exchange small to medium amount of money?

Discussion in 'Forex Trading' started by xchaotic, Feb 18, 2008.

  1. xchaotic



    While I'm probably not interested into going int oForex trading myself, I'm sure you guys could give me a lot of insight into how to deal with currencies exchange.

    I constantly deal with some common currencies such as USD/GBP/EURO and need to interchange between them, for instance my income comes in GBP, but I need to spend it EURO for instance.

    What's the most efficient way of doing the currency exchange between GBP/EURO in the ranges of:
    a)0-1000 EURO
    b)1000 and above

    Having tested multiple options such as SWIFT wire transfers, using foreing debit cards and even carrying smaller amounts in a bag, I still haven't found the Holy Grail of currency exchange.

    Right now the most promising option to me seems to systems like PayPal or MoneyBookers, which allow you to send money between users in different countries. They too have fees, but they are lower than those of banks or currencies exchange booths.

    Can you please advise? Much appreciated.
  2. ssss


    Depend from your residency country .

    As example in Germany best way to send euro small money
    from Germany to dollar account in USA is -

    go to sparkasse (saving institut) after day fixing exchange kurse .This performed morning and difference in this time to
    Forex IMM is smallest 0.2-0.4% .to perform transfer ,must have
    account ,TRansfer of 1000-2000 euro have price some
    10 euro .Exist possibility of very cheap international transfer 1-2 euro per 1000-2000 euro


    Swiss banks ,if you have online Swiss bank account by ZKB,UBS ,BKV (opening online account in Swiss
    by UBS possbile with 1000 euro,but this must be opened
    with open with personal presence of accountholder in Swiss) perform fixing of exchange rate for retail clients multiple time per day

    Your respectfully
  3. I use my Interactive Brokers account to exchange from Canadian to US dollars. At my bank it costs about $25 per thousand to exchange money. With IB it's only about $5 per thousand by the time you add up commision and spread.

    I have an American and Canadian account at my bank. I send Canadian dollars to my IB account with an ETF. I then trade the Canadian dollars on IB to American dollars. Then I send the American dollars back to my American account with an ETF.

    It's only worth the trouble if you're exchanging more than $1000 at a time.