Money transfer/banking - Page 3

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Money transfer/banking - Page 3


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  #21 (permalink)  
Old 8th September 2019, 09:54 PM
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I fail to understand how a small, low, minimal or reasonable fee compares to zero (0.00). No charges, fees or commission, across the board, what could be better? From money into the Schwab account to pesos in hand from any ATM no charge or commission anywhere, if there is a better system please I'd like to know.
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  #22 (permalink)  
Old 9th September 2019, 07:13 AM
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Quote:
Originally Posted by Gazzalee View Post
I fail to understand how a small, low, minimal or reasonable fee compares to zero (0.00). No charges, fees or commission, across the board, what could be better? From money into the Schwab account to pesos in hand from any ATM no charge or commission anywhere, if there is a better system please I'd like to know.
Wouldn't we all Gazza, I'm all ears. Mostly I watch exchange rates (interbank) that are offered, what my bank or broker offers around the time of a new transaction and also any fee attached, simple maths but I have found for larger sums (say AU 50K and upwards) the broker offers a better deal.

Cheers, Steve.
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  #23 (permalink)  
Old 9th September 2019, 09:41 PM
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Quote:
Originally Posted by bigpearl View Post
Wouldn't we all Gazza, I'm all ears. Mostly I watch exchange rates (interbank) that are offered, what my bank or broker offers around the time of a new transaction and also any fee attached, simple maths but I have found for larger sums (say AU 50K and upwards) the broker offers a better deal.

Cheers, Steve.
Steve,
I follow the interbank rate as well, mostly at xe.com, when the feeling strikes that the USD$ is peak in the short term I'll tap a ATM for my monthly supply of pesos. When the transaction is posted for online viewing it always come out just a small fraction more favorable than the xe rate at the time of the withdrawal. No fees or commission anywhere. I've never had a requirement for any amount approaching 50K so don't know there. At the end of the day it equates to small money but why leave it on the table if you don't need to. For me Schwab is still the best method I've found.
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  #24 (permalink)  
Old 10th September 2019, 06:54 AM
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Visa, and probably Mastercard post their daily worldwide exchange rates online, always a good starting point when looking at the various remittance companies etc.

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Old 11th September 2019, 03:01 AM
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Quote:
Originally Posted by Gazzalee View Post
I fail to understand how a small, low, minimal or reasonable fee compares to zero (0.00). No charges, fees or commission, across the board, what could be better? From money into the Schwab account to pesos in hand from any ATM no charge or commission anywhere, if there is a better system please I'd like to know.
There is a hidden commission in the spread between the exchange rate they give you and the official one. Anything less than about 1% is not bad.

No such thing as a free lunch or as a free banking transaction. It may be hidden in exchange rates or as a minimum deposit that gets a bad interest rate but somehow you help pay for all the staff, infrastructure and high bank executive salaries that support your transaction. I never wonder why my financial advisor loves bank stocks.
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