Has anyone used XE.com for forigern exchange?

Thomask

Hi

I have a fair amount of money, in AUD, I'm wishing to convert to NZD. I've recently signed up to the currency exchange section of xe.com.

Has anyone used them before? They guarantee the best rates. How true is this? Has anyone seen better rates?

I don't know a lot about currency exchange. I really want to exchange this cash when I'll get the most NZD I can (obviously). Is anyone here experienced with these currencies or could suggest a way of tracking the best time to make the exchange? How about the methods XE offer to transfer the money - would I be best to use a faster service with XE (and pay a premium) to be more certain of securing a good rate at the time? I imagine some of their methods could take weeks before the conversion takes place? Or, regardless of the method used, do they go by the rate at the time you initate the transaction?

Thank you!

ascii

I can only partly answer your questions, hopefully someone else will have more useful information.

I haven't personally used XE trade, but my Grandfather has sent me money using it before.

The process seemed to go smoothly, and we got a much better rate (USD to GBP) than either paypal or depositing a dollars cheque in a UK bank.

I can't offer any advice about timing to get the best exchange rate, but I think they lock the exchange rate at the time you order, regardless of the method of transfer.

DocProc

Alrthough it doesn't directly answer your needs, you might like to check out this web site's page on Travel Money:-

http://travelmoney.moneysavingexpert.com/

There are also a couple of useful links mentioned on the MSE Forum at

http://forums.moneysavingexpert.com/showthread.html?t=486509

For instance:-

http://www.thomasexchange.co.uk/home/index.asp?url=currency_order_form&type=forms

Thomask

Thanks very much, will have a read shortly.

purch

They guarantee the best rates

it is impossible for anyone to 'GUARANTEE' the best rates. The price is the price...........as any professional FX trader will say.

The best way to get a good exchange rate if you have a largish amount to transact is to get Bank or whoever you are using to quote you the rate they will be using to make the exchange before you commit to the trade.......then YOU the customer can decide whether to go ahead with the transaction...you shouldn't allow yourself to be held to ransom by being made to place the order without first knowing the rate.

http://www.ozforex.com.au/cgi-bin/spotrates.asp is a pretty accurate source for the wholesale market exchange rate for the Aussie........AUD/NZD is the rate. This will be the 'market' rate for 'interbank'... which basically means amounts over AUD 2 or 3 million. Smaller amounts ( in the 100,000's )should have an exchange rate 20 to 50 points less attractive...( 0.0020/0.0050).

You should never have to pay commission on a FX trade.

You may have to pay a fee for the money transfer...but you should expect a guaranteed date for the money to be there.