Jump to content


- - - - -

Need Help With Best Currency Exchange Method!


This topic has been archived. This means that you cannot reply to this topic.
4 replies to this topic

#1 Guest_DOGLEG_*

Guest_DOGLEG_*
  • Guests

Posted 09 December 2002 - 01:36 AM

I'm planning to diversify into some foreign real estate (New Zealand) and possibly live there a while. I need to find out the best way to change US Dollars into NZ Dollars (needed to purchase property) and get a the best exchange rate. I'll probably be changing $300K+. I'd like to get as close to the interbank rate as possible. Any ideas would be greatly appreciated. thanks

#2 megabear

megabear

    Stock Proctology Intern

  • Members
  • Pip
  • 318 posts

Posted 09 December 2002 - 01:10 PM

Some of the bigger banks let you hold money in a variety of currencies with no penalties. At least I know they do in Switerzland. You can move in in dollars and change your account to Euros, Pounds, Francs, etc with no charge. I imagine there must me some banks in NZ that do the same thing. Remember to check the FDIC (or foriegn equivilent of it) to know how much of your money is insured in one institution. Also, I'd try to find a bank that had a good Fitch, S&P or Moody's rating; preferably Fitch AAA / f1.

#3 SusanJBear

SusanJBear

    Stock Proctology Intern

  • Members
  • Pip
  • 314 posts

Posted 09 December 2002 - 02:25 PM

Have you considered a currency trading account and broker. That would probably get you a decent rate. Some charge very low trading commissions, probably in the hopes that you will trade frequently. Some probably have wiring services so you can wire your NZDs or whatever to whereever.

I've listed a few currency brokers here. I once saw a terrific Weiss Rating on Interactive Brokers but I don't know if it still applies today.

Going Global - Currency Brokers

#4 Sam Adams

Sam Adams

    Stock Proctology Intern

  • Members
  • Pip
  • 288 posts

Posted 10 December 2002 - 07:16 PM

Your best bet is to use an indy currency broker such as AFEX in San Francisco. I would also check with all your local large banks. Shop around and get the best rate. Check the internet.

I used to have an import business and I bought millions of dollars worth of foreign currency. This is definitely rug trading. Don't be afraid to play one broker against another for the lowest rate.

Also find out what sort of instrument you will need (IE Cashiers Check, draft?)

#5 roidrage

roidrage

    Bachelor of Stock Proctology

  • Members
  • PipPip
  • 979 posts

Posted 11 December 2002 - 12:47 AM

Amex, if possible, then Mastercard or Visa.

I'm not kidding that they'll give you the best rate along with their scalp.

After that, best is a commercial bank that has branches in NZ, and your home country like HSBC or Shittycorpse likely do.

Good luck with the diversification.

rr





Stock market portfolio giving you the runs? See Dr. Stool.

Take a subscribatory!
Download 
The Anals of Stock Proctology now!



The Daily Stool - Stock Market Message Board
Stool's Gold- Gold and Precious Metals Forum
Look Out Below Message Board

Support your local Stool Board.


The Al E. Greenspeuman designer line at Stoolmart. Get yours today! Click here now!
Get Mugged!


Dr. Stool's
Book Search

Enter title, author, or keyword
Just books
All Products





Old Stool Depository

Live Steaming Pile Chart