Need Help With Best Currency Exchange Method!
4 replies to this topic
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
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.
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.
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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?)
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.
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