Money exchange

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atst
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Money exchange

Post by atst »

Has anyone recently exchanged money I went to money exchange and only got 59cent for NZ dollars apparently the system has changed since covid they need to go through a internet third party who takes 6c WTF.
I didn't have any reason to disbelieve as been dealing with this shop for years.
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ssian
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Re: Money exchange

Post by ssian »

Not fully understand what you meant by system changed?
You mean the shop you frequent suddenly changed system and there's a fee imposed for exchanging AUD1 = USD0.59 and less USD0.06 ? So nett amount you got in USD is 0.53?
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atst
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Re: Money exchange

Post by atst »

No the exchange rate they gave before was up to them but now they get thier rates from a third party .
Now I give them $1 NZ they give me 59 cents USD
If this is what's happening pitty the kiwi pensioners
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Austman
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Re: Money exchange

Post by Austman »

I changed some AUD. on Saturday just gone and i got around what I normally do! After checking (what I call the TV rate) CNBC. a few cents less less than the TV rate ? maybe I was lucky? Don't know things could have changed!
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Duncan
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Re: Money exchange

Post by Duncan »

I sent $400 Australian this morning by Western Union plus a A$15 fee, and got $ 269.94 USA at their rate of .67.48 . The dollar at that time on the internet was 71.3 to the US , so I lost 4 c A on each A$ , or $A 16 plus fee $15,, total $31 Australian.

Had I sent by other companies , I would have paid Fee A $10 ? Plus intermediate bank fee USA $ 25 plus Cambodian bank fee USA $10 and the exchange rate probably would have been about two cents better.

The difference in time is also much better with WU . Almost instantaneous compared to 3 or 4 days by other means.
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Doc67
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Re: Money exchange

Post by Doc67 »

I went to the money changer by ABA in central market and tried to offload some Filipino Pesos that I had left over form my March trip; 8500 to be precise. I was expecting something in the order of $165, the spot rate being about $175. He offered me $115 and would not budge.

I went across the road and was offered $145 and not a penny more. I took it, That is some spread and I have never seen that here. It's normally 2% or 3%, but that was nearly 20%.

It seems that no travel mean no FX business and they have to make the money somehow. Whether the Euro or Sterling or the AUD fair any better is another matter, it would be interesting to know as getting USD for people coming here might suddenly be needed as your home currency might not get you anywhere near what you think.
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armchairlawyer
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Re: Money exchange

Post by armchairlawyer »

It makes sense that the money changers do not want to take currencies from countries which are difficult or unattractive to travel to. PHP would qualify there. Plus, it being an EM currency, it is more volatile and therefore could be worth a lot less when things open up.

As for other currencies, the USD is set for a period of decline so the changers should not be fearful of AUD, NZD, EUR, GBP, JPY even if they have to hold for a while.
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aggro
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Re: Money exchange

Post by aggro »

I've changed 200 USD over the last two days. No issues.
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Doc67
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Re: Money exchange

Post by Doc67 »

armchairlawyer wrote: Thu Jul 23, 2020 11:49 am It makes sense that the money changers do not want to take currencies from countries which are difficult or unattractive to travel to. PHP would qualify there. Plus, it being an EM currency, it is more volatile and therefore could be worth a lot less when things open up.

As for other currencies, the USD is set for a period of decline so the changers should not be fearful of AUD, NZD, EUR, GBP, JPY even if they have to hold for a while.
I see GBP strengthening against the USD in the last 10 days. This was entirely predictable as I had just bought some USD with GBP and sent them here.

Where do you see the USD/GBP in a few months time? I can hang on for quite a while here without changing up any more and if I wait and change a chunk, a rate of say 1.35, that would be very nice indeed.
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armchairlawyer
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Re: Money exchange

Post by armchairlawyer »

Doc67 wrote: Mon Jul 27, 2020 10:49 am
armchairlawyer wrote: Thu Jul 23, 2020 11:49 am It makes sense that the money changers do not want to take currencies from countries which are difficult or unattractive to travel to. PHP would qualify there. Plus, it being an EM currency, it is more volatile and therefore could be worth a lot less when things open up.

As for other currencies, the USD is set for a period of decline so the changers should not be fearful of AUD, NZD, EUR, GBP, JPY even if they have to hold for a while.
I see GBP strengthening against the USD in the last 10 days. This was entirely predictable as I had just bought some USD with GBP and sent them here.

Where do you see the USD/GBP in a few months time? I can hang on for quite a while here without changing up any more and if I wait and change a chunk, a rate of say 1.35, that would be very nice indeed.
I'm bullish GBP/USD, so just change them as you need. Sorry, the firm I use doesn't do targets.
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