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dogshed
Joined: 28 Apr 2006
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 Posted: Tue Nov 14, 2006 4:39 am Post subject: exchange rates buy sell |
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When the bank has a buy and sell rate is that the bank selling money to me or the bank buying money from me? I'm confused.
If the exchange rate is lower for a wire transfer than buying a money order or getting traveller's checks will that make up for the fees?
-Jeff |
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Juregen
Joined: 30 May 2006
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| Posted: Tue Nov 14, 2006 11:39 am Post subject: Re: exchange rates buy sell |
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| dogshed wrote: |
When the bank has a buy and sell rate is that the bank selling money to me or the bank buying money from me? I'm confused.
If the exchange rate is lower for a wire transfer than buying a money order or getting traveller's checks will that make up for the fees?
-Jeff |
Whichever is most expensive for you  |
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munji
Joined: 08 Sep 2006
Location: Daejeon
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| Posted: Tue Nov 14, 2006 4:23 pm Post subject: Re: exchange rates buy sell |
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| dogshed wrote: |
When the bank has a buy and sell rate is that the bank selling money to me or the bank buying money from me? I'm confused.
If the exchange rate is lower for a wire transfer than buying a money order or getting traveller's checks will that make up for the fees?
-Jeff |
When you buy USD ie. you are exchanging money from KRW to USD, you get "buying" rate.
Exchange rate is in your favor for wire-transfer as compared to cash-rate. Lower or higher depends on the point-of-observation.
Both ways of sending money involve fees/charges. In wire-tansfer, there is a fixed fee and often an amount-based fee (besides the charge receiving bank may slap on you). There is a fixed fee for getting taveller checks and bank checks regardless of amount.
eg. I transferred >12M KRW by wire transfer recently with HanaBank and had to pay a fixed fee of 7.5k plus 22.5k as additional fee (for all charges paid by sender).
With the yesterday's closing difference between KRW-USD T/T (wire-transfer) KRW 946 and cash rate KRW 955 at almost KRW 9.5, it would be a difference of close to USD 120 (without any fees)
I havent tried finding out the difference, but have almost always settled for wire-transfer because of convenience. TC's are a different case, for eg. when I travel, I opt for TC's because its handy and I dont have any account every place I visit. |
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