Was just wondering what your opinions are on when USD forex will go back to pre covid levels. I get paid in USD in my online job and I consider it my extra savings so I’m thinking of what to do, if I should convert or wait. I talked to someone I know who works at a private bank here in the PH and their analysts opinion is baka 1st quarter of 2021 pa.
Transferring money from Canada and Forex rates : wire transfer versus Transferwise
I plan to transfer more than 100000 CAD from India. Indian rupees(INR) to CAD; Indian bank account flat fees+ foreign exchange rate + a flat fee of 15-20 CAD from Canadian bank account. My service fees for both banks are less than 50 CAD ( 1000 INR + 20 CAD + taxes). Do get a bad exchange rate?YES!!! Approximately for every 100000 CAD transfers not done through Transferwise I loose 1400 CAD ICICI Minimal Remittance Service Charge (B) (Inclusive of GST):
INR 11390.00 for 1 Million INR
INR 2693.00 for 100000 INR
INR 3939.55 for 10207 CAD (max allowed is 10000 USD)
Fees are higher INR2756 more
So for 100000 CAD
you pay 2756 X 10 =27560 INR more
But you also get 200 X 10 = 2000 CAD more
Net gain 2000CAD - 506.71 (27560/54.39)= 1400 CAD
Fee charged by Canadian bank for transfer wise; for Indian bank(ICICI),it is around 16 CAD ~20 CAD
Transferwise caps a maximum f 10000 USD per transfer; I simplified calculation and equated 1USD= 1 CAD ; that’s incorrect.
For every 100000 CAD transferred to Canada from ICICI, you loose 1400$
I want to get my money changed to some other currency, let's say GBP, and currently, the rate is 85.71 Rupees/ GBP. I went to a lot of dealers and none of them quoted less than 88 Rupees. Now I want to understand how is this 88 rupees decided since the rate today is about 86. They probably have their commissions but when I ask them about the current rate, they say that it is due to some RBI standardized rate or something. Can somebody break this down for me?
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OANDA's currency calculator tools use OANDA Rates ™, the touchstone foreign exchange rates compiled from leading market data contributors.Our rates are trusted and used by major corporations, tax authorities, auditing firms, and individuals around the world. View live forex rates and prices for commodities, indices and cryptos. Live streaming allows you to quickly spot any changes to a range of market assets. Build current and historic rate tables with your chosen base currency with XE Currency Tables. For commercial purposes, get an automated currency feed through the XE Currency Data API. Forex is a portmanteau of foreign currency and exchange. Foreign exchange is the process of changing one currency into another currency for a variety of reasons, usually for commerce, trading, or ... North American Edition. Dollar and yen firmness, and sterling underperformance has continued for a second day. The narrow trade-weighted USD index (DXY) lifted to a one-month peak at 93.64, extending the rebound from the 29-month low that was seen last week at 91.75.
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