Wire transfer FX rate ripoff
hombre
Thread Starter
#1
14th March 2013
Old 14th March 2013
  #1
3 + infractions, forum membership suspended.
 
Joined: Aug 2010
Posts: 46

Thread Starter
Wire transfer FX rate ripoff

Not sure if this is the right forum to post.

I am considering a purchase from a respected shop in Europe. They gave me a great price on some gear but do not accept credit cards (over the phone), only bank transfers. My credit card usually gives very fair FX rates from dollar to every other currency. But C@#@Bank are absolute thieves in their wire transfer rates. It's close to 9% above spot, which almost negates the great prices I was quoted from the shop.

Anyone have suggestions on how to get around this or a bank that does not rip people off so blatantly with the wire transfer FX rates. If there was a way to use a credit card to perform a bank transfer that would be perfect, but it doesn't seem like this is possible.
#2
14th March 2013
Old 14th March 2013
  #2
Gear maniac
 
xavi's Avatar
 
Joined: Dec 2004
Location: Costa Mesa CA
Posts: 196
My Studio

Try xoom.com

fairly decent FX rates, transfer fee is $5, you've got to expect to pay maybe 4-5% off base rate with FX purchasing
hombre
Thread Starter
#3
15th March 2013
Old 15th March 2013
  #3
3 + infractions, forum membership suspended.
 
Joined: Aug 2010
Posts: 46

Thread Starter
If you google an fx rate, is the 'mid' rate what is returned?

Do you happen to know if Mastercard/ credit cards in general use the mid rate for fx?

I'd be very happy using the credit card rate.

I'll look into xoom, thanks
#4
15th March 2013
Old 15th March 2013
  #4
Lives for gear
 
iluvatar's Avatar
 
Joined: May 2004
Posts: 594

Unless you're spending some serious coin, I would think the shipping would be enough to negate most cost savings.

-Dan.
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