Cheapest Way to Do Online Foreign Exchange Transactions?

qiang on 21/03/2009 - 12:22

hi guys

I regularly pay for things in HKD and USD and was wondering what is the cheapest way for me to pay / buy things online in foreign currencies?

Are there any accounts that dont have ridiculous spreads and have no currency conversion fee? which are the best?

Paypal spreads are ridiculous

General Discussion

Comments

  • bargs12 on 21/03/2009 - 13:37

    nab gold banking have no fx transaction fees and the exchange rate is pretty much the published rate. i used it when i went overseas

  • BenK-Oz on 21/03/2009 - 18:10

    isn't paypal generally just a 2c spread to usd?

    • scotty on 23/03/2009 - 14:44

      According to PayPal fees, it's 2.5% fee/spread.

      This exchange rate includes a 2.5% spread above the wholesale exchange rate at which PayPal obtains foreign currency, and the spread is retained by PayPal.

      Btw, anyone know whether you can still get a Wizard Clear Advantage mastercard, i.e. no annual fee + no fee on foreign purchases? Can't seem to be able to find it on Aussie's website.

      • [Deactivated] on 23/03/2009 - 16:19

        Wizard card is on of the best ways to pay in OS currency

        Wizard Home loans went to Aussie

        You can still, find wizard mastercard here

        http://www.wizardclearadvantage.com.au/

        BUT there doesnt seem to be any reference to the FOREX advantage they offered before. This may mean that its not offered anymore - or to new customers

        • mawinmawin on 24/03/2009 - 11:12

          I used Wizard Clear Advantage card in 3 countries for personal use and Amex/Citibank for official expenses. Wizard rates are better and no additional charges too. But yes, i cant see any information on the card features or any other documents on that site !. In Feb i spoke to their agent for closing the card some payment related issue and they suggested me to keep the card telling the no-overseas fee and no annual fee as reasons.

          For buying from australia from sites like dealextreme, I am always scared to provide my card numbers to overseas sellers and paypal is safer even if not the cheapest.

  • elcheapoinoz on 04/11/2009 - 10:45

    sorry for reviving an old thread, but i think it's better to keep the discussion in one thread instead of many.

    What does everyone think about the Amex Ascent gold?
    I think they dont have foreign currency fees.

  • hmbush on 07/11/2009 - 21:50

    I also agree with the previous comment on Wizard Clear Advantage Mastercard. I use them regularly for overseas purchases. From my experience, they have the lowest overseas transaction fees. You don't get any points though.

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