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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