taji2 Posted December 30, 2014 Report Share Posted December 30, 2014 What is the average bank spread on foreign currency exchange? 1 Link to comment Share on other sites More sharing options...
Shabibilicious Posted December 30, 2014 Report Share Posted December 30, 2014 What is the average bank spread on foreign currency exchange? It's when you add all of the different bank's spreads together and divide by the number of banks. jk.....but seriously, it is. GO RV, and NO BV 1 Link to comment Share on other sites More sharing options...
Texstorm Posted December 30, 2014 Report Share Posted December 30, 2014 I don't know I don't care.......Sorry but it makes no difference to us at all unless you know something that we don't know. Now if your selling at this point and time I can understand where you are coming from. Thanks 2 Link to comment Share on other sites More sharing options...
Deborah Layne Posted December 30, 2014 Report Share Posted December 30, 2014 It will likely change, or be negotiable, but when I spoke with a Chase manager a long time ago (he has IQD and is "one if us") he'd said it was like $35 for every million or something like that. A straight fee. Personally, I'll let the bank do backflips to hold my money. They should pay us! Lol 2 2 Link to comment Share on other sites More sharing options...
rulesforrebels Posted December 30, 2014 Report Share Posted December 30, 2014 Anyone who claims to have "negotiated" a bank spread is lying because no way a bank would agree to a spread on a future maybe situation when they don't even know what their costs will be. Bank spreads vary depending upon the currency. When I go to Italy my bank charges me I'd say about 8% for Euros, when I go to Costa Rica its almost 20%. I asked about this when I was buying and they told me they themselves pay a 17% spread to acquire it. WIth a currency like the Dinar, even if it has RV'd it's an exotic currency so the spread will be high. Even 5% at todays rates is $50, if it goes up in value the spread will obviously be an even higher amount, not necessarily a higher percentage but obviously bigger amount more you pay even if spread is the same. I don't know how all banks work but I'm assuming with Euros if they buy Euros from you they aren't going to send them away somewhere and sell them, may as well sit on them and probably some other customer going to Europe will buy them within a week or so. Obvoiusly nobody is traveling to Iraq even if people were the amount of people selling to them would outweight the amount of people traveling to Iraq so the bank will probably have to sell the currency off to another bank or a broker instead of turning it around and making a profit on both ends which I would assume means they have to charge more. 2 Link to comment Share on other sites More sharing options...
taji2 Posted December 30, 2014 Author Report Share Posted December 30, 2014 Thanks Link to comment Share on other sites More sharing options...
yendor Posted December 30, 2014 Report Share Posted December 30, 2014 A bank spread is when a new bank opens its doors the first day and they have all sorts of cheeses and cookies and crackers and some punch to drink. Quite interesting as they treat ALL of their customers like they had all hit the lottery. Maybe we'll find out that feeling some day. 3 1 Link to comment Share on other sites More sharing options...
dogsutra Posted December 30, 2014 Report Share Posted December 30, 2014 i was thinking more like peanut butter or pimento cheese ! 1 1 Link to comment Share on other sites More sharing options...
Shabibilicious Posted December 30, 2014 Report Share Posted December 30, 2014 A bank spread is used to smear over all the bank's dough. GO RV, and NO BV 2 1 Link to comment Share on other sites More sharing options...
dontlop Posted December 30, 2014 Report Share Posted December 30, 2014 Average is 7% round trip or 3.5% for a one way exchange I think lots of people already paid about 15% just to buy it So let’s say you are moving countries and you sold your house in one country and bought in another. $200,000 house, transferring from London to New York, or from Sydney to San Francisco. How much do you pay the bank when you wire the money? You might be shocked to discover that the fees are as high as 13%. That’s on a round-trip exchange, meaning if you changed the money then changed it back you would lose 13%. Of course you’re not going do a round trip exchange, but it gives you the idea of how much the banks are making. The average fees are around 7% round-trip or 3.5% one way. This means that on your $200,000 house you just paid $7,000 to the bank to transfer the money for you. http://biz30.timedoctor.com/crazy-high-currency-exchange-fees-how-to-stop-the-banks-from-taking-advantage-of-you/ 1 Link to comment Share on other sites More sharing options...
Nelg Posted December 30, 2014 Report Share Posted December 30, 2014 I have a spread, but it isn't from the bank . . . 2 Link to comment Share on other sites More sharing options...
tankdude Posted December 30, 2014 Report Share Posted December 30, 2014 A bank spread is used to smear over all the bank's dough. GO RV, and NO BV Can't believe you got negged for that one! Groaned at, derided, maybe had some rotten fruit thrown at you - but not negged! I evened you out - primarily because you just beat me to the punch (line).... 1 Link to comment Share on other sites More sharing options...
moose 57 Posted December 30, 2014 Report Share Posted December 30, 2014 I have a spread, but it isn't from the bank . . . I had one Link to comment Share on other sites More sharing options...
sxsess Posted December 30, 2014 Report Share Posted December 30, 2014 With my business loan officer at Chase, I could easily imagine could offer a variety of interesting spreads, but I'm a gentleman and that's as far as I let my mind wonder there. Strictly business here I assure each of you in cyberspace. Happy New Year!! PS: In case you were wondering it's a woman. Haha Link to comment Share on other sites More sharing options...
rulesforrebels Posted December 30, 2014 Report Share Posted December 30, 2014 Average is 7% round trip or 3.5% for a one way exchange I think lots of people already paid about 15% just to buy it So let’s say you are moving countries and you sold your house in one country and bought in another. $200,000 house, transferring from London to New York, or from Sydney to San Francisco. How much do you pay the bank when you wire the money? You might be shocked to discover that the fees are as high as 13%. That’s on a round-trip exchange, meaning if you changed the money then changed it back you would lose 13%. Of course you’re not going do a round trip exchange, but it gives you the idea of how much the banks are making. The average fees are around 7% round-trip or 3.5% one way. This means that on your $200,000 house you just paid $7,000 to the bank to transfer the money for you. http://biz30.timedoctor.com/crazy-high-currency-exchange-fees-how-to-stop-the-banks-from-taking-advantage-of-you/ Wiring is always going to be cheaper than cash as it's electronic vs involving the physical handling of cash. Same way you can trade on forex for tenths of a percent vs 8% to as much as 20% to exchange physical foreign currency. With something like the Dinar this is totally just a guess and not based on anything but but I would expect a minimum of say 13% maybe as much as 30% if it rv'd and we had an opportunity to cashout. Link to comment Share on other sites More sharing options...
dontlop Posted December 31, 2014 Report Share Posted December 31, 2014 Ya I don't know what's ahead either Link to comment Share on other sites More sharing options...
King Bean Posted December 31, 2014 Report Share Posted December 31, 2014 Shabs...I gave you +1 for reading my mind. Now when I was in a WF in Washington State before Christmas, they had coffee, ginger snaps, holiday candies. An attendant came over to me and suggested I try the cookies and stated the do this "spread" every year in the lobby....then winked at me. Now if I filter this info to Tony, DC, Okie and TerryK and see what comes out the other end ( no pun intended ) they will surely declare this is a sure sign of cashing out on New Year's Day ( when the banks and markets are closed ). 1 Link to comment Share on other sites More sharing options...
Francie26 Posted December 31, 2014 Report Share Posted December 31, 2014 Just because--as a former college English prof, I find this interesting-- there is a difference between when to use "number" and when to use "amount." "Number" is used to refer to anything that can be counted--such as eggs (or dinar?). "Amount" is used to refer to things that can't be counted, such as milk. For some reason, many people, even highly educated ones, miss this distinction. 1 1 Link to comment Share on other sites More sharing options...
DinarThug Posted January 1, 2015 Report Share Posted January 1, 2015 Okie + TerryK Are 'Numb And Number' And U Can Count On The Fact That They Won't Amount To Nothing ! 2 Link to comment Share on other sites More sharing options...
bigwave Posted January 2, 2015 Report Share Posted January 2, 2015 Okie + TerryK Are 'Numb And Number' And U Can Count On The Fact That They Won't Amount To Nothing ! :D Wow Francie and Thug are both some pretty smart! 1 Link to comment Share on other sites More sharing options...
Markinsa Posted January 2, 2015 Report Share Posted January 2, 2015 A bank spread is used to smear over all the bank's dough. GO RV, and NO BV 1 1 Link to comment Share on other sites More sharing options...
stealthwarrior Posted January 2, 2015 Report Share Posted January 2, 2015 Useless,just useless Link to comment Share on other sites More sharing options...
vietnam1969 Posted January 2, 2015 Report Share Posted January 2, 2015 i was thinking more like peanut butter or pimento cheese ! I like that one !!!!!! Link to comment Share on other sites More sharing options...
Recommended Posts