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Showing results for tags 'foreign currency exchange'.
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Hello everyone, I was just inquiring as to whether or not more people are using online currency exchange and transfer, or if visiting your local bank is still the norm. I am going to be travelling later this year and will require a large amount of foreign currency. I was going to use this website but if anyone can suggest a different site I'm open to suggestions. What I have noticed is that by exchanging foreign currency online it looks like I can save about 2% on the exchange rate. Please let me know if there are any other good foreign exchange sites to check out. Thanks, Mel
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Six of the world’s largest banks have been fined a total of about $4.3 billion for conspiring last year to rig foreign-exchange rates, financial regulators in the U.S., Britain and Switzerland announced on Wednesday . Reaching settlements with the regulators were Bank of America (NYSE: BAC), J.P. Morgan Chase (NYSE: JPM), Citibank (NYSE: C), HSBC Bank (NYSE: HSBC), The Royal Bank of Scotland (NYSE: RBS) and UBS AG (NYSE: UBS). Citigroup and J.P. Morgan are each on the hook of an array of global regulators for about $1 billion apiece for their role in the alleged manipulation. Barclays PLC (NYSE: BCS), also a major player in the foreign exchange market and a target in the international probe, declined to join in the settlements announced Wednesday. The fines are the first wave of penalties stemming from a year-long global investigation into charges that traders at many of the world’s biggest banks colluded to boost exchange rates paid by hedge fund managers and others who speculate in the $5.3 trillion currency markets. The traders then skimmed the illicit profits to boost the bottom lines of their banks. The investigation is ongoing and more civil fines are expected against numerous other banks....... http://www.foxbusiness.com/industries/2014/11/12/six-big-banks-fined-43b-in-fx-rate-rigging-scam/
