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The banks are bastards

Discussion in 'The Pub' started by Bravus, Sep 22, 2010.

  1. We pay a monthly amount of CN$550 off a debt we left in Canada when we moved here. ANZ charges us $24 a month in fees for making the telegraphic transfer of that amount to our Canadian bank. That's extortionate enough, but the Aussie is very high at the moment: 97.8c Canadian today, so close to par. XE.com's excellent online exchange rate site shows CN$550 = AU$562. But with ANZ, magically the exchange rate is such that CN$550 = AU$584. They really are geniuses at finding multiple ways to screw ya even on the one transaction.

  2. You beat me to it Goz!
  3. Have you queried them on it, Bravus?

    Ask to see the exact time and date the transaction was performed on, and the exchange rate the bank used.
    Then compare it to XE history.

    If they've ripped you off, go ruin your bank managers day.
  4. Not sticking up for banks etc. But I can't say I have heard a pay where you can buy a currency at the current exchange rate. They always have a premium on the buy / sell cost.

    Just an example what it would cost in AU
    ANZ - 584.42 - (0.9411 ex rate)
    Suncorp - 575.86- (0.9551 ex rate)
    Western union - 592.81 - (0.9277883 ex rate)
  5. Read my signature in my post here
  6. I set up a Ubank (owned by NA8) savings account recently because of the high interest rate (6.51%) and no fees but just realised that they can offer this higher interest rate because they take 4 business days for my deposits to show up in my Ubank account. And that doesn't even include weekend days.

    So my money stays in limbo land while they gain interest off it and i get zip.

    For the record I also hate it how paypal/ebay screw you over with the exchange rate always being in their favour, either way, by a good 2-4cents.
  7. Look at a citibank multimoney account. You can move money into different currencies without the heavy commission paid normally. I've been looking at how to move money in and out of Japan, it really makes it easy if you have someone there who can physically remove cash from machines and shift it for you. Citibank lets you withdraw cash from any of it's ATMs worldwide without fees.
  8. Have you tried Paypals exchange rate? Don't get me started on Paypal....
  9. Yeah, I know what you mean, it's going to cost me $12 in lost interest to make $36 more p.a. by switching from one online account to uBank. Net profit after tax - not worth my time.

    Paypal charges 2.5% on any currency conversions, which is cheap compared to the 3.9% Bravus is getting slugged. Still, it's bloody annoying how eBay doesn't include that when they convert to AUD on the item description.
  10. Whilst I don't particularly enjoy paying PayPal rates, e-commerce in general has saved me so much cash 'cos I'm no longer tied to paying Oz prices, that I find it hard to get excited about their relatively small rip-offs.
  11. Why wouldn't you take out a personal loan here and clear the debt?
  12. Would love to, but moving all around the place means we're pretty much borrowed up to the hilt at the moment... We're taking steps... but it'd be nice not to get ripped off at every step along the way.
  13. Just created a thread about tranzfers, a service that I use to transfer cash internationally.

    I've had no problems, and they are consistently cheaper than the banks (both in terms of fees and better exchange rate).