 |  | Ross Greenwood
Ross Greenwood has covered finance and business matters in Australia and around the world for almost 30 years. He is the Nine Network's business and finance editor, and was co-host of its former flagship current affairs program Sunday. His reporting assignments for Nine have taken him to Europe, Asia and the Middle East. |
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The Money News with Ross Greenwood
Foreign Exchange Rates
Finding the best FX rates for travelling or Import/Export purposes requires lots of research.
- Major banks update their "carded" exchange rates each morning at around 9:00 to 9:30 and calculate their mid points based on USA close or the current market rates. Often if the markets are volatile changes to the carded rates are issued during the day.
- Carded rates are usually applicable for amounts up to $50k for Telegraphic transfers and on Notes it depends on availability.
Differences occur and the following are observations from todays rates:
Buying FX Notes for major currencies (USD, GPB & Euro) ie Bank Sells
Very competitive landscape major banks differ by only 0.48% and Westpac is the most competitive today.
Buying Exotic FX Notes
Worth shopping around as banks can differ by 10% ie Indian Rupees
In currencies like Chinese Renminbi, PNG Kina and the South African Rand the ANZ bank is the most competitive
Selling FX Notes for major currencies (USD, GPB & Euro) ie Bank Buys
Not as competitive, banks differ by 1 to 2%
For Exotic currencies banks don’t vary as much by up to 4 - 5%
What do Banks make on FX Notes
Margin between the Buy and Sell rate for FX Notes on major currencies today are:
|
ANZ |
CBA |
NAB |
Westpac |
|
|
|
|
|
US Dollar |
7.4% |
8.1% |
7.2% |
6.5% |
Great British Pound |
10.3% |
10.3% |
9.7% |
8.7% |
Euro |
13.4% |
13.8% |
11.6% |
11.3% |
Hong Kong Dollar |
15.6% |
15.0% |
13.9% |
12.6% |
New Zealand Dollar |
11.6% |
12.4% |
11.6% |
10.1% |
Japanese Yen |
17.4% |
18.4% |
15.9% |
13.7% |
Chinese Renminbi |
22.8% |
21.6% |
30.6% |
|
Fijian Dollar |
20.5% |
25.4% |
22.1% |
18.1% |
For TT Buy and Sell the margins bank enjoy for major currencies ranges between 2.5% to 6%
Foreign Exchange Rates for Telegraphic Transfers |
|
|||
|
Bank Sells FX Telegraphic |
|
||
|
ANZ |
CBA |
NAB |
Westpac |
United States Dollar |
0.8731 |
0.8687 |
0.8772 |
0.8775 |
UK Pounds Sterling |
0.5607 |
0.5589 |
0.5624 |
0.5665 |
Euro |
0.6386 |
0.6371 |
0.6388 |
0.6469 |
Hong Kong Dollars |
6.657 |
6.744 |
6.7293 |
6.7574 |
New Zealand Dollars |
1.2542 |
1.2417 |
1.2538 |
1.2644 |
Swiss Francs |
0.928 |
0.934 |
0.9387 |
0.9414 |
|
Bank Buys FX TT |
|
|
|
United States Dollar |
0.909 |
0.9186 |
0.9028 |
0.8995 |
UK Pounds Sterling |
0.5907 |
0.5958 |
0.5919 |
0.5865 |
Euro |
0.6741 |
0.6791 |
0.6783 |
0.669 |
Hong Kong Dollars |
7.106 |
7.0752 |
7.1043 |
7.0373 |
New Zealand Dollars |
1.3093 |
1.3156 |
1.3171 |
1.3065 |
Swiss Francs |
0.991 |
0.99 |
0.9885 |
0.9852 |
|
Bank Sells FX Notes |
|
|
|
United States Dollar |
0.8617 |
0.8611 |
0.8643 |
0.8652 |
UK Pounds Sterling |
0.5529 |
0.5532 |
0.5539 |
0.5549 |
Euro |
0.6285 |
0.6237 |
0.63 |
0.6304 |
Hong Kong Dollars |
6.5492 |
6.5607 |
6.5676 |
6.6014 |
New Zealand Dollars |
1.2306 |
1.2271 |
1.2319 |
1.2323 |
|
Bank Buys FX Notes |
|
|
|
United States Dollar |
0.9253 |
0.9312 |
0.9265 |
0.9214 |
UK Pounds Sterling |
0.6096 |
0.6104 |
0.6074 |
0.6033 |
Euro |
0.7127 |
0.7098 |
0.7032 |
0.7015 |
Hong Kong Dollars |
7.569 |
7.5434 |
7.4786 |
7.4355 |
New Zealand Dollars |
1.3729 |
1.379 |
1.3747 |
1.3571 |
Source: Banks websites 24th Feb 11:00am
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