AMEX FOREX Closing

[Cruiser Elite]

We have been using AMEX FOREX for yonks but they are discontinuing FOREX ops June 30 so I need find new forex provider

Must have good online portal and obviously be competitive - suggestions as to who fellow AFFers are currently using?

 

[cove]

We use Westpac and Bell FX. Bell FX for options and Westpac for on line. I do have a direct line to a Westpac dealer in Perth that can be handy.

 

[Cruiser Elite]

Bell cannot deal in Chinese Renminbi cove and I hate banks - I too used Westpac early days but they were always way behind others

 

[ZigZagWanderer]

From advice on here, I've been using Wise (formerly Transfer Wise). They are quick and fairly well-priced, being about 0.5% over spot price.

They also have multi-currency accounts, and a debit card that uses the best available currency.

If you are a UK citizen, you get to invest in a Blackrock fund or just interest, too. I've done pretty well so far, making about 5% in 6 months. I'm now using them for all transactions, only get cash through my high street banks.

 

[Bundy Bear]

I also use Westpac bank, online version, rates were ok.

 

[albyd]

I use Revolut - used to load with a credit card for points though they’ve added a fee for that now.

Also use compass global markets. Spreads are pretty good especially if you put through some volume. They can do more niche currencies too that others don’t offer. I don’t have experience with this - mostly stuck to USD, GBP, EUR.

YMMV

 

[drron]

I always check Travelex online. If changing more than $A2000 their rates are competitive about 50% of the time. Much better than Travelex at the airport or branches. I also mainly used Amex.

 

[Cruiser Elite]

We use Westpac and Bell FX.

Bell cannot deal in Chinese Renminbi cove

I had to buy equiv USD58,212 this morn to pay supplier - using AMEX FOREX and paying in RMB cost me RMB406,320 = AUD87,614.78 - if I paid in USD it would have cost me USD88,387.49 - hence reqt to find FOREX Trader who can trade in RMB as well as USD

 

[cove]

We still pay in USD so have not had that problem.
Tonight the AUD is down so don’t look.

 

[tassie6]

Also hunting a replacement after AMEX closing, keen to hear feedback as others try new ones

 

[Cruiser Elite]

We have an OFX account also that has laid dormant since March 2013 but been checking daily last few days and it appears pretty well on par with AMEX rates - just need to ensure we can settle with a CC or through Yakpay at least

 

[Quickstatus]

I use OFX

 

[Cruiser Elite]

I use OFX

How do you settle?

 

[Quickstatus]

How do you settle?

Choice of EFT, BPay,
Faster if you transfer within OFX's banks
OFX's bank account is with NAB and BoA branches in Sydney

No CC for bank to bank transfers, but I have not tried CC payment to BPay. I must get onto Yakpay

 

[Cruiser Elite]

We have an OFX account - just need to ensure we can settle with a CC or through Yakpay at least

That’s not going to work - need settle direct from Company Bank Account

 

[whughes3]

Another possibility that is worth looking at is, somewhat surprisingly, Western Union. Fairly recently they upgraded their service to offer transfers to o/s bank accounts (almost everywhere including China) and to allow transfers in via Payid or Polipay. I gave them a try mostly out of curiosity and has worked well: good exchange rates and low fees, plus quite speedy transfer times, I was previously using Currencyfair quite a bit but have now almost dropped them.

 

[Yak Pay | Payment Logic]

We have an OFX account also that has laid dormant since March 2013 but been checking daily last few days and it appears pretty well on par with AMEX rates - just need to ensure we can settle with a CC or through Yakpay at least

Hi Cruiser,

I saw our name mentioned so I thought I'd jump in here.

You certainly can settle these payments through our platform - noting that you would need to use a Visa, Mastercard or Bank Transfer to do so. We have numerous clients paying OFX/OzForex and other providers - even more so now with the recent changes in market.

Feel free to reach out if you have any questions regarding this.

Kind Regards,
James

 

[daft009]

I'm still using corpay. Good rates for the currencies you choose. Others not so flash if you do the odd transaction here or there

 

[Cruiser Elite]

James I am in Spain at moment but I will call you when back in Oz in a week or so

 

[Yak Pay | Payment Logic]

James I am in Spain at moment but I will call you when back in Oz in a week or so

Hi Cruiser,

I'll notify the team to look out for your call.

Have a fantastic time in Spain, and we'll speak soon.

Kind Regards,
James