Bank transfers 2020 my opinion

snpark

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On one of the FB groups I just had to stop biting my tongue - thought I would copy it here just for the sake of it. Just my opinion of course:

I know I should just keep quiet but since I lived here many years and been an expat for 25+ years and working in finance / investment banking etc for 25+ years I am always amazed / intrigued / shocked by some of the posts regarding transfers. This is NOTHING PERSONAL against the OP, just I am bewildered. A standard bank to bank electronic transfer (swift, TT, etc) should only cost around $25 max depending on the bank, it is irrelevant where it goes or what currency - yes there will be a currency exchange rate but these days banks are aware of the alternative options and their rates now are more online with other online options. Just compare BCA today with XE - I will post it below after - even one of my banks in Dubai (Standard Chartered) now guarantees payments to UK within ONE HOUR. Plus you have all the guarantees, safety, security and ease of using a bank rather than some online private company entity with no legal comeback if your transfer goes missing. From Indonesia yes some banks are easier to use than others, hence the countless times I (and others) suggest using HSBC for payments to outside Ind, since you can do them online.

BCA: 10-Mar-2020 / 13:35 WIB

USD 14.303,00 14.333,00
SGD 10.300,76 10.328,14
EUR 16.217,36 16.287,36
AUD 9.357,01 9.401,01

XE (usually same as the moneychangers here):

1 USD 14321 1 EUR 16256 1 SGD 10316 AUD 9380

So you can see actually these days not much difference between rates. And most brick and mortar high street banks you get your money within a day, I know my Lloyds UK offshore account GBP arrives in my HSBC IDR account the next day.

Standard Chartered Dubai:
Dear Mr.Stephen Park,
With faster money transfers to the United Kingdom through Online and Mobile Banking, your loved ones back home no longer have to wait anxiously when you send them funds.
Transfer money
in as little as 1 hour
To any current
or savings account
The best deal on
foreign exchange rates
The best deals
Zero transfer fees
(usually AED25) (about $7)
Zero correspondent
banking fees

So I am confused what extra fees Maybank charge to SA? Anyway even likes of Western Union now you can give them cash in e.g KL and they transfer direct to BCA here within minutes, same as my moneychanger will accept cash and also transfer to account.

These days banks are aware and adapting. Yes a lot of people use kangeroo and transferwise, but do not always be so quick to knock your own real bank system.

Thankyou, I will be here all week
 

BPNBound

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That doesnt jive with me. I did a comparison of transferring USD 4k from USD to AUD using HSBC and Transferwise and Transfer wise won by AUD 250. I transfer roughly $USD10k/month to AUD and save more than $AUD 500 by using transferwise
 

snpark

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Apart from the fact you are converting a to b to c and not a to c.
 

snpark

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So you sent $4k usd from your hsbc $usd AC to an aud AC? What rate did they give you? This is online or branch?
 

waarmstrong

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I transfer USD to my USD account in Indonesia. The fees go up when there is no conversion. That indicates to me that the banks expect to screw you on the conversion rate.
 

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