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If one has to do this frequently and in size the best way I’m aware of is Interactive Brokers, but for most customers doing $1k transactions (like me back in 20
by patio11 5y ago
If one has to do this frequently and in size the best way I’m aware of is Interactive Brokers, but for most customers doing $1k transactions (like me back in 2004 to pay my student loans) $8.50 and $10 are the same number but the $60 the best option cost back then (GoLloyds, now operated by Shinsei, if anyone is curious) was not.
- ska 5y agoThis is key I think. Paying a couple extra dollars for convenience to avoid getting screwed by retail rates on $1000 or so once in a while is an easy yes. OTOH, if you are even at 5-6 figures regularly you start paying attention to all the fractions, and bit more pain in the ass interface is fine. At one point I used to do this directly with a FX desk which was a bit fiddly but saved me a bunch over a few years.
- mherdeg 5y agoIt's true when I was routinely repatriating income with a forex trading desk the experience was not totally streamlined and paying attention to the spread and rates pretty closely. But also I got out "lucky" by exiting at 1 GBP/1.62 USD (moved home a while back), and the timing mattered a lot more than the rates