HiFX vs ASB on Exchange rates.
Filed under: Avalon's Money Thread, Banks, Exchannge Rate & Currency Transfers
So, having opened up our US$ account, we needed to put US$10,000 into it.
For the past week, I have been watching the exchange rate, and using HiFX’s online system to check how much in NZ$ it would cost me to buy US$10,000.
I decided this morning after an overnight rise to make the move.
HiFX were quoting
NZ$ 12,632.00
I phoned ASB Global Markets (this is the branch that operates the Foreign Currency Accounts) and got a rate of…
NZ$ 12,618.00
That’s a saving of $14.00. Small but I will take it. Also, over the past few days – its come down from a more expensive NZ$ 12,744. So by waiting I have actually saved $126.
What bugs me though is that HiFX should not be able to be beaten by the banks. Because of the amounts I was looking at there were no fees with HiFX, and yet they still have a rate significantly worse than the bank was offering.
There is something seriously screwed up at HiFX these days. I wish they would sort it out, but given the snotty attitude last time I tried to talk to them about it – I get the feeling the can’t be arsed.
Related posts:
- Watching the exchange rates like a hawk.
- Unimpressed with HiFX
- What’s happening with NZ interest rates?
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