I'm expecting a big cheque

[aussiebruce]

I'm expecting a cheque well into 6 figures in US Dollars. I'm hoping you experts can tell me how to get the best exchange rate for it.

[plasticpig]

Do you nee instant access to the money? If not HSBC do a couple of USD accounts and multi currency accounts. They seem to be the best in terms of the high street banks.

[aussiebruce]

I don't really want to keep it in US dollars. (do I?)

[ringram]

Probably not.. but do you want pounds either!?

Euro's maybe.. but currency trading is pretty tricky.

[DeanVRS]

do you have to send your bank details to a nigerian businessman to release the funds by any chance.

[S1MMA]

PM me, my wife is an FX broker. She's out of the office till wednesday though.

[WWESTY]

yhm!

[bogwoppit]

I might be able to get it exchanged at inter-bank rates, if you make it worth my while

[anonymous-user]

If it's a cheque have you spoken to your bank? Depending on who and where it is drawn upon it may take weeks to formally clear and unless you have an agreement with them may not allow you to exchange the funds, let alone draw on them. Get the funds wired to you if possible.

Edited by anonymous-user on Wednesday 14th October 20:30

[aussiebruce]

Ok guess I was a little premature with my orignal post. I now have the cheque and put it in a dollar account.

Can any of you guys please give me an idea of how to get the most for my money?

[Cmurder]

aussiebruce said:

Ok guess I was a little premature with my orignal post. I now have the cheque and put it in a dollar account.

Can any of you guys please give me an idea of how to get the most for my money?

give it to me,i will double it,if i dont i wont charge you a penny.;)

[omuok765]

Find a friend or similar (someone you trust) with a trading account, or if it is significant enough open one yourself. Did a similar trade recently myself. Costs will be bank rates to send into trading account (cost me 12 Euros), trading commission (USD 2.5 - USD 20 for trades up to USD 1mn) and cost of wire transfer back into account (cost me 3 Euros). You should estimate this process to take about 2-4 days (assuming you use a trading account that is already set up). Total cost on trade was 0.004% (0.4 basis points) and was able to select exchange rate (market value) up to the second, with advantage of being able to place limit orders and a miriad of other order types.

If this sounds like too much effort, call up an fx broker and negotiate. I get phone calls from them daily and they're all desperate.

Dollar has strengthened recently and is pretty volatile, timing is critical, that's why doing it from your own or someones account, gives you a big advantage. I stalled my trade by about 2 weeks and gained 2.42%.

Personally i think USD is a decent place to have your money for next two months or so. But that is a whole other debate, and dont take my word for it because i seem to be in the minority with that view.