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Old 02.10.2013, 23:35
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UBS vs XE.com what am i doing wrong?

What am I doing wrong when comparing the FX rates between XE.com and UBS? I would expect xe.com to provide better rates but this is not what i am seeing after setting up a xe.com account and checking their quotes.

I am wishing to transfer GBP to CHF.

at 22:15 tonight I see a rate of:
1.445 for UBS
1.4413 for xe.com (for quote of exchanging Ģ10,000)

I have gone to UBS and spoken to a cashier there and they confirmed that I can use the "foreign exchange" rate quoted here at UBS (rather than physical "bank notes" where the rate is expectedly worse) which was what i thought i could be assuming wrong.

Here is the UBS rate I am quoting from:
http://www.ubs.com/global/en/bcqv/calculator.html

I would like to understand what i am doing wrong to defer what i would have expected and also what others expect according to what i have read on here.

Thanks
a.j.b
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  #2  
Old 03.10.2013, 00:26
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Re: UBS vs XE.com what am i doing wrong?

What you are doing wrong is wasting time asking for an answer instead of just taking the UBS rate which is clearly superior.

Just do it instead of waiting for a small improvement when all you are likely to get is a small decline in the benefit because you üosted a question here procrastinating
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Old 03.10.2013, 09:17
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Re: UBS vs XE.com what am i doing wrong?

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I am wishing to transfer GBP to CHF.
The UBS link you provide gives me the following rate:



This doesnīt yet include any transfer-charges which the outgoing bank in the UK and the incoming bank in Switzerland (UBS) will charge.


If you use >>currencyfair<<:



this is pretty much what you get, as there is no international transfer involved.

You just send your money as a local transaction within the UK to transferwise, change your money online (see screenshot), and then you can effect another local transaction inside Switzerland through currencyfair, for which they will >>transparently charge you<< CHF 4.00.

Since itīs a domestic transfer inside Switzerland itīll be free to receive on UBSīs end.

Rgds, Christian

Last edited by ChrisNeedsToKnow; 03.10.2013 at 09:30.
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Old 03.10.2013, 11:56
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Re: UBS vs XE.com what am i doing wrong?

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This doesnīt yet include any transfer-charges which the outgoing bank in the UK and the incoming bank in Switzerland (UBS) will charge.

[.....]
Since itīs a domestic transfer inside Switzerland itīll be free to receive on UBSīs end.

[.....]
UBS doesn't charge any incoming fees to receive money.

But, regardless, when dealing with any transfers to/from the UK and GPB, currencyfair does beat all the others.

The real bummer in your case is that UK banks charge crazy amounts Ģ20/Ģ40 just as a fee to do the money trasfer. With currecnyfair you avoid this as you do a domestic UK transfer to them, and you get a better interest rate.
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Old 03.10.2013, 12:08
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Re: UBS vs XE.com what am i doing wrong?

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I am wishing to transfer GBP to CHF.

at 22:15 tonight I see a rate of:
1.445 for UBS
1.4413 for xe.com (for quote of exchanging Ģ10,000)


Thanks
a.j.b
Bloody thieves both of them!
I will beat that quote all day long. I will buy Ģ10k at 1.45 from you.

I will send you a pm to discuss the details if you are interested.

Cheers,

The Market Maker
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Old 03.10.2013, 12:10
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Re: UBS vs XE.com what am i doing wrong?

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I will buy Ģ10k at 1.45 from you.
The offer on the table is already 1.4556 (see above).

But then, itīs not me whoīs looking to change here .
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Old 04.10.2013, 12:04
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Re: UBS vs XE.com what am i doing wrong?

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The offer on the table is already 1.4556 (see above).

But then, itīs not me whoīs looking to change here .
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Bloody thieves both of them!
I will beat that quote all day long. I will buy Ģ10k at 1.45 from you.
I am off the offer of 1.45, GBP weakening against major currencies this morning.

You guys should have lifted the offer while it was there, good luck with currencyfair now
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Old 04.10.2013, 14:25
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Re: UBS vs XE.com what am i doing wrong?

rats...i have found a big negative with currencyfair....When sending money to US banks, the funds are sent by wire instead of ACH. This means the bank you send the money to will charge you a receiving fee which make the trades rather unprofitable.

I think the banks here do the same (with an outgoing, and receiving wire fee). xe.com doesn't do it. I don't know about IB, but if they dont do it, then i may switch to them.
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Old 03.10.2013, 12:18
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Re: UBS vs XE.com what am i doing wrong?

Just to add...

If you you are going to go through the hassle of opening an account with a broker, I would avoid these silly online brokers who are not really that much better than the banks. For GBP there are specialist brokers that have won award after award for best rates for retail customers. Yes they do still have a good enough margin to stay afloat but it's significantly less than what the banks would charge.

The broker I recommend for this is www.currencies.co.uk, I have used them on many occasions, and they will charge as little as 50 pips, with no commission and no transfer fees. So in basic terms you would actually get CHF14570.- right now which even beats my quote of 1.45
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Old 03.10.2013, 13:14
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Re: UBS vs XE.com what am i doing wrong?

I just bought GBP, and to get the best rate had to use my IB account to save on the spread.
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Old 03.10.2013, 13:23
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Re: UBS vs XE.com what am i doing wrong?

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I just bought GBP, and to get the best rate had to use my IB account to save on the spread.
An IB account is of course the best for currency exchanges they charge around 3 pips!
Unfortunately this is not a viable option for someone just looking to do a one off FX exchange. As you have to maintain a $10k/$20k balance and pay a monthly fee of around $10 if you don't trade.
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Old 03.10.2013, 15:16
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Re: UBS vs XE.com what am i doing wrong?

Does anyone know how Oanda compares to CurrencyFair? I know they have a fixed fee, but allegedly the actual rate used is pretty good / better than xe.
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