![]() ![]() You should inform the beneficiary that, if this occurs, they should consider rejecting the payment immediately so the payment can be unwound at the prevailing exchange rate. It is possible that the overseas bank could convert the currency of the payment at an unfavourable exchange rate. Any overseas financial institution handling charges will by default be borne by the recipient of the International Payment and deducted from the payment amount, unless otherwise organised. St.George might not have any control over the fees, charges or foreign currency conversions imposed by these institutions. Overseas banks may impose fees and charges or convert the currency of the payment. Read the Online Banking Terms and Conditions before making a decision and consider whether the product is appropriate for you. Payments must be made from an existing St.George personal transaction or savings account, and will usually arrive within 2-5 business days, but may take longer depending on the country and receiving bank. Other fees and charges may apply such as fees charged by the recipient bank. Payments are subject to our foreign exchange rates applicable at the time of the transaction. You should contact Bank of Melbourne for up-to-date pricing prior to dealing.īefore using internet and phone banking, please read the St.George Terms and Conditions for Internet Banking and Phone Banking (PDF 1MB). Overseas banks may charge a fee to handle or receive an international payment. They should not be relied upon as an accurate representation of any final pricing. They may also vary depending on the type of the transaction involved, and may be different for transactions over a certain amount. The exchange rates are indicative only as at the time and date shown, are subject to market movements and therefore change continuously. The exchange rates provided are applicable to foreign exchange products described on this website. Have a question about exchange rates that we haven’t answered here? Contact us for more information on currency conversion.This information has been prepared by St.George Bank – A division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 ("St.George Bank"). If you believe that the market is moving against you and you are likely to lose money from a future currency conversion, then a forward contract can offer many advantages. Yes, it is possible to lock in the current exchange rate, using what is called a forward contract. Is it possible to ‘lock in’ an exchange rate in advance? You can also watch the exchange rate to pick the best time to make a conversion between two currencies. When converting currencies, you should try to plan ahead and find the company with the lowest fees and the best exchange rates. Other businesses will charge higher fees because they know that travellers will rely on their services in a pinch. Some companies will have a more difficult time dealing with foreign currencies and charge more as a result. Why do some businesses charge more to exchange currency than others?Īny business will charge a small fee for the cost of converting currency, in order to offset their operating costs and ensure they turn a profit. Our team refers to the current market rates whenever we convert foreign currencies, so you can be sure that you’re getting the right amount. Rates are always changing based on demand.įor example, you might be able to sell your US dollars for 1.2 Canadian dollars today, but they might only be worth 1.18 Canadian dollars tomorrow. These exchange rates are determined by foreign exchange traders, who are constantly selling currencies on the market 24 hour a day and 7 days a week. Frequently Asked Questions About Currency Exchange Rates How do you convert foreign currencies?Īny currency can be converted into another currency using an exchange rate. ![]()
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