Online Meetings Made Easy. Try GoToMeeting FREE right now.

Finding the best FX rates for travelling or Import/Export purposes requires lots of research.

• Major banks update their "carded" exchange rates each morning at around 9:00 to 9:30 and calculate their mid points based on USA close or the current market rates. Often if the markets are volatile changes to the carded rates are issued during the day.

• Carded rates are usually applicable for amounts up to $50k for Telegraphic transfers and on Notes it depends on availability.

Differences occur and the following are observations from todays rates:
Buying FX Notes for major currencies (USD, GPB & Euro) ie Bank Sells
Very competitive landscape major banks differ by only 0.48% and Westpac is the most competitive today.
Buying Exotic FX Notes
Worth shopping around as banks can differ by 10% ie Indian Rupees
In currencies like Chinese Renminbi,  PNG Kina and the South African Rand the ANZ bank is the most competitive
Selling FX Notes for major currencies (USD, GPB & Euro) ie Bank Buys
Not as competitive, banks differ by 1 to 2%
For Exotic currencies banks don’t vary as much by up to 4 - 5%
What do Banks make on FX Notes
Margin between the Buy and Sell rate for  FX Notes on major currencies today are:

For TT Buy and Sell the margins bank enjoy for major currencies ranges between 2.5% to 6%

Source: Banks websites 24th Feb 11:00am

Errol Langridge is looking for a job. Ross spoke to him on Wednesday's show. If you'd like to check out Errol's CV Click Here (Word Document)

Shadow Treasurer Joe Hockey this week claimed that Treasury advice to the Government - that encouraged it to maintain its stimulus spending to support the economy - should be made public.

Treasury Executive Minute
Impact on GDP growth of stimulus packages

www.canstarcannex.com.au