Community Discussions
Explore the latest discussions and community conversations related to this domain.
Where’s a good money changer with good rates in Singapore?
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I’m heading to Canada and want to change some cash. The one I trusted and had really good rates closed down due to covid. Been searching for a good money changer ever since and couldn’t find any as great as the one before. Any recommendations?
Top Comment:
arcade
Where to find the best money exchange rates, from PHP to USD or PHP to CAD?
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Hopefully will be travelling to Canada soon. Personally, where do you convert your PHP money to CAD or USD that have the best exchange rates in the country? Planning to bring cash with me that amounts to appx Php 150, 000.
Thank you so much!
Top Comment: Sa friends usually pag meron. Kahit unti unti. Kung biglaan at malaking amounts, sa money changer, usually better rates than banks.
Plarium stealing money on Conversion Rates
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Enough said.
Top Comment:
Pretty sure it's not a dynamic system. I've neve bothered to check though. Exchange rates change constantly, presumably sometimes you could be making money.
Can I lose money in a Money Market account?
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I'm still really new to investing and theirs a lot I'm still kinda confused by, but I've been wanting to get a Money Market account through Vanguard. I was wondering if theres anyway you can lose money in a money market account like you can with stocks. I've been trying to start out with really low risk investments where I can't really loose anything.
Top Comment: What Vanguard offers are money market mutual funds, which are not the same thing as a money market account. Money market mutual funds are an investment which can theoretically lose value, however it's extremely unlikely to happen. The last time it happened was with a very small number of money market funds (not Vanguard's) in 2008. Since then, a number of reforms have been put into place industry-wide to make it even less likely to happen again in the future.
Are there any good pros about the Money Market Account
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Trying to become a bit more financially literate. Why would I open a MMA at Truist where other places have better rates and/or perks? What's so special about it?
Top Comment: I was getting 5% when I started or 4.25 and now I’m getting like .5% after a year later I don’t understand either this bank is getting on my nerves recently I’ve been with them for like two decades starting with suntrust
Wise (formerly Transferwise) Six Figure Transfer Experience
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I wanted to write a quick review on here about sending a much larger than normal (by my standards at least, I know some of you are big ballin’ 🤠) international wire transfer through Wise, which I have been using for many years in my travels as a digital nomad.
Previously, I have only used Wise for transactions less than or equal to $USD 10.000 with no issues or holdups.
This year, I decided to purchase an apartment in Europe and thought that the best way to transfer a large amount of $USD into € would be via Wise since my experience thus far was hassle free and the fees were considerably lower than what my traditional bank was offering. I had been sending $USD 100.000 every month over the last few months and converting to € to take advantage of the eur/usd rate, so I didn’t send one large transfer into Wise all at once. I have read that some people had issues with that, so decided to do it in smaller amounts.
I have also read some posts on here about large outbound transfers being frozen or held up when using Wise, so I was a little nervous but I went into this transfer knowing that I didn’t have such a time constraint for closing on the house and as long as you have documentation for where your money came from, most issues are resolved in a few weeks maximum (per my representative at Wise).
I sent 405.000 euros on Friday, received an email on Saturday stating I needed to send in documentation for the source of this money (which I immediately sent), and then received an email directly after that Wise had received my documentation and would let me know if they needed anything else (I guess they are working on the weekends too). The documents needed were three months of bank statements and source of funds (investment, inheritance, etc).
By Monday morning the transfer was sent and on Tuesday I received notification that the opposite party had received funds at the end of the day.
I would definitely use Wise again when purchasing a property overseas, I definitely saved quite a bit of money on the conversion fees.
The fees that Wise did charge, were almost entirely covered by keeping my deposit in their interest bearing account (I believe I was earning 600 or so euros a month on the interest from 400.000 euros).
TLDR;
Over the last couple of months I have been converting $USD to euro and on this last Friday, I sent 405.000 euros on Wise in a single transaction for an apartment in Europe and it arrived to the other party on Tuesday.
Top Comment: good if you have proof of source of the money. But if you have funds that are saved and mixed for many years, buying some investments etc, it can be a bit hard to come up with some proof of source of funds i assume. I wouldn't risk it to save a little bit on the exchange rate vs sending from my bank.
Depositing U.S. dollars into a Canadian account - what's the most cost-efficient way?
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If I have a four-figure U.S. dollar amount in cash and want to deposit it into my Canadian bank say an RBC, Scotia or TD... I'm assuming the exchange rate they'll offer me is crappy. Is it better for me to open a U.S. dollar account with my bank, deposit the cash into that and then transfer it to my Canadian dollar account?
Top Comment: Open a U.S. dollar account at your bank. Deposit the cash there and don’t let the bank convert it. Use services like Wise or KnightsbridgeFX for better exchange rates. Then transfer the money to your Canadian dollar account. Banks rip you off with their rates so avoid using them for the conversion.
Travel money
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I’m a Tesco colleague and is travelling in April. I wanted to know does colleagues get any benefits to do with travel money do we just get the same everything as customers would?
Top Comment:
I know we use to get a bit of a improvement on the exchange rates. Not sure we still do, it been a couple of years.