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dtbaker
Moderator
says

Hello,

edit: all good, got through to the bank and it’s the “bank buys” rate I should be looking at. well then, looks like I’ll stick with paypal because swift will cost more.

I must be a bit stupid today – I cannot figure out if I should be looking at the “Bank buys IMT’s” or “Bank sells IMT’s” rate here: https://service.commbank.com.au/guides/personal/other/foreignexchangerates.asp

Trying to decide if SWIFT would be more expensive than PayPal.

The current PayPal exchange rate: 1 USD = 1.09477 AUD
The current SWIFT exchange rate: 1 AUD = 0.9265 USD (bank buys)
The current SWIFT exchange rate: 1 AUD = 0.8492 USD (bank sells)

Anyone know which it is (buys / sells)?

Here’s what I was trying to figure out (Example, withrdawing $5000):

(paypal) $5000 USD = $5473.85 AUD (no fees)
(swift – buys rate) $5000 – $35 fee = $4965 USD = $5358.87 AUD – $11 AUD fee = $5347.87
(swift – sells rate) $5000 – $35 fee = $4965 USD = $5846.67 AUD – $11 AUD fee = $5835.67

Cheers!

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ThemeFusion
says

So what is the “bank buying” withdrawal rate like from PayPal? Do you get $1.09477 AUD when withdrawing from PayPal or the bank buying rate?

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IngeniousArtist
says

We don’t have paypal here so SWIFT it is! :D

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VProxy
says

Generally Bank buys rate is the exchange rate for the USD to your currency and sells rate is how much you have to pay for each USD if you want to change your currency to USD.

So in your case it will be The current SWIFT exchange rate: 1 AUD = 0.9265 USD (bank buys)

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dtbaker
Moderator
says

Do you get $1.09477 AUD when withdrawing from PayPal or the bank buying rate?

Yep the money lands into PayPal account in USD, then gets converted into AUD at that rate ( from here – login required ) and that is exactly what gets sent to the bank. No other fees because the exchange is performed in paypal and transferred to bank in local currency.

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nCrafts
says

I get all the money in my PayPal in USD. For converting from USD to INR, PayPal takes a 4% cut.

My banker here, takes a cut of about 2%, by buying USD from me at a 2% lower rate than the market rate. But I also pay $35. So, it makes sense for me to switch over from PayPal to Swift if I am withdrawing more than $1750

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