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Forex fees

Discussion in 'General Forex Talk' started by antonisk, Oct 25, 2012.

  1. antonisk

    antonisk Private, 1st Class

    Apr 27, 2012
    Likes Received:
    Did request a withdraw of 650 USD and i receive 450 Euros ?
    650 USD at least at XE.com = 501 EUR
    Broker reply was that they did wire the exact amount of 650 USD
    Bank reply that they did not charge me any fees
    my question is who has my 50 Euros
  2. Pharaoh

    Pharaoh Colonel

    Oct 3, 2007
    Likes Received:
    If I wire you $650, either I pay the initial wire fee to my bank or else that fee is deducted from the $650. Then the bank converts the USD to EUR. The rates won't be nearly as good as you see at a forex broker. Walk into your bank, ask how many Euros you would get for $650 and how many dollars you would get for 500 Euros and you'll see the difference.

    Then there can be fees charged by the intermediate banks.

    Ask your bank to pull up as much data as they can on this and see if they can find out more about how 50 Euros got nibbled away.

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