Need Help on Currency Exchange Rate

[imthatguy]

Ok say a friend get a payment(Deposit) from USA to Kenya Africa bank account, then from Kenya Africa back to USA.


Now my question is will there be a big loss of money during the conversion. Say if the deposit was 2100k, do you think during the conversion from usa to Kenya Africa and back from kenya Africa will take around $250 or so?


I been studying the conversion rates but its hard to get, it seems like or money is equal to kenya shillings or maybe I'm, reading wrong

[MadSam]

Although the African currency markets move so fast so volatile it makes the Western currency markets look stable! For an amount of $2100 for there to be enough movement in a single day to eat $250 there'd have to have been some major disaster. You don't mention over what period the funds move in and out, but you make it sound like a short time.

[GreenBean]

Part of the cost is not just the exchange rate but associated bank fees too. Overall it will be how the transaction is done. Quite a few variables determine the reply.

[imthatguy]

Yea your right. i didnt think about the bank fee as well and I check western union fee and its kind of high as well

[GreenBean]

Look, I'd try XE. You can get a free quote for a transfer. That would give you a better idea.

Or, if you use HSBC International (bank), speak to them about such a transfer. Western Union fees are higher that 's for sure.

[MadSam]

Originally Posted by GreenBean™

Western Union fees are higher that 's for sure.

This was supposed to be a standard bank wire transfer - typically no fees there depending on the bank some very small. Just make sure that the bank account details you use to make the transfer are 100% accurate because countries like that try to double their GDP from returned bank transfers.