Wells Fargo Foreign Exchange Online?
Feb 7, 2010, 12:36 pm
#1
Original Poster
Join Date: Feb 2010
Posts: 4
Wells Fargo Foreign Exchange Online?
Has anyone used Wells Fargo foreign currency ordering online?
https://www.wellsfargo.com/foreignexchange/
Supposedly, their faq says the purchase isn't processed as a cash advance. The rate doesn't seem too bad either.
https://www.wellsfargo.com/foreignexchange/
Supposedly, their faq says the purchase isn't processed as a cash advance. The rate doesn't seem too bad either.
Mar 15, 2010, 7:27 am
#3
Join Date: Jul 2005
Location: TPE, MNL
Programs: AA lifetime GOLD, but still an AA Baby compare to people here. CX nobody. BR Silver.
Posts: 984
Used it for a few times.
Purchased using credit card and they were treated as purchase, not cash advance.
The service is good. The only thing is that their rate is getting worse. More people decide to use ATM oversea. But they are still good.
Purchased using credit card and they were treated as purchase, not cash advance.
The service is good. The only thing is that their rate is getting worse. More people decide to use ATM oversea. But they are still good.
Mar 15, 2010, 7:59 am
#4
Join Date: Apr 2005
Location: Central Texas
Programs: Many, slipping beneath the horizon
Posts: 9,859
The exchange rate is nothing to write home about, but for a few hundred bucks in Euros to start a trip, the convenience is hard to beat....(especially for those of us who live in the boondocks, board a morning commuter, change planes at some gateway, and arrive in some European airport in a hurry to get downtown in the land with an ATM on every corner).
Mar 15, 2010, 9:41 am
#5
Join Date: May 2008
Posts: 698
As of today, WFB on their web site is offering to sell you a Euro for $1.4475, while according to Oanda.com the interbank ask rate is 1.36627. If I've done the arithmetic right, WFB's rate is nearly 6% worse. If you use a credit card and it's counted as a purchase, I assume (though I haven't checked) it would incur the usual extra 3% rip-off "exchange fee".
Personally I would add in the shipping and handling fee, which can be substantial. Though technically speaking it's not a fee or commission, what matters to me as the buyer is how many Euros I end up with in my hand after I give them x number of dollars out of my hand -- that's the real exchange rate.
If you add everything together, I wouldn't be surprised if one ended up paying more than 10% for the WFB forex over the interbank rate.
Rummaging around in a drawer, I happen to find a receipt from when I changed $US to Euros some months ago at a Greek bank branch at ATH. Changing $300, I was given a rate of 1.4373415, on a day when according to Oanda.com's archived rates the interbank rate was 1.43070 -- so it was very close -- and I was charged a commission of Euros 7, which was (again if I've done the arithmetic right) a little over 3%.
Personally I would add in the shipping and handling fee, which can be substantial. Though technically speaking it's not a fee or commission, what matters to me as the buyer is how many Euros I end up with in my hand after I give them x number of dollars out of my hand -- that's the real exchange rate.
If you add everything together, I wouldn't be surprised if one ended up paying more than 10% for the WFB forex over the interbank rate.
Rummaging around in a drawer, I happen to find a receipt from when I changed $US to Euros some months ago at a Greek bank branch at ATH. Changing $300, I was given a rate of 1.4373415, on a day when according to Oanda.com's archived rates the interbank rate was 1.43070 -- so it was very close -- and I was charged a commission of Euros 7, which was (again if I've done the arithmetic right) a little over 3%.
Last edited by Cha-cha-cha; Mar 15, 2010 at 9:48 am
Mar 15, 2010, 10:26 am
#6
Join Date: Jul 2005
Location: TPE, MNL
Programs: AA lifetime GOLD, but still an AA Baby compare to people here. CX nobody. BR Silver.
Posts: 984
As of today, WFB on their web site is offering to sell you a Euro for $1.4475, while according to Oanda.com the interbank ask rate is 1.36627. If I've done the arithmetic right, WFB's rate is nearly 6% worse. If you use a credit card and it's counted as a purchase, I assume (though I haven't checked) it would incur the usual extra 3% rip-off "exchange fee".
Personally I would add in the shipping and handling fee, which can be substantial. Though technically speaking it's not a fee or commission, what matters to me as the buyer is how many Euros I end up with in my hand after I give them x number of dollars out of my hand -- that's the real exchange rate.
If you add everything together, I wouldn't be surprised if one ended up paying more than 10% for the WFB forex over the interbank rate.
Rummaging around in a drawer, I happen to find a receipt from when I changed $US to Euros some months ago at a Greek bank branch at ATH. Changing $300, I was given a rate of 1.4373415, on a day when according to Oanda.com's archived rates the interbank rate was 1.43070 -- so it was very close -- and I was charged a commission of Euros 7, which was (again if I've done the arithmetic right) a little over 3%.
Personally I would add in the shipping and handling fee, which can be substantial. Though technically speaking it's not a fee or commission, what matters to me as the buyer is how many Euros I end up with in my hand after I give them x number of dollars out of my hand -- that's the real exchange rate.
If you add everything together, I wouldn't be surprised if one ended up paying more than 10% for the WFB forex over the interbank rate.
Rummaging around in a drawer, I happen to find a receipt from when I changed $US to Euros some months ago at a Greek bank branch at ATH. Changing $300, I was given a rate of 1.4373415, on a day when according to Oanda.com's archived rates the interbank rate was 1.43070 -- so it was very close -- and I was charged a commission of Euros 7, which was (again if I've done the arithmetic right) a little over 3%.
Also now WFB is about 6% above Oanda. Before only about 4% to 4.5%.
Shipping is free if order is over USD$1000.
What's nice is that you can ask for smaller notes. After you place the order online, usually they will call you to verify the order. Or you can call them to ask for smaller notes. They always put in some big notes with some smaller notes without asking. I think it is better than ATM in this part.