Payments while overseas

Jola said:
I have just used Capitec extensively in Japan, mainly to draw cash which I then deposited into a Japanese Suica card, for general use (it's a type of cash card that they use for everything).

No problems, and the rates seemed to be pretty good.

Can definitely recommend.

I got nailed by Standard Bank and FNB on credit card purchases, it was actually better to just use Capitec..

Note that it wasn't a Capitec credit card, just the normal debit card on a savings account.
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Would you mind sharing the date, yen amount and Rand charged for one of your transactions? That way we can get a good idea of the spread (if any) Capitec charge.
 
Jola said:
I have just used Capitec extensively in Japan, mainly to draw cash which I then deposited into a Japanese Suica card, for general use (it's a type of cash card that they use for everything).

No problems, and the rates seemed to be pretty good.

Can definitely recommend.

I got nailed by Standard Bank and FNB on credit card purchases, it was actually better to just use Capitec..

Note that it wasn't a Capitec credit card, just the normal debit card on a savings account.
Click to expand...
yes, as suggested, can u give us an example of how much Rands you changed into yen & how much you actually received
...and compare it to what was the exchange rate according to Xe at the time
 
Speedster said:
There is no natural difference between buy and sell prices. If you buy my car for R100k your buying price is exactly equal to my selling price. If we use an agent the agent will take commission which will create a spread between the buy and sell prices
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You're the only one seeing it this way. A spread is the difference between buyer and seller prices. A margin is the commission that agents and banks add to that.

But in any case this distracts from the topic. I have always found the rate to be within 0.5% from mid market rates at the time of posting. Note this isn't the same time as the transaction as it isn't converted then.
 
Swa said:
You're the only one seeing it this way. A spread is the difference between buyer and seller prices. A margin is the commission that agents and banks add to that.

But in any case this distracts from the topic. I have always found the rate to be within 0.5% from mid market rates at the time of posting. Note this isn't the same time as the transaction as it isn't converted then.
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The only reason there is a difference between buyer and seller price is because there is an agent charging commission
 
msmoorad said:
yes, as suggested, can u give us an example of how much Rands you changed into yen & how much you actually received
...and compare it to what was the exchange rate according to Xe at the time
Click to expand...

Well, I was rather surprised at one of my last withdrawals (10 000 Yen) where the exchange rate was about 7.66, and XE also showed 7.66.

Last Withdrawal 23 Dec R1306.56 for JPY 10 000. According to the ATM there was a fee of JPY110, but that is included in the R1306.56.

As I said, I really got screwed by the big banks, so stopped using those cards.
 
Speedster said:
The only reason there is a difference between buyer and seller price is because there is an agent charging commission
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:ROFL: It's clear you know nothing about stock markets. So I'll just leave you be. Everyone else that knows can see.
 
As an aside, when abroad I've found it consistently cheaper to use the card to buy in foreign currency and let my bank do the conversion. Amazon, for example, gives me the option to use SA bank card to buy in ZAR or USD. I now always choose USD because the Amazon rate is lousier than my bank's rate.
 
Swa said:
:ROFL: It's clear you know nothing about stock markets. So I'll just leave you be. Everyone else that knows can see.
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You are right, an honours in financial economics and average daily purchase of R1.5m in forex. I know nothing
 
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