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I want to transfer USD from a Philippine bank account to a UK bank account. If the Philippine bank makes the exchange there is an exchange hit of about 4% compared to XE mid rate - they convert USD to Peso then Peso to GBP. If I had the bank send the USD to a transfer agency who then sent GBP to the UK bank I could save three quarters of the exchange hit. I have looked at XE, Zoom, CurrencyFair, Transferwise, Moneycorp, UKForex, World First, but none of them accept a Philippine residential address. The address needs to be in the same country as the USD bank account. Does anyone know of a transfer agent that will accept a Philippine address?
contraman posted a topic in Banking and Foreign ExchangeHere in Australia – and around the world – foreign exchange firms are selling the dream of instant riches. It is a booming trade which has doubled in size since 2007, and is now turning over $380 million a day. But for hundreds of Australia's 51,000 mum and dad retail forex traders, that dream has turned into a nightmare. The ABC can reveal that more than 100 retail foreign exchange traders in Australia – often small investors who dabble in the forex market in their spare time – have suffered massive losses on their trading accounts. Several are in the hundreds of thousands of dollars and, in at least two cases, those losses have climbed above $1 million. Full Story