Spread on Currency Exchange: Local bank vs. Custom Quote vs. XE Trade
I am using Standard Chartered and HSBC as my local banks. I have online banking with both. Every time I do intra-account transfers from my HKD or USD account to the EUR account (or vice versa), I am paying their online rates.
Just a couple of days ago, I looked at the online rate SCB would give me if I'd transfer my money from EUR to USD and it was around 0.4% off the mid market rate I saw at xe.net or dailyfx.com. Is that a good rate? Do they have different rates depending on the amount?
What are good rates? Do you usually call them to ask for a special rate? And if so, is there a huge difference?
I've also opened a free account with XE Trade (still waiting for activation so I can't get any quotes yet). I am looking into this option too, but it might be a bit risky sending them all my cash (if their rates are actually worth all the effort of overseas wire transfers).
I also saw that Standard Chartered has a currency exchange account (where you borrow money to do FX trading). But I am not a trader, I just want to convert my own money back and forth once in a while, so I am looking for good options.
Any feedback would be appreciated. I don't have a lot of experience.