Back to the part of the page where this note belongs.
Exchange
rates vary day-by-day and cannot be predicted.
Different
banks have different exchange rates on a given day.
The links in
the table lead to a Commonwealth Bank currency conversion page to
give
an estimate
of the cost of paying this amount of Australian
dollars
in another currency. The particular conversion page you see is
the Commonwealth
Bank currency converter
converting from Australian to the foreign
currency,
as if AUD$ were being used to purchase the foreign currency. This
reflects
a different rate than the one for buying AUD$ with the foreign
currency.
For instance by looking at the rates at http://www.commbank.com.au/Today/ForeignExchange/TBC-ForeignExchange.htm
shows that conversion pages used below work from the "sells outward
remittances" rate (money
going
from Australia to another country) but what we need is the opposite -
the
"buys inward remittances" rate.
In
order to provide a better estimate of the foreign currency cost, I
have
added a fudge factor to increase the amount the Commonwealth Bank page
converts.
The factor approximately reflects the Commonwealth Bank's
margins and is:
- 1.3%
for
the US dollar
- 2.6% for the UK pound
- 3.2% for the Euro, Yen and
Singapore Dollar
- 2.8% for the others.
Please remember these
are
estimates. Each bank has its own rates, and for a "Telegraphic
AKA
Wire Transfer" or for any other form
of
payment, the bank will charge an additional fee. .