New on FX Converter Site

[DayDream Believer]

I have been daily checking the Oanda.com site since January, and today they had added something new. Just thought it interesting enough to share, probably no revelence, just interesting is all. :)

They added this:

This means:
You buy 1 Iraqi Dinar : 0.0007087 US Dollar
You sell 1 Iraqi Dinar : 0.0006510 US Dollar
You buy 1 US Dollar : 1,411.00 Iraqi Dinar
You sell 1 US Dollar : 1,536.20 Iraqi Dinar

http://www.oanda.com/convert/classic

Cheers!
DayDream

[Jetsa]

Which part is new, the "you sell, you buy" part or the IQD addition?

[DayDream Believer]

This whole part below is new.....

This means:
You buy 1 Iraqi Dinar : 0.0007087 US Dollar
You sell 1 Iraqi Dinar : 0.0006510 US Dollar
You buy 1 US Dollar : 1,411.00 Iraqi Dinar
You sell 1 US Dollar : 1,536.20 Iraqi Dinar

Cheers!
DayDream

[REITman]

This whole part below is new.....

This means:
You buy 1 Iraqi Dinar : 0.0007087 US Dollar
You sell 1 Iraqi Dinar : 0.0006510 US Dollar
You buy 1 US Dollar : 1,411.00 Iraqi Dinar
You sell 1 US Dollar : 1,536.20 Iraqi Dinar

Cheers!
DayDream






So what is that, about an 8% spread between buy and sell?!

[Weston]

So what is that, about an 8% spread between buy and sell?!


The more the currency is used worldwide the smaller the spread is. Like if I went to my local Major Currency Dealer (cheaper then the bank) his US/UK/EURo spears are alot smaller then the Saudi etc etc bills. Harder to get ahold of need to make money

[Jetsa]

The rates posted are very similiar to the exchange rate I got when making inquiries at Compass bank not too long ago. To be sure, the banks will get their profit on the exchanges:)