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Importing And Getting The Best Exchange Rate?
Rank: Hello Joined: 8/8/2012 Posts: 2
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Most if not all the banks I know in Kenya have very high spreads between buying and selling when one looks at their exchange rate displays in the bank halls.
One always gets a better rate when one negotiates at the counter with a banker that one 'knows', however it is hard to tell how good/bad a deal you get.
(the averages reported in the newspaper always show niligongwa ha ha ha)
How can one know the real time current market exchange rate? CBK website only displays a daily average (10.00 am daily. Not too useful) .
Are certain banks better consistently for trading currency?
Hope someone can avail some info or a link that may help me and others get the best rates.
Any here who imports regularly???
(Najua the bankers have to eat too.)
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Rank: Member Joined: 9/13/2006 Posts: 23
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@PitBull, this is quite true but what i have learnt is to check out from different Forex Bureaus before transacting.
But even better go to a company like Dahabshill forex at lonrho hse 2nd floor. This is a one stop shop where you can change currency and at the same time have it sent to the country you want to import from e.g., Dubai or China. You give a unique name or passport no. and get a code no. on the forex change receipt. When you travel to the import country you just use the code no. the passport no. or the unique name to get the funds from their foreign branch. You can also send the money to someone at the import country by sending him/her the unique code no. generated on your receipt and the amount due. Try it out and see the great convinience. BTW their forex rates are better than any bank from my experience. last month i sent 150K to Dubai, commission was less than 3K and the person got the cash instantly after calling them.
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Rank: Hello Joined: 8/8/2012 Posts: 2
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@solo let me try them out. I will let you knopw the result. Asante
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Rank: Veteran Joined: 3/26/2012 Posts: 1,182
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PitBull wrote:@solo let me try them out. I will let you knopw the result. Asante @Pitbull, Once you know, please share.
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Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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Cambio forex bureau at wildon airport opposite entrance to Amref/NIC bank Thieves
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Importing And Getting The Best Exchange Rate?
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