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Originally Posted by crucifissio
0.5% in my bank GBP to local currency...on 3000 GBP I would get a discount with a private exchanger he would do it for like 10$...this is my total cost...what is yours when you cash out 3000gbp bitcoin to ausdollar?
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Which bank is offering you 0.5% to switch GBP into your local currency? The lowest in Australia would be 2.5% at most.
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what is yours when you cash out 3000gbp bitcoin to ausdollar?
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As I've said, the ONLY fees paid are the transaction cost of the coin to another wallet (around $1) and the exchange commission, which is 0.7%. That's it.
Here are the current Bitcoin prices on an English exchange and an Aus exchange:
1 Bitcoin would cost 3246 pounds. It would sell in Australia for $5590. This is BUY rates for UK and SELL rates for Australia. The transfers would be instant.
CommBank, the largest Australian bank, would offer me this many GBP for $5590:
That's 3130 GBP from what was once 3246 GBP.
Interestingly enough, the current value of 3246 GBP (the current Bitcoin price in the UK) in AUD on the markets is $5476 AUD. So I'd actually be selling Bitcoins here, in Australia, with a premium attached. I'd earn an additional $100 or so.
Right now, a client paying me from the UK in their native currency would be earning me money for the exchange, not costing me money.