Funds Transfer

filescan · #1 (**permalink**) 06-06-2010, 03:22 AM

I need help with understanding conversion and transfer of currency.
My first question is: If we have deposited in our PNG business bank account an amount of Kina150,000-00 and we have this transfered by TT to our Australian bank account, what would the approx. amount in Australian dollars that would be received?
My second question is: What calculation do you use to convert the value of Aust. dollars into PNG Kina, if for instance I was quoting a firm in PNG to supply goods etc. I know my Aust $ amount but not sure of how to calculate this into PNG Kina.
I thank you for your assistance

sapphirecapital · #2 (**permalink**) 06-06-2010, 05:46 PM

depends on the bank, look up the medium rate (for example at OANDA) than use a variation of rate by 5 basis points (0.05%) allowance for the exchange and then deduct wire transfer fees for the sending and the receiving bank
all depends and varies from bank to bank

Sponsors