Quick Question(s) about FOREX for the experts here ..help?
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Hi Everyone, I have a scenario and wondering if getting involved with a Forex firm would help out. If so, I also have some general questions. Please take a look and tell me how I could do this much better....
Scenario today: I went to a US Wells Fargo today and wanted to wire transfer about 62,000 Euro to my savings account in Ireland, for a $20 fee. On my crackberry I looked at XE - The World's Favorite Currency and Foreign Exchange Site at the time they were going to punch it through said the int'l exchange rate was ~1.2907, which would make this about 80,000 USD out of my account. I asked them what the exch rate was going to be and they said they could give me a deal at ~1.3238......after just about choking on my coffee.... I kinda got pissed. I mean, that is a huge spread- about 2.5%, and about a $1500 margin of something there.
I want to do this smarter. Questions for the experts in this forum, thank you in advance:
Question 1: Does it make sense to wire transfer USD to a reputable forex firm (if so which one is the best, ie least corrupt or FDIC/SIPC protected), purchase Euro, then have them wire it to my Bank in Ireland?
Q2: Will I get a better "spread", ie deal, than I would over Wells Fargo 2.5% penalty?
Q3: If so, what is the typical "spread" I would expect to see...
Q4: Are these firms backed up by the SIPC or something- ie what happens if I deposit my money, leave it overnight and they fail because of fraud, bankruptcy, ect. What is a strategy to check them out
Q5: What is a longtime, reputable firm to do this with?
Thanks,
Tom