yogita_dabasia

Hi, can anyone advise please. I am trying to place a limit order with either HIFX or OzForex for GBP5000.00. However, HiFX advise they can only place limit orders on £50,000 or more, and OzForex require orders over £10,000.

We do not have that kind of cash available at present. I would like to place a limit order on exchange of GBP/AUD2.20.

Does anyone know where I can place small orders?
Also, am I being realistic with 2.20 GBP/AUD?

Required for beginning of June.

I am finding both websites poor in the sense you cannot place orders on-line, or does anyone know a way round this. I am guessing spot orders are straight forward enough???

Pollyana

Try www.tranzfers.com
They are the branch of Ozforex that deals with smaller amounts of money, so you can move less than £10,000 with them no problem.

cj321

xe.com go to trading/global payments and transfers

Wendy&Mike

The reason they won't deal with such small amounts is that it just isn't worth it.

Today the rate is 2.17, you want a limit order at 2.20. We are talking about a difference of 3c x 5000 = $150.

If your worried about the rate then look at selling forward. You can take out a contract now to sell your UKP5000 in 3 months time at very close to todays rate.

Mike.

dwaindibley

sorry for being thick whats a Limit Order and hows it work

Thanks

Robert

Wendy&Mike

A limit order is when you tell your broker "if it gets to xxx then buy/sell it for me".

Mike.

cranston

xe.com are superb on these small amounts

cj321

On xe trade it is called a Bid, you can enter them online and if the rate is reached you get the deal if the rate is not reached within 30 days it expires but you can enter more bids.