GoldExchange vs. SwapGold

Posted in Betting, Forex & Gambling, e-currency

For 2 years now I’ve been a big fan of exchanging my real money to e-currency using the services of GoldExchange.eu Their exchange service usually took 3-5 business days to complete the transfer (which seems pretty long), but their operation fee was very low. That fee has increased substantially the past few months; from 1.9% to currently 4.5%! So I mailed my ‘backup’ exchanger (the one all my investment buddies are using): SwapGold.com about their rates. They are:

For USD: 3% + USD 10 bank wire receiving fee + 1% with maximum of $3 e-currency fee
For EUR: 5% + EUR 10 bank wire receiving fee + 1% with maximum of €3 e-currency fee

So let’s make a comparison! When you want to receive €500 at your LR EUR account, it would cost you an extra €23.56 with GoldExchange, and €39.47 with SwapGold. When you want to receive $500 at your LR USD account, it would cost you again an extra $23.56 with GoldExchange, and $28.56 with SwapGold. So … just fees don’t say much. GoldExchange is still the cheapest of my 2 preferred exchangers. That said I’m gonna tryout SwapGold again to see how fast these guys are

Update: Just applied for the SwapGold 500 USD receivement. The transfer e-mail has additional warning: “You will bear the charges by your bank or intermediary banks for sending the bank wire. ” Hmz, getting more expensive; €18 (approx $25) to be exact! At the same time send a €550 payment to GoldExchange. Let’s see which amount gets there faster; Time == money.