overseas money transfers
- Thread starter VMSRTI
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adam01
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Have used, no issues (backed by macquarie bank) and cheaper than banks
TridentTested
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It's funny you should ask.
This week I set up a http://www.currencyfair.com account and moved EUR to GBP. I have over the years moved money back and forth between Euroland and Sterling and I got fed up being ripped off by the banks. One of my friends who is in import/expert told me you have to ring the bank and whatever rate they quote you, tell them it's not good enough. That's the way he does it. But that's okay for him, for me trying to get a solicitor in another country to do that would be impossible. They can rip you off as much as 5% by the time they all take a cut.
There are lots of online brokers and I've always been nervous of them - what happens if your funds go missing? But this time I determined to try one. After research I found http://www.currencyfair.com highly recommended on several forum, by trustworthy posters, so I decided to try them.
Bl00dy brilliant. Easy peasy to set up. You transfer the money into their client account with your client number as a reference. Twenty four hours later they email you the moment it has cleared. The trade took me all of two clicks, then I transferred it out to my normal UK current account. It was so simple and they saved me £600 in one relatively small transaction. That should pay for the QP insurance due this month!
This week I set up a http://www.currencyfair.com account and moved EUR to GBP. I have over the years moved money back and forth between Euroland and Sterling and I got fed up being ripped off by the banks. One of my friends who is in import/expert told me you have to ring the bank and whatever rate they quote you, tell them it's not good enough. That's the way he does it. But that's okay for him, for me trying to get a solicitor in another country to do that would be impossible. They can rip you off as much as 5% by the time they all take a cut.
There are lots of online brokers and I've always been nervous of them - what happens if your funds go missing? But this time I determined to try one. After research I found http://www.currencyfair.com highly recommended on several forum, by trustworthy posters, so I decided to try them.
Bl00dy brilliant. Easy peasy to set up. You transfer the money into their client account with your client number as a reference. Twenty four hours later they email you the moment it has cleared. The trade took me all of two clicks, then I transferred it out to my normal UK current account. It was so simple and they saved me £600 in one relatively small transaction. That should pay for the QP insurance due this month!
Parisien
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Martins money saving site says......
Use a specialist currency broker.
These are companies that buy and sell vast sums of foreign currency which allows them to offer excellent exchange rates because, even if they only make a small percentage profit on every pound, that soon adds up when you're dealing in hundreds of millions of pounds.
There is no hard and fast rule to which currency broker is best, so get quotes from all of them to find the the best rate for your currency. The regularly quoted big brokers include such players as HIFX*, Currencies Direct* and Moneycorp, so they're the obvious places to start - though of course they are still no more protected than others.
Typically they offer within 1% of the 'interbank rate', whereas your bank will normally be up to 3% worse than that, equating to £3,000 for a £100,000 transfer. In addition, most don't charge fees to send money, and the broker pays for any receiving fees, so all you pay is the margin they take via the exchange rate.
http://www.moneysavingexpert.com/banking/foreign-currency-exchange#bigger
P
Use a specialist currency broker.
These are companies that buy and sell vast sums of foreign currency which allows them to offer excellent exchange rates because, even if they only make a small percentage profit on every pound, that soon adds up when you're dealing in hundreds of millions of pounds.
There is no hard and fast rule to which currency broker is best, so get quotes from all of them to find the the best rate for your currency. The regularly quoted big brokers include such players as HIFX*, Currencies Direct* and Moneycorp, so they're the obvious places to start - though of course they are still no more protected than others.
Typically they offer within 1% of the 'interbank rate', whereas your bank will normally be up to 3% worse than that, equating to £3,000 for a £100,000 transfer. In addition, most don't charge fees to send money, and the broker pays for any receiving fees, so all you pay is the margin they take via the exchange rate.
http://www.moneysavingexpert.com/banking/foreign-currency-exchange#bigger
P
TridentTested
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http://www.currencyfair.com promise within 0.5% of the interbank rate.
All good advice there. Money Saving Expert was my starting point too
www.worldfirst.com 0800 542 7488
ask for Chris Gutfreund, and say Dave on the Maserat forum told you to get in touch. They really are unbeatable and great for transfering very large amounts.
0800 542 7488ask for Chris Gutfreund, and say Dave on the Maserat forum told you to get in touch. They really are unbeatable and great for transfering very large amounts.
rossyl
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I know an excellent specialist currency broker (well actually two), both very well priced, will PM you details. They are used by individuals moving money up to corproates moving very large sums.
R
VMSRTI
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Thanks heaps guys.
I've just walked in the door from having a lovely meal at a restaurant. This forum is truly amazing. I spent a good part of the day trying to work through this issue when I should have just posted on here and saved my time!
Anyway, I locked in with OZFOREX late this afternoon and the rate was much higher than my bank.
Basically I just had to set up an account and then transfer funds from my account to their nominated account plus provide details of the beneficiary and then they send the funds. There will be no fee involved. Happy days!
I've just walked in the door from having a lovely meal at a restaurant. This forum is truly amazing. I spent a good part of the day trying to work through this issue when I should have just posted on here and saved my time!
Anyway, I locked in with OZFOREX late this afternoon and the rate was much higher than my bank.
Basically I just had to set up an account and then transfer funds from my account to their nominated account plus provide details of the beneficiary and then they send the funds. There will be no fee involved. Happy days!
hodroyd
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- 14,150
I use Currency Brokers as part of my business and there are quite a few to choose from. However the really good ones that others go to for their rates, only really start at around £10K and above. Large outfits such as Schnieder are very competitive on larger amounts, much better than most. A lot of the smaller ones are sometimes more trouble than they are worth.
You moved from Oz to UK?? Wow?!
Geofflyn
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Must be in Oil or Banking....
mondie
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Thanks for the confirmation, I might make a couple of small transfers first to get comfortable with the site. The difference in exchange rate to the banks is massive!
Yep, can always move back
I am in Oil as Geoff hinted at. My wife is english and we really like the different lifestyle and proximity to continental Europe. And it moves us one step closer to our version of heaven - south Cornwall.Cheers
mondie
VMSRTI
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Yep, can always move back I am in Oil as Geoff hinted at. My wife is english and we really like the different lifestyle and proximity to continental Europe. And it moves us one step closer to our version of heaven - south Cornwall.
Cheers
mondie[/QUOTE]
Lovely......Oil is big business
I am in Oil as Geoff hinted at. My wife is english and we really like the different lifestyle and proximity to continental Europe. And it moves us one step closer to our version of heaven - south Cornwall.Cheers
mondie[/QUOTE]
Lovely......Oil is big business