Large International Money Transfers Discussion area

Anyone used to sending large'ish amounts of money to France?

I'd like to send about £13K to France and have the recipient account receive them in euros.

There are half a dozen forex services on the 'net, and I am slightly concerned about their honesty and speed.

1) The recipient account is my brother's, it is not mine. Will this be a problem? I wouldn't like to get rushed by a company to send them my money then have them give me problems because of this.

1) How long would it take for this to get processed? keep in mind that I am not registered at all. I gather that I need to prove my address, ID and what not. How long will this whole process take? Take this as done, how long will it take from sending my money (HSBC) to my bro receiving it?

3) What exchange rate will I get? the current rate off google.co.uk is 1.258 and some sites offer unrealistic quotes: 1.261. Is this true? if not, COME ON FOREX SITES this is not helping my confidence in you at all.

4) Will the receiving account charge me or my brother? It is BNP Paribas in France.

Thanks.

EDIT: after the following two posts, corrected given rate and quote (2.61 to 1.261 and 1.58 to 1.285).

joujou wrote: »

There are half a dozen forex services on the 'net, and I am slightly concerned about their honesty and speed.

You're right to be concerned. I'd only go with the big boys for that reason.

1) The recipient account is my brother's, it is not mine. Will this be a problem? I wouldn't like to get rushed by a company to send them my money then have them give me problems because of this.

No, I've sent money to other people by such services before. Think about it: loads and loads of Brits have been buying houses in Europe over the last decade, and they use such services to pay agents/deposits/etc.

1) How long would it take for this to get processed? keep in mind that I am not registered at all. I gather that I need to prove my address, ID and what not. How long will this whole process take? Take this as done, how long will it take from sending my money (HSBC) to my bro receiving it?

There are the following sources of delay:

• Registration, proof of identity and so on
• Making a contract
• Settling a contract (ie sending the broker the money)
• The broker processing the order
• The onward payment

Registration will vary, but I'd assume 1-2 weeks. Making a contract is typically done over the phone (calls are recorded as evidence) so no delay there. Settling can be by various means (BACS, CHAPS or cheque) - use CHAPS if you're in a hurry but it costs. Cheques can be handy as it allows you to make an on-the-spot contract but marshall the money in your current account over the day or two it takes for them to receive the cheque. Cheques and BACS have clearance delays.

The broker may have a time lag for the transaction (FCD says deals are actioned 7 days after receipt of funds).

The onward payment can be either by SEPA or SWIFT. SEPA takes 3 working days, SWIFT can take 1-2 working days (but costs extra though the broker may cover that fee for you). The receiving bank may add another delay on to SWIFT (probably more likely outside the EU).

3) What exchange rate will I get? the current rate off google.co.uk is 1.58 and some sites offer unrealistic quotes: 2.61. Is this true? if not, COME ON FOREX SITES this is not helping my confidence in you at all.

Um, for the last 6 months £1=the range between EUR1.23 to EUR1.29. I don't know where you're getting those figures from. Generally forex firms don't tell you the rate until you're registered, because it varies on both the market and what deals they put through that day.

Currency data:
http://finance.yahoo.com/currency

Would you care to name and shame any sites giving unrealistic quotes?

4) Will the receiving account charge me or my brother? It is BNP Paribas in France.

The broker may add a fee: sometimes extra documentation is required to prove to the tax authorities that money has been imported. Or they may add the SWIFT fee. Fees would be up to about £30. The receiving bank may charge, though the broker should arrange it so that all fees are paid by the sender (you or them). This didn't work in one case though.

I don't know the specifics about France.

I recently did a Euros to Sterling transfer through Transfermate.com

Called three weeks previously and sent required ID to set up account.

On the day of the transfer I called, gave all my bank account details and they gave me a choice of what bank I used to deposit the cheque.

Big long queue meant I called them for an alternative, which they readily supplied.

After deposit I called again (as requested) to confirm receipt, 60 seconds later they confirmed receipt of the draft and told me the transfer would take place in the next 15 minutes. And it did.

:T

A lot easier than I thought it would be. BIG THUMBS UP

vinegardisaster wrote: »

Hi,

I want to transfer 135000 euros from france (sold a property) to my account in uk, so change into Pounds. I intend to use a currency broker such as HIFX or Travelex to obtain the best rate of change.

My concern is the process from start to finish and my (very awkward) french bank La Caisse D'epargne. Can't do internet banking with them so I would have to send instructions to transfer by fax but I'm concerned because large amount of money.

Can anyone share their experience when selling their property in france. Did you transfer from your own account in france to own account in uk using currency broker or did you ask French Cabinet Notarial (the sollicitor who holds the money) to send money directly?

Thanks

Do they not provide the facility to make wire transfers by phone?

I'm with wachovia in the US and I can't make transfers online but I have registered with their international telephone wire transfer facility. They send you a pin and you have to state this pin every time you make a transfer over the phone.

Thanks Mrposhman and Robbie save for your answers.

Unfortunately I can't do transfer over the phone with my bank. They said 'I should be ok' to do a large transfer by fax. I'll have to hope and see.

Thanks for the link, I have checked World First and they seem good and are fsa regulated.
I registered with Hifx and they were good and answered my questions.
Sorry if it sounds like a silly question but does it make a big difference to be fsa regulated or not?