Money transfer services

Greetings all

Has Martin ever done a money transfer review ?
I have to pay for a boat in euro (worst day ever by the looks of it) & these will soften the blow as opposed to bank rate

Tried Currency fair & Transferwise - £ 200 fee ! but better than the bank

thanks

Comments

  • pogofish
    pogofish Posts: 10,852
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    Maybe try the banking forums - money transfers come-up there quite frequently IIRC.
  • macgyver
    macgyver Posts: 1,285
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    Try currency exchange firms like currenciesdirect or hifx or money Corp and their rates are good. They are FCA authorised. I have used a couple of them and found them reliable. Search on the Internet and give few companies a call. You would not regret it.
    HTH
    I wanted to thankyou a million times but its a shame that I can press the button just once :T
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898
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    How much are we talking about?
    A large amount??

    Have you ever heard of foreign exchange forward contracts?
    Ask your bank's international desk.
  • dj1471
    dj1471 Posts: 1,968
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    Sending Money Abroad

    Skip to the Sending Large Amounts section. Make sure you're comparing the overall cost including the exchange rate load, not just the fees.
  • mgdavid
    mgdavid Posts: 6,705
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    choppy-c wrote: »
    Greetings all

    Has Martin ever done a money transfer review ?
    I have to pay for a boat in euro (worst day ever by the looks of it) & these will soften the blow as opposed to bank rate

    Tried Currency fair & Transferwise - £ 200 fee ! but better than the bank

    thanks

    can you expand where you got this information from?
    With CurrencyFair there is a flat cost for doing a SEPA funds transfer of €3. If your requirement is over the SEPA limit just split it into multiple payments. Is this for a multimillion euro superyacht by any chance?
    There is no fee or cost for exchanging currency, and as I think you know their rates are far better than high street bank rates.
    The questions that get the best answers are the questions that give most detail....
  • Keep_pedalling
    Keep_pedalling Posts: 16,437
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    mgdavid wrote: »
    can you expand where you got this information from?
    With CurrencyFair there is a flat cost for doing a SEPA funds transfer of €3. If your requirement is over the SEPA limit just split it into multiple payments. Is this for a multimillion euro superyacht by any chance?
    There is no fee or cost for exchanging currency, and as I think you know their rates are far better than high street bank rates.

    The €3 is a transfer fee, but you also pay commission which is variable up to .6% and Transferwise charge .5% so we must be talking about a £40,000 boat here.
  • mgdavid
    mgdavid Posts: 6,705
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    The CurrencyFair commission is built into the rates so is sort of invisible. I bought a €40k motorhome a couple of years ago and saved enough for a holiday compared to the banks.
    OP - you need to focus on how much you are saving compared to using the banks, not how much it is costing you.
    The questions that get the best answers are the questions that give most detail....
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