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  • FIRST POST
    • choppy-c
    • By choppy-c 14th Mar 17, 1:17 PM
    • 49Posts
    • 2Thanks
    choppy-c
    0 WOW
    Money transfer services
    • #1
    • 14th Mar 17, 1:17 PM
    0 WOW
    Money transfer services 14th Mar 17 at 1:17 PM
    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
Page 1
    • pogofish
    • By pogofish 14th Mar 17, 1:25 PM
    • 7,522 Posts
    • 7,558 Thanks
    pogofish
    • #2
    • 14th Mar 17, 1:25 PM
    • #2
    • 14th Mar 17, 1:25 PM
    Maybe try the banking forums - money transfers come-up there quite frequently IIRC.
    • macgyver
    • By macgyver 14th Mar 17, 1:43 PM
    • 1,091 Posts
    • 551 Thanks
    macgyver
    • #3
    • 14th Mar 17, 1:43 PM
    • #3
    • 14th Mar 17, 1:43 PM
    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
    • jonesMUFCforever
    • By jonesMUFCforever 14th Mar 17, 6:48 PM
    • 23,985 Posts
    • 11,297 Thanks
    jonesMUFCforever
    • #4
    • 14th Mar 17, 6:48 PM
    • #4
    • 14th Mar 17, 6:48 PM
    How much are we talking about?
    A large amount??

    Have you ever heard of foreign exchange forward contracts?
    Ask your bank's international desk.
    What goes around - comes around
    give lots and you will always receive lots
    • dj1471
    • By dj1471 14th Mar 17, 8:13 PM
    • 829 Posts
    • 551 Thanks
    dj1471
    • #5
    • 14th Mar 17, 8:13 PM
    • #5
    • 14th Mar 17, 8:13 PM
    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
    • By mgdavid 15th Mar 17, 12:11 AM
    • 5,202 Posts
    • 4,363 Thanks
    mgdavid
    • #6
    • 15th Mar 17, 12:11 AM
    • #6
    • 15th Mar 17, 12:11 AM
    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
    Originally posted by choppy-c
    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.
    A salary slave no more.....
    • Keep pedalling
    • By Keep pedalling 15th Mar 17, 1:27 AM
    • 3,574 Posts
    • 3,848 Thanks
    Keep pedalling
    • #7
    • 15th Mar 17, 1:27 AM
    • #7
    • 15th Mar 17, 1:27 AM
    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.
    Originally posted by mgdavid
    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
    • By mgdavid 15th Mar 17, 12:51 PM
    • 5,202 Posts
    • 4,363 Thanks
    mgdavid
    • #8
    • 15th Mar 17, 12:51 PM
    • #8
    • 15th Mar 17, 12:51 PM
    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.
    A salary slave no more.....
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