FX Brokers Feedback

Former_MSE_Dan

As part of the

Foreign Currency: Sending Money Abroad guide.

We discuss using specialised FX brokers as a way of sending large amounts of money overseas. If you've read the article and have any feedback, hints or tips, please click reply and let us know.

shoi

You have to go through a tortuous Identity verification process with all these companies, which can take a few days if you've moved house a bit or if you're not British etc etc. Typically they won't even quote a rate until you've done all this. So it's best to do this well in advance.

Make sure the money you are selling is actually available, and that your bank/BS is prepared to send it to the broker at your command. (For instance the BS might only send funds to your "registered" bank, your bank may have a daily limit of 5 or 10K)

Most of the FX brokers will offer a better rate if you ask. ie do haggle (say you have a better quote from someone else). So register with a few of them, not just one.

The only one I know which has a web page with up-to-date rates is
http://www.ozforex.com.au/cgi-bin/sellQuotes.asp

Steve

PS Be lucky - the pound has dropped another 2 eurocents today making me unlucky.

Robin00

The ID process varies from company to company - for example some have electronic verification which means normally there is no need to send any documents in at all if you have a UK address. Ask before you open an account!

Pobbles_2

I've used HIFX a few times,to send dosh to my Spanish bank account.They are very competitive,and do exactly what it says on the tin.They guarantee that the receiving bank doesn't charge fees to receive what you send.(Some banks in Spain charge quite a bit for this)

shoi

For me HiFX have always offered much worse rates compared to Moneycorp, Ozforex. So much so I've given up asking. But I agree they didn't mess up (so far none of them have thank heavens)

station_2

I have used Moneycorp for 5 years and have been extreemly pleased by their efficiency and the competative exhcnage rates.

You can also set up regular payments as well as the usual one off transfers.

For anyone who has to transfer larger sums abroad then I don't think you can go far wrong with this company.

Cuzzy_2

I has used Moneycorp for 3 years - normally up against Travelex when comparing rates. Never had a problem with them - easy process and normally have the better rates of the 2.

Simplastic

Thought I would share my experiences too. I usually move about £1000 every 6 weeks from the UK to the Eurozone.

For the last 18 months I have been using FXAWorld.com which is a sort of currency auction. You usually get the interbank rate, which is the best rate available, and pay a very small commision, plus £10 SWIFT fee.

The first 12 months went swimmingly with FXA and I was very happy. However, the last 6 months their service has gone downhill and I have had to keep emailing reminders to make my SWIFT transfers. Last week I made a trade and they kept 'forgetting' to make the transfer and I had to email and telephone them 7 times before it finally got done. They never rang me back as promised. The whole transaction took 2 weeks! I am currently seeking some compensation from them as I ran out of cash because of them and endured a lot of stress.

This is a real shame as their concept and costs are fantastic. I am now reluctantly having to find a more expensive but hopefully more reliable Forex company.

I just had a look at Moneycorp, but they only do transfers of more than £5000. Can anyone recommend a low cost forex for GBP to Euro?

Simplastic

Firstly, FXAWorld - do not touch with a bargepole!!! I wrote a very long letter of complaint to the manager - took me about 2 hours to write. I never even got an acknowledgement. This company has cost me so much stress already that I decided that to try and chase up a letter of complaint was only going to raise my blood pressure even further. I thought it better simply to let other people know how utterly useless they have become.

I have now done quite a bit of legwork with other forex traders, and here are my results on a £1000 transfer to Euros:

First Direct (my bank) @ 10:48am
SWIFT fee (2 day) = £25
£975 = €1031.55

Sepa fee (4 day) = £9
£991 = €1048.48

Currencies.co.uk @ 10:41am
SWIFT fee = £15
Bank receiving charge = £12
£973 = €1037.22

MoneyCorp @ 10:30am
SWIFT fee = £15
£985 = 1037.70

As you can see, today there is not much in it between the three, and if I'm not in a rush then my bank actually gives me the best rate. I was also hoping to add HiFX and CurrenciesDirect but haven't managed to get my accounts fully open just yet and the exchange rate is fluctuating too much today for any further comparisons to work. Most companies were offering a same day service before 12pm or 2pm except the bank (ironically). CurrenciesDirect told me that regular transfers attract a better exchange rate and are free from fees but that the whole process takes 6 working days.

Note though that (for money laundering purposes - apparently!) none of them would give me a spot rate without me opening an account. This process takes a couple of working days if you live outside the UK as you need to send in documentation. Note also that CurrenciesDirect interpret the laundering regs even stronger and need authenticated copies of documents sending by post, so opening an account with them will take about a week.

I hope this helps you!

Simplastic

jasperc_2

I have been using FXA World for a couple of years to buy currency for my business. The basic concept is fantastic and until about 6 months ago all was fine. But the customer service has completely fallen apart and over the last couple of weeks I was seriously concerned that they weren't going to action several transfer requests I had made. It took threats of legal action ot get them to fulfill their obligations. I have given them ample opportunity to explain the delays but they just won't communicate. Best left alone until they sort themselves out.

islandbums

hi I am having problems getting my money back from FXAWorld, they are not responding to my calls or emails. Does anyone else have this experience and does anyone have any idea how I can get my money back from them?
Thanks