FX Brokers Feedback

Red_sky

I also had the same problem sending a SWIFT payment with Nationwide. They charged me 20 GBP for the SWIFT fee then HSBC New York, the bank Nationwide uses to send the SWIFT payment also deducted 30 USD from my transfer without my knowledge until I checked the amount sent and the amount received. I thought bank charges were now supposed to be 'upfront and transparent'. HSBC also charged a commission on the exchange rate they used of about 2%. Again I wasn't told about this.

phylom

I've been using Currenciesdirect.com for some years now for regular monthly transfers of about £2000 to a Spanish account. Whilst the service has been good and consistent, I'm not sure they give me the best rate. Has anyone any comparison figures between them and other FX companies?

whufc48

From reading a lot of the posts it seems clear that sending money overseas can be a very tricky task. I work at the foreign exchange price comparison site Sendmoneyhome.org and the main message is to shop around to find the best deal. Rather than stumbling across the first option out there, do your research, register with the brokers and get your 'free non obligation quote.'

Certainly, when transferring much larger amounts of money, for purchasing a property, import/exporting or sending regular payments abroad, it is always cheaper to use a reputable currency broker that is fully regulated.

Lastly, enquire about certain products to manage your Foreign Exchange risk such as forwards contracts. This will help ensure that you maximise the value of your transfers and take out the element of risk in exchange rate fluctuations

Daniel Abrahams

currencyman76

i'd like to back up what Daniel has posted. Ive been using a company called currencyuk for the past 8 years and have never had any problems. However, I would always advise having accounts with at least 2 brokers so you can get better rates. Always haggle as well.

Also, only used FSA regulated companies. there is no excuse for any forex company only to be regulated by HMRC nowadays and there is certainly no good reason why a company wouldnt be regulated by the FSA.

bobsyouruncle69

I sent money last week with "The FX Firm". They had me registered with an account in less than half an hour.

I didnt compare their prices to other brokers but saved a large amount compared to my bank. Money was in my account when they said it would be. Have only used them once but no complaints at all.

Sizzlebelvior

I registered for an account with XE Forex and was asked during the process to provided copies of various documentation, passport no., recent statement and front (then back) of a credit/debit card.

I realise there is all this bit about everybody is considered to be a money launderer, just because of a few bad eggs so Big Brother now gets to stick his nose in all of your business.

Nonetheless, is it me, or does it bother anyone else that all the documentation they are asking for as proof that you are legitimate is exactly the same as the documentation you are advised to keep private to prevent identity theft?

What are your thoughts please, I asked a bank representative and his response was exactly typical.

danielatom

Is anyone else still having problems with getting monies back from FXA World. I am.

ABrink

It looks as though danielatom may not be the only person still (or again) having problems with FXA World. They have recently had a county court judgment against them leading to a complete collapse in their credit score.

gazzej

Long time lurker, first time poster.

Anyone got experience of using these guys?: wwwdotomnisfxdotcodotuk (sorry, can't post links as I'm a newbie).

Seem to have all the right credentials, say the right things, offer good rates, and have the appropriate regulation etc etc.

But their 'footprint' on the web seems to be a little thin (despite seeming to be pretty web savvy). The main search results I get for them look like they emanate from them and their staff rather than satisfied (or dissatisfied) customers.

I'm looking to transfer a quite large sum from sterling into euro and want some piece of mind about the company I (might) use.

Ranju

We are contemplating of sending a very large sum of money from UK to St. Vincent for a holiday home. We are considering using a company called Global Currency Exchange Network - have any of you had any experience in dealing with this company? Thank you.