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Grumpelstiltskin

jimoney wrote: »

I think sendmoneyhome was the first comparison site for this type of business, but there are others out there now. You might want to try some of these:

Compare Money Transfer
My Money Shortlist
Which Way To Pay

(sorry cant post links but if you google them they should come up ;-)

Before you check any comparison website make sure you understand some of them may not be truly independant.

If you decide to use any company also be sure you understand that despite what any of them say on their websites you are not covered at all if they decide to do a runner with your money, being registered/regulated/ having seperate accounts for your money means nothing if they are out to defraud you.

If you haven't already I suggest you read the Crown Currency Exchange threads on here in full then you will understand the risks you are taking.

jimoney

Grumpelstiltskin wrote: »

Before you check any comparison website make sure you understand some of them may not be truly independant.

If you decide to use any company also be sure you understand that despite what any of them say on their websites you are not covered at all if they decide to do a runner with your money, being registered/regulated/ having seperate accounts for your money means nothing if they are out to defraud you.

If you haven't already I suggest you read the Crown Currency Exchange threads on here in full then you will understand the risks you are taking.

I agree. Anyone deciding to use a broker should make sure they are fully aware of the risks, however just because one company has done a runner with people’s money it doesn’t mean the entire industry is corrupt.

Grumpelstiltskin

jimoney wrote: »

I agree. Anyone deciding to use a broker should make sure they are fully aware of the risks, however just because one company has done a runner with people’s money it doesn’t mean the entire industry is corrupt.

Very few if any of the companies actually spell out in large letters on their websites the fact that customer's money is not protected in any way.

They happily show the FSA logo when it is of no use as these companies are not protected by any FSA scheme.

People take the FSA logo to be on a par with say the ABTA/Atol logos they see on travel sites but the FSA offers no protection.

Having customer's money in seperate bank accounts does not mean the money is ring fenced, it isn't. Any company can empty these accounts at any time and no one can do anything about it.

I have no problem with anyone using any of these companies as long as they are FULLY aware of the risks they are taking.

Until they is a law which makes these companies spell out the risks in large letters and plain English on their websites in a prominent position then you have to weigh up very carefully are you prepared to take the risk?

jimoney

Grumpelstiltskin wrote: »

Very few if any of the companies actually spell out in large letters on their websites the fact that customer's money is not protected in any way.

They happily show the FSA logo when it is of no use as these companies are not protected by any FSA scheme.

People take the FSA logo to be on a par with say the ABTA/Atol logos they see on travel sites but the FSA offers no protection.

Having customer's money in seperate bank accounts does not mean the money is ring fenced, it isn't. Any company can empty these accounts at any time and no one can do anything about it.

I have no problem with anyone using any of these companies as long as they are FULLY aware of the risks they are taking.

Until they is a law which makes these companies spell out the risks in large letters and plain English on their websites in a prominent position then you have to weigh up very carefully are you prepared to take the risk?

Cant agree more. As someone who has used various brokers for my business and personal transactions over the last 10 years I have always made sure I am completely happy with the company I am dealing with by checking out their accounts, looking at how long they have been established etc. For me the risks have been worthwhile both in terms of the savings made when compared to the rates offered to me by my bank and the overall service I have received.

The FSA need to get their act together on this issue and I am sure the reputable brokers will be more than happy to get rid of any bucket shops out there.

misa.blue

Thank you for the advise guys. I guess in my case, I'm better of paying some extra 10 pounds and be sure my money is safe..
I think I will use the cheque option. Write cheque from my UK account and pay it in my Czech account.. The Czech bank will charge me 1% for that..
Do you think is good plan?

jimoney

Sounds like a good idea to me.

patrick0

It's disappointing that SMH list Moneybookers first given so many people here are having problems with them. Their site even says the companies are "ranked not just on their fees and exchange rates, but on customer feedback". I hope SMH aren't listing them first just because they give the biggest commissions for customer referrals.

If xe.com is well regarded by people regularly transferring money then it's very odd that it's not listed on the SMH site.

I couldn't see any mention of companies like HiFX either which have been operating for many years in the UK and are popular for large transfers. http://www.hifx.co.uk/

The SMH site lists HBOS as having no fees, but this is not true, they charge:
£17.50 in branch or over phone
£9.50 online (£2 discount code on their website):
http://www.halifax.co.uk/bankaccounts/help-guidance/managing-your-accounts/receiving-sending-money/international-payments/

Grumpelstiltskin

patrick0 wrote: »

It's disappointing that SMH list Moneybookers first given so many people here are having problems with them. Their site even says the companies are "ranked not just on their fees and exchange rates, but on customer feedback". I hope SMH aren't listing them first just because they give the biggest commissions for customer referrals.

If xe.com is well regarded by people regularly transferring money then it's very odd that it's not listed on the SMH site.

I couldn't see any mention of companies like HiFX either which have been operating for many years in the UK and are popular for large transfers. http://www.hifx.co.uk/

The SMH site lists HBOS as having no fees, but this is not true, they charge:
£17.50 in branch or over phone
£9.50 online (£2 discount code on their website):
http://www.halifax.co.uk/bankaccounts/help-guidance/managing-your-accounts/receiving-sending-money/international-payments/

Patrick it doesn't matter how long HiFX have been operating or what they say on their website ( below)

• HiFX PLC is authorised by the Financial Services Authority under the Payment Services Regulations 2009, registration 462444, for the provision of payment services.
• HiFX Financial Services Ltd is authorised and regulated by the Financial Services Authority, FRN No: 446302.
• Privately owned company founded in 1998.
• UK head office in Windsor, Berkshire.
• Operations in Europe, North America and Australasia.
• 2,000 corporate clients in over 100 different industry sectors.
• HiFX helps over 30,000 people buy and sell currency annually.
• Last year HiFX advised and executed over £9 billion in foreign exchange.
• HiFX has arranged for the placing of over £3 billion of funds on behalf of clients.
• Listed in the Sunday Times Top 100 Best Companies to Work For.
• Featured for 3 consecutive years in the Virgin Atlantic Sunday Times Fast Track 100.
• The HiFX group of companies in the UK comprises:
  - HiFX Plc.
  - HiFX Financial Services Ltd.
  - HiFX Insurance Services Ltd.

If they go bust or do a runner you are not covered by any compensation scheme just the same as the other FX companies are not covered.

legendary

misa.blue wrote: »

Hello, does anyone have experience with GlobalWebPay?
I need to send £1000 from my UK account to my account in Czech Republic and they have good offer and no fee in November.
I'm just worried don't want to end up like Crown Currency customers, so want to find some feedback on them..

Hello Misa,

I have just created an account to answer since no one else seems to have any experience with Global Web Pay here.

I have used this company service last week to send money to France from London.
I had the some concern about this company as well as u do and I asked on this forum : bonjourlondres.com/modules/newbb/viewtopic.php?topic_id=4865&forum=2
if someone knows this company. Not many answer though and finally, as the amount of money I wanted to send was not so important, I tried it anyway.

So finally I think its a serious company, one day after I sent them my money it arrives in France. Their rate is pretty low considering other ways to proceed I found. Since I was a bit anxious I sent them many emails during the process and they answered me very quickly with accurate and usefull answers.
I am quite happy with them and I would not hesitate to use their services again if I need to in the future.

I hope this can help you !

See you around.

misa.blue

Legendary: Thank you for your reply!! Think I will use cheque this month and Global Web next one..