Money transfer broker

coldcarib

Hi All,

I want to transfer a large amount of Sterling from the proceeds of my house sale to Spain for a house purchase and I have searched the internet for brokers rather than going through my bank.
I have opened an account with one broker https://www.currenciesdirect.com ( not to be confused with currencies.co.uk ) which have numerous awards etc and apparently was featured on cnbc but before procceeding further has anyone had dealings with this company or know anything about it?

currenciesdirect use HSBC at 69 Pall Mall, London, SW1Y 5EY

and head office is
Currencies Direct Limited
51 Moorgate
London EC2R 6BH
United Kingdom.

jonesMUFCforever

Are you asking or spamming?
If you are asking a lot of the detail in your post is unecessary

Only you can say whether you trust a company you seem not to have much info about (but have opened account with) with the proceeds of your house sale.

coldcarib

NO:mad: I am not spamming but asking a genuine question.

I was trying to give as much info as possible and I also didnt want to get 2 companies with similar names mixed up.

The website link was for someone/anyone to checkout.
The head office and bank address was also to check out to make sure it wasnt a garage/P.O. box/ bedsite etc.
(As I had read in one of these posts before) opening an account with a broker did not cost me any money and rather than a website giving me highly inflated exchange rates they have to give you the correct price ( as also stated in an earlier post).

I did not state I had transfered money into any account!!!:mad:
I am also taking the advice (also from an ealier post ) and opening another possible 2 more accounts for the best rates and advise.

All I wanted to know was and is the company mentioned a bonafide company and has anyone used them or has anyone used any others that i can consider.

P.S.
I could not find any info on cnbc or sunday times website(as they have advertised) for the fore mentioned company

jonesMUFCforever

I did not state that you had transferred money; only that you had opened an account with a company you obviously have little information on.
You also posted this post on another board which makes you look like a spammer. I'm sorry If I was wrong.

I will repeat that only you know whether it is worth taking the risk of using them - any info you get off here - there is no comeback if it goes wrong.

Are these firms regulated - what happens if a dodgy employee walks with your money? Using your bank you know that they have the capital to reimburse you if that was to happen.

Can I also ask whether you spoke to a foreign exchange dealer with your bank as opposed to someone at the counter as banks can open a forward contract for you not just offer a rate off the counter.

coldcarib

Thanks for the reply.
Going through my bank incurred charges and the exchange rate is what you get in the post office or travel agents at around 1.42 compared with 1.48 if i go through a broker which means an extra 5000 euros.

Banks charge to send money and in some cases only up to 10k per day (Barclays will only send 1kGBP per day ).

Banks receiving money can also charge.
Going through a broker they pay all charges and fees.
So for example sending 100k you will receive 148k € with broker
Sending through bank =142k€ minus both bank fees

I wanted to know has anyone used any brokers before and was it a smooth tranaction?

jonesMUFCforever

I disagree with the rate you have been offered by your bank 1.42 is tourist rate - not foreign exchange rate which is totally different but most cashiers won't know the difference.
Next time you are in the bank ask to speak to a foreign exchange dealer on the telephone for a more denitive rate that they can offer.

I work in a bank so I am biased - but there is no way I would use any company which is not regulated. I don't know which bank you use but to say Barclays have a £1000 limit per day on foreign transfers is utter rubbish!

coldcarib

I registered with 3 big companies which is free and they give you an actual price rather than an over inflated price.

On a transfer of Sterling into euros the first offered me a rate that a took to the other brokers who all bettered the first broker, I then went back to the first broker and they bettered the last.

All charges were paid for by the broker including my Spanish bank receiving charges which can be up to 1000€

The GBP exchange to € price quoted by the broker was the amount I would received all in with no deductions.

I tranferred my money on Monday morning to the brokers UK bank.
I was updated with the progress at each step.
I received the money into my Spanish account on Tuesday night.


I recommend transferring money this way as proccess was very simple and very quick, better than a bank.

I got a rate of 1,478 which worked out to be around an extra 5000€ compared with a bank

jonesMUFCforever

No it wasn't because you were given the wrong rate!

coldcarib

And what was the rate on Monday then and what charges are made for a bank transfer from Uk and the charges for recieving at Spanish bank.

I received my money in after 1 day.

jonesMUFCforever

I will check my bank's rate for last monday (4/12/06?)
Ltsb charge nothing for sending to Ltsb in Spain.
If using other bank maximum charge would be £30.
I will come back to this tomorrow as I do not have access to info tonight.

jonesMUFCforever

Right the rate quoted on our exchange rate sheet was 1.4634 up to max of £25k. You say that you were transferring a large amount so I assume it was more than this so you can probably add another half point at least to that rate bringing it up to around 1.47. Yes you were slightly ahead with your broker but nowhere near the 5000 Euros you claim unless you were sending many millions of pounds.
How did you get the money to the broker - did you do the transaction online,by cheque or did you have to send by CHAPS?