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Transferring funds abroad
Gewitty
Posts: 5 Forumite
I will shortly need to transfer some large sums between the UK and Ireland (Sterling to Euros). Looking around, there seem to be big differences in the exchange rates offered by the various banks and specialist companies. The best rate currently on offer is from FC Exchange.
However, I am wary of the fact that these specialist companies do not have the same insurance/guarantees that the banks have. I spoke with FC Exchange and they assured me that all client funds are held in a 'ring-fenced' account with Lloyds-TSB and that in the unlikely event of the company going bust, these funds would be protected and returned to clients.
Does anyone have any experience of using FCE, or any clarification of how secure money is whilst being transferred by them?
However, I am wary of the fact that these specialist companies do not have the same insurance/guarantees that the banks have. I spoke with FC Exchange and they assured me that all client funds are held in a 'ring-fenced' account with Lloyds-TSB and that in the unlikely event of the company going bust, these funds would be protected and returned to clients.
Does anyone have any experience of using FCE, or any clarification of how secure money is whilst being transferred by them?
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