Best way to transport money from abroad

laserattack

I'm not understanding how that works. If I have to bank transfer the money to them then I'm already sending it abroad and they're a bit of a pointless middle man no?

Think I'm going to have to just go with a conventional transfer, they'll steal some money off me but so will every way and it seems simpler.

benjus

laserattack wrote: »

I'm not understanding how that works. If I have to bank transfer the money to them then I'm already sending it abroad and they're a bit of a pointless middle man no?

No - they will have an account in Japan and another one in the UK. So the transfers to and from the FX broker are just domestic transfers. You pay into their Japanese bank account, they pay you the agreed sum from their UK account.

laserattack wrote: »

Think I'm going to have to just go with a conventional transfer, they'll steal some money off me but so will every way and it seems simpler.

The point of this site is that it's about saving money - so for most people on here "best" means "cheapest without taking excessive risks". However, it's your money so do with it what you will.

knightstyle

We used Currencies Direct to move large sums to UK from France and smaller sums back. Worked well and easy to understand the charges.
BUT be very careful as you will not be protected if this sort of company goes bust while holding your money! Perhaps shift it in several lumps?

SiskaFiasco

I wonder if you have any advice on sending money abroad?

I have read the main MoneySavingsexpert website on on sending money abroad but have noticed that Moneycorp and HIFX are not the cheapest rates going.

According to "travelmoney co uk"
the "best" rate was by a company that got bad reviews.
Their second "best" rate was Covent Garden FX and they seem to have good reviews, but when I approached them it turns out that they do cash transfers themselves, but do bank transfers by

"worldcurrencies com"
but I have seen no other reviews of this organisation other than their own on their own website.
Any comments?

SiskaFiasco

I have used HIFX years ago and found them very professional and far better than normal bank rates, but they do not offer the best rate offered over the Internet.

Moneycorp_representative

It is certainly worth considering using a broker, they have less overheads and by purely specialising in foreign exchange they are able to offer competitive rates of exchange. The difference will depend upon the volume you are trading; do compare their price against the bank. Brokers deal with clients worldwide therefore residing and holding a different currency to Sterling is not a problem.

There is a difference between travel money rates and bank to bank transfer rates, watch out for these different rates if you are checking prices. Bank to bank transfers will offer better rates than cash transactions.

I would also recommend you never base your decision on costs alone when deciding where to trade. Always consider the expertise, the security and reputation of the company when making your decision. How long have they been in business, do they hold segregated client trust accounts, what is their credit rating and are they FSA regulated and authorised?

There are two types of FSA regulated entities; a registered company is simply registered with the FSA and is not required to safeguard your funds or hold capital. Companies which are registered and also authorised by the FSA are required to safeguard your funds, this means your money is kept separate from company accounts. They also have to meet stringent criteria set by the FSA in terms of financial health and risk management.

You can check a brokers status under the Payment Services Regulations on the FSA register at www.fsa.gov.uk/register. You can also review their financial accounts and credit rating.

Check out the MSE guide http://www.moneysavingexpert.com/banking/foreign-currency-exchange

[Deleted User]

Frankly, 10 grand isn't really that much moolah but if you're that worried about transporting it use a broker not a bank.

FWIW, I have an account with Moneycorp and have used them on a number of occasions shipping large amounts of money around to buy property.

Their rates have always been far superior to banks, their service is excellent and through them I was able to set-up an American bank account with hardly any fuss at all. Try doing that off your own bat and see how much hassle it is.

knightstyle

Another vote for Currencies Direct which we have used several times into and out from UK. but be aware that companies like this have been known to go bust and people have lost a lot of money. So move your money in several transactions, waiting till one is complete before setting the next one going.