Large International Money Transfers

edited 30 November -1 at 1:00AM in I wanna buy-it or do-it
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cestorcestor Forumite
2 Posts
edited 30 November -1 at 1:00AM in I wanna buy-it or do-it
There are a lot of recommendations for specialist brokers but I am concerned that about the transfer of potentially very large amounts to companies that do not in general appear to be regulated and could go under taking your money with them. Just because someone has a fancy website and a dealing team does not mean your money is protected.
Am I right to be paranoid here???

Replies

  • jonesMUFCforeverjonesMUFCforever Forumite
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    I think you are. However a lot of people on these boards have used a number of these firms and so far nobody seems to have lost out.
    Personally I would not use them (but to be honest I know of no need to have to use one so perhaps I'm biased)
  • domingo_2domingo_2 Forumite
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    hi, i am new today to the site so be kind, just looking for some advice on the best way to transfer Euros back to the Uk (deposit for a house that fell through so quite a large sum) don't want to loose too much in the exchange. any help would be much appreciated
  • jonesMUFCforeverjonesMUFCforever Forumite
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    Did you transfer into Euros from sterling in first place?
    Are you likely to want to buy somewhere else again using Euros?

    If you did convert from sterling (or any other currency really) you will lose out by around at least 5% which is the 'spread' in buying and selling any currency.
    Might be better to leave them in an Euro account if you want to use them again in the forseeable future.
  • domingo_2domingo_2 Forumite
    3 Posts
    thanks for the response,but have decided to invest closer to home so need to bring them back the best way possible.
  • inmypocketnottheirsinmypocketnottheirs Forumite
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    Have a look at https://www.citibank.co.uk to see if they have branches in the country that you have the funds in. If suitable you could then open a uk sterling and euro account and transfer the funds between citibank accounts in different countries free of charge.
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
    The Lord Giveth and the Government Taketh Away.
    I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
  • jonesMUFCforeverjonesMUFCforever Forumite
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    Have a look at https://www.citibank.co.uk to see if they have branches in the country that you have the funds in. If suitable you could then open a uk sterling and euro account and transfer the funds between citibank accounts in different countries free of charge.

    He would still lose out on the buying and selling rate though!
  • Hi,

    I've read the Sending Money Overseas article mentioned on this thread and looked at a number of messages here, but have not found exactly what I'm looking for, hence this post. Apologies if it has already been discussed.

    I am about to take a distribution of about $C500,000 from my late father's estate and need to exchange it for US dollars (we now live in North Carolina). All Canadian estate taxes have been paid. The funds will probably be available all at once, although there may be a second distribution, somewhat smaller. Obviously I'd like to get the best possible exchange rate, get the exchange done safely and promptly, and minimize fees and commissions. From what I've heard in discussions in this area, currency specialists such as MoneyCorp, or HIFX are recommended as much better deals than operating through commercial banks. A couple of questions:

    * Is this correct, and if so will these firms exchange US and Canadian dollars at the best rates?
    * Are there any other specialists I might consider for C->US exchange, such as XEtrade out of Toronto -- or does the currency not matter?
    * Can I go to these specialists and expect to get prompt and credible estimates of their rates and charges, so I can compare them to one another, and to the rates and charges of my commercial bank?

    Thanks much in advance for any thoughts!

    -dave
  • inmypocketnottheirsinmypocketnottheirs Forumite
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    Hi Dave. Have sent you a PM
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
    The Lord Giveth and the Government Taketh Away.
    I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
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