Large International Money Transfers Discussion area

captainjoe1979

My mate uses this website to transfer money to Australia and it costs £7 a time im not an expert but it would be good to hear what Martin Lewis thinks of it
www.tranzfers.com

:money:

TomBrady2000

We recently used a foreign exchange company to send funds abroad to pay for a house in Spain.

However, we found that rates varied significantly between the many companies.
We also originally looked at HIFX but eventually found a much more competitive rate from a rival broker called World First.

We found World First at a website called Find Currency Brokers (www.findcurrencybrokers.com). The site has a good list of brokers, each of which are rated by visitors, and a guide to foreign exchange.

After our experience i'd recommend you shop around to find the best deal and use a site like Find Currency Brokers to choose a company.

Glad its all sorted now, looking forward to a glass of beer in the sun!

Tom

buglawton

What with the recent events with Northern Rock, well here at least it was FSA regulated and even before the crisis up to £33k was sort of guaranteed. What if a Currency Exchange agent goes titsup while holding your money? Any FSA regulation, any govt. protection?

buglawton

This is the single most important part of the Terms if you ask me! Yes seem very de-emphasized when you look at these companies' websites.

jenneybarclay

Many thanks to TomBrady2000 for the tip about www.findcurrencybrokers.com I used them to find the best deal for sending a large quantity of money to Spain. I found the service useful as it saved me having to scout around for the best deal, saving me lots of time!

If I see you in Spain, I'll buy you a beer too!!

walkies_a

Has anybody used xe.com to transfer money?

I am planning to do a couple of transfers as I am emigrating. One would be 2500 and the other 9500 quid into US dollars.

mroller

villatazmin wrote: »

Hi,

I regularly send money to my conscierge via Western Union to Morocco, as this is proving to be expensive, and the Moroccan Dirham currency is tightly controlled, I am considering a UK top up card, with his name.

This means that I am in control of the funds paid in, and out via cash machines in Morocco, and may work out cheaper than a standing order or payment card from the numerous cash transfer providers.:A

My Moroccan bank has issued me with a cheque book, the cheques have to be written in Arabic, and a debit card, but in my name only.

Any suggestions would be welcomed.:A Thanks

I am 95% sure that if you fill the cheques in french it would be fine.
Check with your bank though.

Jonbvn

Paid in Euros

Hi,

I have a contract with a non-UK (mainland Europe) company. They pay me monthly in Euros into my sterling bank account. As you can imagine, my bank is scr#wing me on the exchange rate, no doubt with lots of hidden charges as well.

Basically, my intentions are to open a Euro denominated account with the same bank as my sterling a/c (already confirmed as possible). I will receive Euros into this account from my "employer". I will then transfer/ exchange these Euros (GBP5k+) into my sterling account via an FX broker.

I have a few questions regarding the above, as follows:

1. How easy is it to use these FX brokers?
2. How quickly would the transfers be done back and forth?
3. Any recommendations for a good trustworthy FX broker? I am looking at transferring approx Euro150k per annum with a likely maximum transaction value of Euro20k.
4. Would it be worth approaching my bank asking them to consider adopting better FX rates for my transactions?

TIA

walkies_a

Thought people might like to know my experience with xe.com. I have looked at the opinions and answers on this forum and others and felt that no one had given a good run down of the whole process or given an effective review of their experience. Please note I have no affiliation to the company other than being a satisfied customer. Hope this is helpful.

The set-up process requires identification and your signature to be provided to comply with anti-money laundering law. It feels laborious, but it is law and they have to comply. They have a secure file up-load part to their site to make it easy to get scans of your id docs and signed docs to them (or you can fax them). The set up process included the scheduling of a call for them to ask some other questions and verify id. They rang at the agreed time - one of the questions asked was about how much money I expected to trade through them. It is worth noting that this amount was the trade limit they placed on my account. However, you can request this to be raised at a later stage.

When I first logged into my account I was confronted by an array of options, each of which had a little help question mark next to it to click on if needed. My first thing was to give details of the bank that the money was going to be sent to. my account was in the US and I could use Electronic Fund Transfer (EFT) which costs nothing and takes little time. If you were really in a rush (i.e. instantaneous) you could set up a wire to your account, but it costs.

I then told them how much money (GBP) I wanted to sell and it then gave me a rate of exchange and a total USD value. This rate would last for 60seconds. If you didn't like the rate you were offered or the 60s elapsed you could refresh the rate.

I got a rate of 2.045 at the time which was very competitive then. Once I had accepted the rate and the deal, It then listed the instructions of how to wire the money to them. There were 2 options: BACS and CHAPS. Essentially, CHAPS costs (charged by your bank) and is quick; BACS is free, but slow (4-5 days).

As I was in no major rush, I used the BACS method and sent the money to XE. Once they had recieved the money (GBP) and sent the money (USD) onwards via EFT, they e-mailed me to advise me to check my bank account and inform them in 2 working days if the funds had not arrived.

This was my first deal with them and I was very impressed. I was originally going to use HiFx, but they would not deal on values under 5000 pounds. XE will allow you to trade as low as you wish. My first deal needed to be 2500 pounds, and my next deal will be closer to 10000pounds. I have total confidence that it will go as smoothly. It is also worth noting that I was won over by XE's ability to try a demo of their trading site. The demo screens are the same as the ones I traded through and gave me a good idea of what I was going to have to do and that it was a relatively simple process.

Well done XE. 5/5

adriana_valentina

hi there, we are relocating to Romania, pls help with any information regarding money transfer and anything else any of you know.
thank you,
adriana