Nice People 13: Nice Save

GDB2222

I want to transfer a large amount to my son's account in Germany, to help him with a flat purchase. My bank say they can do the currency conversion and will quote me a rate at the time. It varies all the time, as it's real time.

So, how do I compare that to a foreign exchange broker, and how do I get a good rate? It's enough money that I'll need to provide id for money laundering purposes. Also, which firms can you trust not to run off with the money?

I know Michael would end up owning the broking firm, but I just want to end up with the best exchange rate I can.

Generali

I've used HSBC to transfer large sums to Aus and that's worked perfectly with a pretty decent exchange rate.

If you want to see how much you are being gouged, ask for the spread rather than telling them which side of the trade you are on. Their profit & costs will be approximately half the distance between the buy and sell prices multiplied by the amount of money you are changing. Slightly less actually because they won't quite be getting the mid price.

You could try a decent FX broker like XE. I've never used them but they have a good rep.

Get the IBAN of the recipient and the recipient bank's SSIs (the receiving bank should understand what this means). The money will most likely take two days to go between accounts. I'd question it if it takes longer. Make sure you check and recheck the recipient account details when you receive them and when you pass them on.

tom9980

GDB2222 wrote: »

I want to transfer a large amount to my son's account in Germany, to help him with a flat purchase. My bank say they can do the currency conversion and will quote me a rate at the time. It varies all the time, as it's real time.

So, how do I compare that to a foreign exchange broker, and how do I get a good rate? It's enough money that I'll need to provide id for money laundering purposes. Also, which firms can you trust not to run off with the money?

I know Michael would end up owning the broking firm, but I just want to end up with the best exchange rate I can.

https://www.fairfx.com/product/transfer I use these guys for the fx card but they do transfers too so worth a look.

lostinrates

hjd wrote: »

Haven't heard from lir for a few days - hope all is well.

Don't worry. Reading, not talking ATM.

silvercar

GDB2222 wrote: »

I want to transfer a large amount to my son's account in Germany, to help him with a flat purchase. My bank say they can do the currency conversion and will quote me a rate at the time. It varies all the time, as it's real time.

So, how do I compare that to a foreign exchange broker, and how do I get a good rate? It's enough money that I'll need to provide id for money laundering purposes. Also, which firms can you trust not to run off with the money?

I know Michael would end up owning the broking firm, but I just want to end up with the best exchange rate I can.

1. You step back in time 2 weeks to when I had a load of euros that I needed to change to sterling.
2. See if your son can find a bank in Germany to do the exchange; sometimes you get a better rate from the other side.
3. https://forums.moneysavingexpert.com/discussion/5162316

Generali

tom9980 wrote: »

https://www.fairfx.com/product/transfer I use these guys for the fx card but they do transfers too so worth a look.

Might be expensive...? An FX quote normally lasts 30-60 seconds so that should give you time to compare with an online quote.

Nikkster

Hope your parcel turns up

I have just got up
I decided yesterday to treat myself to a day off (and I carrried over some leave from last year so I should get it used really).

PasturesNew

Nikkster wrote: »

Hope your parcel turns up

I have just got up
I decided yesterday to treat myself to a day off (and I carrried over some leave from last year so I should get it used really).

Well, if your weather's anything like here then at least it'll be a dry/fairly bright day ... so not a total loss due to wind/rain/snow. Makes for a great long weekend for you!

Nikkster

PasturesNew wrote: »

Well, if your weather's anything like here then at least it'll be a dry/fairly bright day ... so not a total loss due to wind/rain/snow. Makes for a great long weekend for you!

I think it's forecast to be showery here. No matter though, I have a day of cleaning planned. I'm home alone for a while so I can get things nice and clean and just how I like them

Edit: Did I mention I'm a control freak?

michaels

Nikkster wrote: »

Hope your parcel turns up

I have just got up
I decided yesterday to treat myself to a day off (and I carrried over some leave from last year so I should get it used really).

So what are you doing awake so early?

I have a credit card that has no exchange rate load and no cash witrhdrawal fees, however I suspect at £300 per day it might take a while to transfer over the amount you are after...although to be honest at least in a UK bank I have been able to withdraw the entire credit limit (8k) in one transaction (into an account with that bank not as cash). Perhaps if I preloaded the card with a large positive balance I would be able to withdraw more, but not convinced it would work in a foreign bank, it took about 15 minutes in the UK one.