Transfer money from abroad

Archi_Bald

I made another transfer of several thousand euros today, again using Transferwise. Their rate and charges were tops and almost identical to Currencyfair but as I had been happy with Transferwise before, I used them again. The transfer was promised to complete within 4 hours but the money was actually in my Lloyds account within 90 minutes which was most impressive.

Between my last transfer and today's, I had been asked for proof of ID and address (AML procedure, I reckon). It was easy to upload a scan of my passport and a utility bill, and they confirmed the verification almost instantly.

I also investigated HiFx and am not impressed at all. You are forced to open an account with them before they give you any indication of their likely exchange rate and cost. This creates what they call a "contract", and if you choose not to proceed because you don't like their quote, they send you a rather unfriendly email a couple of days thereafter.

Dear Mr Transferrer,

As outlined in our Terms and Conditions, we reserve the right to close out all or any part of a trade without notice. Since funds were not forthcoming from you we took the decision to close out this contract on 18/12/14.

When you confirm a trade online I]I never confirmed anything!![/I, we secure the rate of exchange for you by purchasing the currency as soon as we receive your order. This means that the only way to then cancel the trade is by placing a reversing transaction.

There was no loss when closing out contract xxxxxxxx I]would that be because I never entered into any contract?[/I. As a result your account has been restricted. If you intend to place further transactions please contact us. Please also be aware that if you intend to use HiFX to make future transfers, as stated in our Terms & Conditions, you will be expected to meet any cost incurred when closing out a contract.

Rest assured, HiFx, I don't intend to use your services for any future transfers.

Fruit_and_Nut_Case

Archi_Bald wrote: »

Rest assured, HiFx, I don't intend to use your services for any future transfers.

A timely warning. Thanks.

Yetanotherfrancophile

don't understand this - do you not recommend HiFX - was just about to use them?

grumbler

See the post #12?
Does it look like a 'recommendation'?

Yetanotherfrancophile

Oh dear. I joined the Forum for clarity re this FX lark. Am now more confused. Any stats available on Forum? A sort of 'Which' summary of best and worst experiences? Take it Lloyds Bank is a definite no no? Thinks. I wonder if 'Which' has done a survey? Anyone know?

MARTYM8`

I have used transferwise and Hifx with no problems. I also opened my first account with both via topcashback - as well as a good deal I got over £30 cashback between the two of them!

So fine with me - and better rates than the high street banks.

grumbler

Yetanotherfrancophile wrote: »

Oh dear. I joined the Forum for clarity re this FX lark. Am now more confused. Any stats available on Forum? A sort of 'Which' summary of best and worst experiences? Take it Lloyds Bank is a definite no no? Thinks. I wonder if 'Which' has done a survey? Anyone know?

What 'stats' do you need and what amount are we talking about? Have you checked the links in the post #2 and MSE article?

• Sending Money Overseas