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Foreign Exchange transfers
ForexHunter
Posts: 2 Newbie
Hi all,
I've been using a company called Moneycorp for years to send monthly payments (euros) abroad, but they are now charging me £5 just to make the transfer. As I am only sending around £300 a month, this transfer fee is blowing away the only reason to use them, i.e. an exchange rate which is far better than the high street.
After hunting around, I have come across another company that offers a similar service, called Exchange4free. They offer a decent exchange rate, and charge nothing for transfers, so it seems perfect. But I have never heard anything about them before, and there is very little in the way of public reviews about them.
Has anyone successfully used them? Or would anyone warn me away from them?
Cheers,
ForexHunter :beer:
I've been using a company called Moneycorp for years to send monthly payments (euros) abroad, but they are now charging me £5 just to make the transfer. As I am only sending around £300 a month, this transfer fee is blowing away the only reason to use them, i.e. an exchange rate which is far better than the high street.
After hunting around, I have come across another company that offers a similar service, called Exchange4free. They offer a decent exchange rate, and charge nothing for transfers, so it seems perfect. But I have never heard anything about them before, and there is very little in the way of public reviews about them.
Has anyone successfully used them? Or would anyone warn me away from them?
Cheers,
ForexHunter :beer:
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Comments
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Are you associated with this company at all?0
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Nope, I've nothing to do with them, but eager to find out if they are any good......
Anyone have any comments about them?
Cheers,
ForexHunter:beer:0 -
Ok this is what I will say (and this would apply to all forex companies) - they do not protect your money in any way at all - so if they go bust you lose out.
In this particular case they seem to 'guarantee' best rates and send money for nothing - so where is their margin? How do they make money.
The last company to offer rates 'better' than anyone else was Crown currency - we all know what happened to them!0 -
I just did a couple of quick quotes for sending £100 and £1000 to a Eurozone country.
£100 was about a 4% spread, while £1000 was about a 2% spread. So quite competitive (especially for small transfers), but not exceptional. You can find better rates on here:http://www.fxcompared.com/Content/money-transfer-from-UK-Spain-below-3000-amount-100Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
Go for https://www.transferwise.com Beats all companies on fxcompared.com for any amount. This is because it gives you mid-market exchange rates whilst only charging you 0.45% for transfers above 300 pounds or 1 pound <300 pounds. Can't imagine them offering such low fees forever so take advantage whilst you can. And no i don't i work for them
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