exchange rates

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  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
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    I asked them the same question and they told me that they are owned by a FSA regulated firm called ISX Markets. As I am a futures trader I checked it out on the FSA website and they are regulated. Any firm regulated by the FSA has to maintain strict standards of conduct, it is very very unlikely that a regulated firm can run away with our money.

    http://www.fsa.gov.uk/register/
  • System
    System Posts: 178,093 Community Admin
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    Yes - you're right about the FSA but you'll find that most brokers aren't FSA regulated, because buying currency for physical delivery isn't counted as a speculative investment (as opposed to buying to sell at a later date). Therefore it's important to check the credentials of the broker you are potentially trusting your life savings with.

    1. How long have they been in business?
    2. Are they speculating with your funds, or simply buying to order?
    3. Are they registered with HM Customs as an overseas money service provider?
    4. Do they have audited accounts at Companies House?
    5. Any other market memberships or associations?
    6. How many staff do they have and what turnover? Obviously a medium/large established company is more trustworthy than 2 guys in a room somewhere who have just started up!
    7. Are your funds held separately from other company assets in a designated transaction account?

    In general I would say there are about 5 very well established brokers with excellent reputations who aren't about to board the first plane to Brazil when you have sent in your funds.

    Hope that helps!
    Robin.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
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    Another company that will be able to help you with getting better rates than a bank will offer is Ruesch International, based in Marble Arch. The rates are comparable to some of the other FX specialist companies, but way better than all the banks. The service provided is second to none, and they are a secure internationally trading company. They can be reached on 0800 424292
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
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    At least my plug was blatant!! ;D
  • DiggingOut
    DiggingOut Posts: 770 Forumite
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    At least my plug was blatant!!  ;D

    Are you telling us that Chris North is with Ruesch? You currency brokers seem a shady lot! ;D

    Presumably you are one of the five that you consider established brokers. Care to name the others, so we can recognize in case their plugs aren't as blatant as yours? ::)

    It IS nice to have an expert around, if you want to share your knowledge from time to time as to how we can get the most for our money from people like you ;).

    People might even remember that guy who posts on MSE.com when the time comes....
    I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.

    If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.

    Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
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    Lol - without wanting to miss anyone out, the more established ones I would say are...
    - Foreign Currency Direct
    - HiFX (Halewood)
    - Currencies Direct
    - Currencies4less
    - TTT Moneycorp

    I'll try to keep an eye on this site but if there are any threads you'd like a comment on, whether it's something we could do or otherwise, drop me a line at rgh@currencies.co.uk and I'll pop on to the site.

    I'll always be impartial - we wouldn't presume anyone would use us rather than anyone else - if you encounter good service and rates from any reputable broker and you are comfortable using them then go for it!!

    Robin.
  • dollars_3
    dollars_3 Posts: 1 Newbie
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    I would like to transfer 40K USD, currently in an offshore USD account, to the UK, and exchange them to pounds, before or after the transfer. What would be the most effective way of doing this?
  • DiggingOut
    DiggingOut Posts: 770 Forumite
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    Contact one of the currency brokers and ask them.

    Then, contact another and ask them. Get the best deal you can on exchange rate/any fees.
    I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.

    If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.

    Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?
  • boxer_2
    boxer_2 Posts: 4 Newbie
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    I have recently registered with HIFX to exchange to Euro's as I now live in France. I rang my bank first (natwest) for a Quote to exchange £5000, I was quoted 1.4715, I then rang HIFX straight after and was quoted 1.47 for 5k or 1.4715 for 10k. So natwest was better?? I rang HIFX for an explanation but guess what, after a lot of talk they really didn't know. So what do you folks think?
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
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    The banks vary wildly - sometimes very good, sometimes awful. You may as well compare your bank with your broker(s) too!

    Also, one tip - if you are shopping around, open accounts with a couple of brokers. If you just call for a quote without an account open, less reputable firms will quote you an unrealistically good rate to try to persuade you that they are the best so that you open an account and trade with them without further comparison.

    If your account is open, they will not be able to quote you duff rates in this manner.

    I hope not many do this, but I have come across it a number of times!!
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