Jon 1 Posted September 27, 2011 Share Posted September 27, 2011 Any advice on repatriation of funds to the UK, in terms of:How to get the best exchange rate?Which financial institution?How to ensure security of funds deposited?etc.Thanks Link to comment Share on other sites More sharing options...
idun Posted September 27, 2011 Share Posted September 27, 2011 We used TORFX who are registered with the FSA. Got a better exchange rate than our bank in the UK would have given us. The funds are deposited in a client account in Barclays. Cost us around 4€ charges from our french bank, the transfer was in the uk in euros the following day and in our account that afternoon. Link to comment Share on other sites More sharing options...
Jon 1 Posted September 27, 2011 Author Share Posted September 27, 2011 [quote user="idun"]We used TORFX who are registered with the FSA. Got a better exchange rate than our bank in the UK would have given us. The funds are deposited in a client account in Barclays. Cost us around 4€ charges from our french bank, the transfer was in the uk in euros the following day and in our account that afternoon.[/quote]Thanks for the info.I did a quick Google search, and this came up http://www.moneysavingexpert.com/news/banking/2011/01/torfx-what-are-the-links Link to comment Share on other sites More sharing options...
AnOther Posted September 27, 2011 Share Posted September 27, 2011 Registered with and regulated by are two entirely different things.http://www.expatmoneychannel.com/node/1495Difficult to say where you could go to say that you are 100% safe, multiple small transfers may be the only way to come close but even that only limits the potential losses not the actual risk [blink] Link to comment Share on other sites More sharing options...
baypond Posted September 27, 2011 Share Posted September 27, 2011 I use World First. I used to work with the guys who left our bank to do the start up, and always find them first class. They are not the only boutique FX outfits, but I would look for one that is well established. Link to comment Share on other sites More sharing options...
idun Posted September 27, 2011 Share Posted September 27, 2011 We transferred our house sale money in 2009 and I checked with the FSA to see if they were a proper regulated company. They gave a similar exchange rate to HIFX, so no stupid OTT exchange rates, just a bit better than my bank, which is all I want from fx companies. I have used them regularly since and recommended friends too with no problems what so ever and also no stupid OTT exchange rates. Tomorrow, if I get chance as I'm not in much, I will again check with the FSA and see what they have to say. I never thought to check on them, as since our house was sold we have never had BIG amounts to transfer either. And I was going to use them in a couple of weeks time. Link to comment Share on other sites More sharing options...
idun Posted September 27, 2011 Share Posted September 27, 2011 Points to Consider:1. The currency exchange firm says it is regulated by the FSA. Am I safe? Check on whether the firm is registered or authorised by the FSA. Firms that are registered are subject to less complex regulatory requirements than firms going for full authorisation. Currency exchange firms that are authorised will have more rigid structures in place to protect your money. For example, client money must be ring-fenced, which means it is held in a separate account with a bank and protected from being used by the company. Companies must also hold a minimum amount of capital in their business. They must also be able to demonstrate that they are fit and proper to run the businesses. Below from the TORFX website. It says that they are authorised and regulated and I did ask if their client money was ringfenced as per the Points to Consider. My questions always were, is my money safe, obviously, the most important thing. And surely they could not state that they are authorised if they are not. I will be checking never the less, but they appear to me to be as ‘good’ as any other. Tor Currency Exchange Ltd. Registered in England & Wales, No.: 5193147. Tor Currency Exchange Ltd is authorised and regulated by the Financial Services Authority under the Payment Service Regulations 2009 (FRN 517320) for the provision of payment services. HM Revenue & Customs Certificate of Registration for Money Laundering Regulation,Number: 12191606. Link to comment Share on other sites More sharing options...
idun Posted September 30, 2011 Share Posted September 30, 2011 I have just called the FSA and TORFX are an authorised company. They like ALL other authorised payment institutions ie FX companies are not covered by the FSA compensation scheme. However, they do have a separate client account. Safest is a bank to bank transfer, or transfers to keep below the compensation limits. Costs more, I suppose that one can look upon it as insurance. Link to comment Share on other sites More sharing options...
Jon 1 Posted September 30, 2011 Author Share Posted September 30, 2011 Thanks for that further info Idun.I suppose it as an element of risk and better rate versus the converse. Link to comment Share on other sites More sharing options...
idun Posted September 30, 2011 Share Posted September 30, 2011 We risked it, but I was very glad when it was in our bank account and out again split between places that covered us if the banks failed. We are not lucky with money, but I took the risk. If I had waited a few weeks the exchange rate would have gone right in our favour and we would have been thousands better off......... as I said we are unlucky with money. Good job I'm not that money motivated. Link to comment Share on other sites More sharing options...
Jon 1 Posted September 30, 2011 Author Share Posted September 30, 2011 Idun, I can identify exactly with what you are saying.We usually buy into something when it is about to collapse.This is why I decided to be a little more cautious this time.We are waiting for the Promis de vente to go through and lo and behold GBP starts improving against the euro before we have even reached the end stage. Link to comment Share on other sites More sharing options...
idun Posted September 30, 2011 Share Posted September 30, 2011 Jon 1, I never lose sleep over things I cannot control. What is the expression, que sera, sera? Link to comment Share on other sites More sharing options...
Jon 1 Posted October 1, 2011 Author Share Posted October 1, 2011 Idun, here is another interesting article.It mentions TorFX in the comments section.After reading the foregoing, would you use a currency transfer company again, for transferring a large amount of money? Link to comment Share on other sites More sharing options...
idun Posted October 1, 2011 Share Posted October 1, 2011 Please post the link. Would I? Well yes I would actually. Bearing in mind that the banks only guarantee a limited amount. I spoke to them at Torfx and asked lots of questions. Strangley, they actually refused to do the transfer in my husband's name. No idea why, there was no reason why they shouldn't have done so, only he has a pretty common name. He is OK now, I was acceptable though. AND them checking up on us seemed serious if not irritating. I'll say more when I have seen the link you post. Link to comment Share on other sites More sharing options...
Jon 1 Posted October 1, 2011 Author Share Posted October 1, 2011 Sorry.http://www.guardian.co.uk/money/2010/oct/09/foreign-exchange-money-safe Link to comment Share on other sites More sharing options...
idun Posted October 1, 2011 Share Posted October 1, 2011 An old article, but TORFX has segregated accounts and are authorised, but not guaranteed.Now you have to make the choice as to how you want to make your transfer. In smaller amounts that are all covered via the banks, which have guarantees, or via the banks in a lump sum or via the fx companies. I would, I did and have made several transfers like this, one big one, one medium size one and smallish ones. And that is all there will be from now on, just living expense ones. Good luck with whatever you chose. Link to comment Share on other sites More sharing options...
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