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Best Money Transfer company


Wibblywobbly
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I copied this passage from the web site:

Warning, FX brokers are unregulated …

Unlike banks, currency exchange businesses don't have to be regulated by the FSA so there’s always the possibility of problems. Yet the big established businesses tend to have good reputations and as they pay better rates they should be the best bet, though there are NO guarantees.

Knowing this, these companies work hard to prove their stability, and a little research should bear that out. HiFX, for example, stores your money in a Barclays account while it’s in transit before it hits your account overseas, to ensure it is safe.

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  • 3 weeks later...
I was just looking over the posts and in terms of regulation from what i am aware of personal FX Brokerage isn't regulated by the FSA, however your funds should be safe, just make sure all money is held in client trust accouts. Every broker that i have spoken to does, they are also regulated by HMRC as a money broker.

There are some brokers out there who are owned by FSA regulated parent companies, this should be able to give you more peace of mind. I had used HIFX for years, but found their service slipping, so i started to look around at other options. I think there have almost become too successful! The company i use now is called Cornhill FX, they are smaller so the service is better as are their rates.

There are so many brokers out there id recommend to anyone to speak to a few and go with who you feel comfortable with.

on a side note, can anyone recommend a good removals company for a small amount of goods (large van) to be taken to the Languedoc region?
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Tony, i have only sent funds out to France, but i have know a couple of people that have sold and the process is just the same, any broker should be able to do it at a much better rate than you bank, the people i know got the notaire to pay it stright into their brokers account, but that is up to you, you might want it to your account first, then you transfer it to your broker yourself.

Have you spoken to any brokers yet, i can recommend speaking to Cornhill FX, I switched to them recently and they always let me know what is happenign in the market, funds always get to me same day and the rate is always strong. As I and a few others have mentioned before it is worth speaking to a couple of brokers to make sure you are getting the best deal!!!

GOOD LUCK
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Hi am im new to posting here, although i read the forums for advice. i just want to thank all the posts for advice on currency trasfers, i took your advice and spoke to a few, I ended up using Cornhill FX today and couldnt believe how much i saved rather than using my bank! i dread to think how much they have mode out of me over the years

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I am one week away from our move to Ploerdut.I used Currency Direct for the deposit  and I will be using them again for the balance to the Notaire.We have found them to be more than helpful.
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Having recently just used them, it's got to be 4X Currency Corporation for me, the whole operation is internet based, although their support team are very helpful on the telephone. You just sit there watching the rate fluctuate up and down, and hit the button when you are happy with the rate. Transactions upto £10,000 can be paid for via BACS transfer, anything above has to be a CHAPS transfer. Very tight spreads compared to telephone based operations. You have the option to spot or forward fix, the same as a telephone based company.

The only drawback, and I guess it is the same with all other FX companies, if you do not open an account before leaving the UK, you have to send them a certified passport to set up your account.

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most companies should be able to open an account even if you are abroad and in my experience i have never had to send a certified copy, just a normal copy

do 4X Currency Corporation allow you to do same day settlement as well, or is it standard 2 day and what sort of spread do they charge?
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Hello t.d, I would assume you could do a same day settlement if using the CHAPS transfer, as obviously your money would be received by 4X the same day. I personally paid for mine via a BACS transfer which took 3 days for the euros to land in my French bank account.

Regarding the spreads, as it stands at this moment in time, if converting £10,000 into euros they are offering a rate 1.145, which is only 1 cent below the commercial mid-rate. If converting £20,000 into euros, a rate of 1.15 is on offer. Obviously the more or less you convert the rate will go up or down accordingly.

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thanks grecian, they seem pretty good compared to alot of others, i might take a look, but at the moment Cornhill make it so easy as they have my french details templated so one phonecall and it is all done, no need to fill out forms, also as i have used them for a while my dealer knows me by name they give me a pretty standard 50 tics on about £10k which i struggle to find elsewhere.

However, as an online option 4x Currency Corp do sound very competitive
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  • 8 months later...
We always use Rational Fx. I originally set up accounts with 4 or 5 Forex companies, and would compare their spot rates prior to each exchange, and Rational Fx were consistently best. I must admit that I haven't compared their rates recently, but would probably do so now and then in the future just to make sure they're still the most competitive.
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[quote user="Department71"]the rate charged was 1.0952 by Moneybookers,

the business rate for yesterday was 1.1322. What do other people think

of this rate.

[/quote]Sh1te, if you'll pardon my French [+o(]

Whilst you will always get a poorer rate for small sums that's a rip

off. For that sort of money you'd be miles better off raiding the local

ATM with your Nationwide card.

Of course if you're not currently in France that is no an option [blink]

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