Best Money Transfer company

[Wibblywobbly]

I am going to need to transfer a tidy sum of cash to my French Bank account soon, to pay for renovations. I have looked through the forum and see that various banks and agents offer similar services, but I am wondering if there is one that will give me the best rate where I am flexible on when the transfer occurs?

I could go through my RBS account as I have done in the past, but in view of the sums involved this time (and the dire exchange rate) I am looking to get the best value and the lowest charges I can find.

Has anyone got any recommendations?

I have just read this on the web re the Nationwide 'no charge policy:

http://www.dailymail.co.uk/travel/article-1171890/The-Crafty-Traveller-How-avoid-burned-abroad-plastic.html

For years, Nationwide (0800 302 010, www.nationwide.co.uk) has

imposed no charges whatsoever on foreign transactions made on its Visa

credit card.

However, it recently decided to abandon this blanket

no-fee policy and pass on to customers the charge that Visa makes on

card issuers. This means that from May 6, for transactions made outside

Europe, there will be a fee of around one per cent.

Consumer

bodies have slated Nationwide for this partial change of heart. But, to

be fair, the one per cent fee is still much lower than the 2.75 per

cent levied by most other card issuers. Moreover, paying for things

with a Nationwide credit card in Europe will remain charge-free, since

Visa imposes no charge on transactions made there.

..it seems the Debit Card is unaffected.

..Citibank offer a Euro bank account and no withdrawal charges.

Regards

Rob G

[Maricopa]

And your point is?

[quote user="Wibblywobbly"]
I have just read this on the web re the Nationwide 'no charge policy:
This means that from May 6, for transactions made outside Europe, there will be a fee of around one per cent.[/quote]

My bold italic red.

[Andyphilpott]

There are several good money brokers out there who will do this. I have used Currencies Direct 0207 813 0332 when I bought my house  and they were very effecient and easy to use. Minimum payment is around £5000 I think.

For small amounts I use Moneybookers.com and  for larger amounts I use http://www.4xcc.com/index.shtm who I have also found to be good. With them you can fix the rate as it moves on the screen which gives you certainty. You just sign up and keep watching it then fix when you think the rate is OK

Andy

[Department71]

Like Andy I use Currencies Direct for large amounts and Moneybookers for small transfers, as we needed a top up on our account, and I wasn't keen at the moment to transfer a large amount due to the exchange rate I decided to use MoneyBookers just to keep the account ticking over, we transferred £1250.00, looking at our French account this morning the money was there and the rate charged was 1.0952 by Moneybookers, the business rate for yesterday was 1.1322. What do other people think of this rate.

Dept71

[Payrac-man]

Hi

 

Have always used HIFX easy and good rates also they will pay any charges that the recieving bank charges you.

 

I have no connection with them except as a customer

[AnOther]

Aussi moi,

Made several transfers via Hifx ranging from house deposit and final payment to some smaller amounts, competitive rates, prompt service, no problems whatsoever.

[AlexH]

Hi, I also use HIFX (last 3 years), never a problem, reasonable rates, and for smaller accounts you can now pay by debit card. Also if you are fortunate enough to have a UK registered card you can do the transaction over the net up to a certain amount.

I did stray away for one month to another company offering a better rate, but when it came down to it, the "spread" was greater than they had told me, when it came to the actual transaction. Not a disaster, just means I won't use them again. So for me HIFX for the foreseeable future. :)

[baypond]

For low transaction costs, any of the money brokers will beat the banks hands down. There is probably not too much between any of them. I use World First, however having a couple of different accounts is always useful because you can check for best spreads. There is no shame in asking for a better price from these guys either. Most work on commission, so they will start to try and charge a larger spread if they believe you have become a captive market. I do the same with heating oil companies as well, though in France that is not so easy with so few distributors!

[Wibblywobbly]

Thanks for the advice chaps (& chapesses), much appreciated, I will give HiFX a call and see what they can do.

Rob G

[HoneySuckleDreams]

Hi,

I use baydonhill (used to be currencies4less). No charge for the transactions. I got 1.102 last monday and the money was in my account by Friday, it's normally (about) 2cents different from the "active" rate being quoted at the time (i think it €->£ was around 1.125 at the time). You have to do some legal stuff to get set up (passport copies etc), but they're tip-top.

 

 

 

[Wibblywobbly]

Well I gave HiFX a call, spoke to a very nice young lady, very, very helpful. If their lines are busy you simply leave a number and they call back.

I ran through a few personal/security questions, gave her the number from my drivers licence, and after a couple of security emails my account was live.

I logged in, set up my French Bank account details (IBAN required) as a recipient, and that was all done.

I had to ring the nice young lady again (she gave me her direct line number), and arranged my first transaction. This can usually be done online but I just wanted to ask a few questions. She read out the legal blurb, confirmed the sterling and euro amounts, and confirmed the transaction.

I then received a confirmatory email with the HiFX bank account details.

I logged in to my UK Bank online account, set up HiFX as a payment recipient and sent them the sterling amount.

Then it was just going back to the online HiFX account, and selecting the French bank account as the recipient for the Euro's.

In 3 days the sterling will be with HiFX, and they will transfer the Euro's to France.

All done, and all future transactions can be completed online without going near my UK bank, or paying any fees.

Why oh why didn't I do this years ago! Brilliant.

Rob G

[Benjamin]

[quote user="Wibblywobbly"]

In 3 days the sterling will be with HiFX, and they will transfer the Euro's to France.

Rob G

[/quote]

Most UK banks now give almost instant transfers from current accounts in the UK in Sterling. Surprised they are telling you three days.

[Jazzer]

For small transfers- up to the early thousands a debit card will give an immediate transfer.Otherwise it should not take 3 days. Nat West to France is done same day!

Can't quite follow HIFX at the moment. Seeing a rate on the website of 1.1246 this morning, I rang for a quote to transfer £1000 to France-quoted 1.04/ Last month web rate 1.11508 and quoted 1.066. They were offering fixed 1.10 for 6 months and 1.1050 for 12 months.Tonight on the HIFX website the rate is quoted as 1.3314.Most dealers are thinking the pound is on the rise.I would expect a lower rate for small transactions but I can't see the logic behind todays quotes.

[osie]

Personally a friendly helpful service costs... Bid serveral against each other and choose the best at the very last moment...

I used baydonhill and it was very good... but only as good as the talk you talk.

[Âme]

I'm registered with three dealers (Baydonhill, Currencies Direct & HiFX). None of these dealers add charges, the quoted rate includes their fee.

When I need to exchange currency, about twice a year, I email all three at the same time, compare the quotes and choose the best rate. 

The last three exchanges were through Currencies Direct.

 

[PaulT]

When we bought our house I set up accounts with a number of transfer companies. For the deposit I used Currencies Direct as they gave the best rate. When it came to the remainder I phoned around and was given varying rates. I also had one of the internet companies on screen. When I phoned Currencies Direct they gave a poor rate but also asked if I was just doing research. I replied 'No' and that I was looking to transfer that day. 'Would you hold for a minute'. The chap came back with an extremely good rate easily beating all the other quotes so went with it.

He did state that sometimes when a big deal is going through they can tag on to it and offer a far higher rate. My thoughts are that the rate they first offer is low but pushed they can do a lot better.

As regard Banks, a couple of years ago think it was Living France published the rates offered by a number of dealers and I think it was Barclays that came out on top - so do not discount asking the banks, you might do even better if you mention that you are a shareholder [:(]

Paul

[baypond]

[quote user="P2"]

He did state that sometimes when a big deal is going through they can tag on to it and offer a far higher rate.

[/quote]

Unfortunately this information provided to you is absolute tosh. The difference in spread that these companies have to pay to cover any amount from EUR 100 to EUR 10,000,000 is the same within 0.0001.   ie from 1.1000 to 1.1001. My guess is that he was merely trying to extract as much commission from the trade as possible, but accepted a lower margin when you pushed him, and then tried to explain it away with the above comment.

Smaller amounts will always tend to be quoted at a worse rate. The economics are simply to do with extracting value from the transaction. Mathmatically they need to charge you a 10th of the spread on a EUR 100,000 transaction than a EUR 10,000 to extract the same commision.

As I said in an earlier post, I would always open two accounts and compare rates. If you stick with one only, and they sense that they have a monopoly on your business, the quotes will get worse over time as they try to extract more value from your transactions.

When buying foriegn exchange, just remember currencies are just like any other commodities such as electricity, heating oil etc If you always buy from the same provider, you wont get the best rate.

[PaulT]

[quote user="P2"]

He did state that sometimes when a big deal is going through they can tag on to it and offer a far higher rate. My thoughts are that the rate they first offer is low but pushed they can do a lot better.

Paul

[/quote]

Baypond that is why I added a sentence after what you have quoted from my post.

However, my overall point was do not just accept what they offer BARTER

Paul

[baypond]

[quote user="P2"][quote user="P2"]

He did state that sometimes when a big deal is going through they can tag on to it and offer a far higher rate. My thoughts are that the rate they first offer is low but pushed they can do a lot better.

Paul

[/quote]

Baypond that is why I added a sentence after what you have quoted from my post.

However, my overall point was do not just accept what they offer BARTER

Paul

[/quote]

Sorry, I didn't mean to single you out, or criticize your post, but rather single out the FX brokers who are not afraid to spin a yarn if it helps them justify not quoting their best rate to begin with.

Giles

[gitbash]

Hello everyone,

This is my first (of many) posts on this forum. I couldn't see an introduction section, so I will introduce myself here.

I am Terry, my wife is Nathalie; She is French but has lived in the UK for the last 20 years, we have 3 kids (10, 9 & 6). We are about to take the plunge and buy a property in the North (within striking distance of Calais). We envisage buying very soon and spending a few / several months making the property habitable, then Nathalie and the kids will move in permanently, but I will continue to live and work in the UK during the week, and commute at weekends. (I know it's a big drag, but it's the only way to make it happen).

Anyway, to the subject matter: Does anyone here use a money transfer company called TorFX, or do you know if they are good/bad or indifferent? The reason I ask is that for some months I have been on their emailing list for market updates, etc, and I have found their info and advice very useful. For this reason, I feel almost morally obliged to use them. I will probably also sign up with a couple of the other transfer companies mentioned in this thread, I just wondered if TorFX were reputable? To a "money transfer virgin" it seems like a big risk paying many thousands of your hard-earned to a company you know little about; a bit of a leap of faith hoping that the euros will materialise at the other end of the virtual tunnel!  

Any advice or opinions would be most welcome.

I have been glued to this great forum for a couple of weeks now and I find it extremely informative and generally very friendly. You will no doubt see my name pop up in several other threads in the next weeks and months.

Thanks once again for all the useful information.

TTFN

Terry

[Cat]

You can find reviews of the company you mention here gitbash http://www.reviewcentre.com/reviews110806.html

 

[Clair]

Hello Gitbash

Welcome to the forum.

In answer to your question about TorFX, as far as I am aware, it has never been mentioned on the forum before.

Speaking personally, I would not feel obliged to use them simply because you "have been on their emailing list for market updates, etc, and have found their info and advice very useful".

See some of the following threads for suggestions of what to look for:

• http://www.completefrance.com/cs/forums/1653773/ShowPost.aspx
• http://www.completefrance.com/cs/forums/1623490/ShowPost.aspx
• http://www.completefrance.com/cs/forums/1239208/ShowPost.aspx

[Nearly Retired (I am now)]

In the past I have used a couple of these types of firms to transfer the house buying funds (in two tranches) and then something like a €30,000 top up for refurbishment expenses.

What I didn't know then is that they are all unregulated. If they go bust with your money or the directors just disappear - so does your money. Quite a few lesser known firms have already caused anguish for poor souls transferring money to places like Iran and Kuwait.

Taking into account today's uncertain world I might just stick with a regulated bank next time and pay the premium for peace of mind - I've lost too much money elsewhere already!.

[Un autre Gallois]

Never used this company, but am registered with them for future transfers, picked them up at a Siddalls seminar; CaxtonFS who are authorised & regulated by the FSA. Before everyone chortles "registered with the FSA, maybe the kiss of death", at least there is some regulation with this firm which appears to be non existant with a lot of the others. I to have heard of people losing money with cowboy brokers, but I shall use Caxton FX for my next transfer - nothing to do with Siddalls!!

[fromage]

When we bought our house a couple of years ago, we spent several weeks comparing HIFX and First Direct, getting quotes from each at practically the same time every 2-3 days.  Surprisingly, First Direct was better so that is who we used.  It's certainly worth running comparisons between a couple of companies (and a "proper" bank) if you've got the time to do so.