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Foreign Exchange Brokers


Hillsider

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I am about to make my third trip to the Vendee looking for a maison secondaire. Confident that this time I will find that house. With the exchange rate being so poor it seems even more vital than ever to secure the best exchange rate available. I have been looking on the net at various brokers websites and none seem to publish their rates, asking you to contact them. One broker - Crown Currency does advertise its daily rate and it seems quite generous. Does anyone have any experience of this broker? I am a bit nervous of committing all my capital (particularly for advance purchase to achieve a better rate) to a third party in these difficult times for finance houses. I presume there is no protection for anyone using these services or do they carry insurance? Any info about Crown Currency or any other brokers would be greatly appreciated.

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Cannot comment on Crown currency, I have used another company very succesfully. They are Halewoods, all the w's then hifx.co.uk

You are protected under FSA regulations and can view the market rates on the web site. You can purchase and hold currency for up to two years, some companies only give a 3 or 6 month window meaning more fees for them and a far worst deal for you.  Free transfer of funds to France and very helpful people.

 

 

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I use currencies direct for corporate and personal side and the corporate rates are better but very good service, I email, get the rate, get the contract emailed to me, I pay via internet transfer, it hits on the 3rd day, I get an email saying they received it, then another saying the transfer has gone through and when I check my french account that night it's always been in .....

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I can't comment specifically on Crown Currency, but have dealt with several UK based currency dealers of the type that advertise in publications like 'French Property News'.

As I understand it, to get a firm rate for a particular sum, you need to have an account registered. This can take a few days to set up, while they run checks or you fax documents. By registering (opening an account) you are under no obligation to make a transaction.  

Then you can see how the actual rates compare.

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teapot, FOREX or Money Brokers services firms are not regulated other than having to comply with money laundering legislation, so it is very much a matter of buyer beware. What you may be thinking of are independent financial advisory firms who are FSA regulated. Not that being FSA regulated gives any client protection, remember Lehman Bros!
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