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Money transfers


Quarmby

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I shall soon have to bring across a large sterling sum to finance a house purchase, and I notice that the rate the Natwest (my bank) is offering is several cents below the mid-market rate. I know that there are organisations other than the high st. banks who do currency transfers - can anyone recommend one?
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I persanal have used Currencies Direct many times, who have been very helpful, the rate you will get depends on the ammount to be converted.

I would reccomend them, however there are others offering this service, suggest looking through one of the French English newspapers for alternatives

Regards

Stu the brew

P.S. their website is http://www.currenciesdirect.com/uk/

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  • 2 weeks later...
We used the Foremost Currency Group when we purchased our property 2 years ago and found them very helpful and efficient, no horror stories of the money disappearing into the ether[:)] They will also fix a rate for you, so you can use the same rate for the balance as you do for the deposit which means you can take advantage of a good rate, or at least that you know exactly what you are paying for the property, no nasty surprises 3 months down the line when the rate has fallen![:(]

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Yes very quick HIFX and free

                                            

                                                                         I had to transfer this week, (much against the grain,at the present rate) made the contract Tues. 9.30 A.M. money in my french bank WED. 12.00

    Hassle free

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We've just used the 4X Currency Corporation for both a spot and forward transaction.

The rate seemed competitive and I like the fact that you can use their on-line tool and actually "press the button" as the rate sort of flickers in front of you.

They completed the transfer to France with no charges and in a timely way.

If you do a transaction of under £10K they will accept payment to them by BACS (instead of CHAPS for over the £10K).

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DerekJ,

4X Currency Corporation plc look good and as you said, seeing the rates flicker and change in real time is interesting. I'm transferring a lump (which I'll need in a couple of weeks) and they seem to offer the best deal today. I presume your transaction was faultless as have been mine with another firm I've previously used.

But, before I give 4X a go - has anyone else used them and got any observations?

 

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NR.  I booked two chunks of money on the same day.  A spot transaction for the deposit on the house and another forward transaction for the balance.

The money for the deposit was transferred accurately and timely and with no additional charge. Because I had to set a date for the balance to be available in advance of our final completion I had to complete the transaction a few days ago... (still a few weeks to completion unfortunately). I hadn't finalised on setting up my French bank account at the time so it sat for a few days in a holding account at 4X. They were obviously happy enough to do this (it must have still been earning money for them) but then they transfered it quickly and without problem a few days later once I had finalised on the French bank account.

So bottom line... a faultless set of transactions.

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Surprising though it might seem, I have found my bank, First Direct, to offer the best service, in terms of exchange rate and cost to me, for occasional transfers (always in excess of £5,000).  However, they cannot compete at all for regular transfers (say, monthly or quarterly).  Whilst I have been using Moneycorp in recent months, the service is good, but I am really not happy about the rate and cost.  They are, they say, charging me commercial rate, but when I check up, it seems to be a lot closer to the tourist rate, which is, frankly, not very attractive!

I'm just about to try Currencies Direct, who, according to their current blurb, offer commerical rates and no transfer fee.  We shall see . . . . .

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When we bought I used Currencies Direct for the deposit having registered and phoned a number of companies.

Then it came to the balance. Again I phoned a number of companies and also had 4xcc on screen. Each time 4xcc gave the best rate. Phoned Currencies Direct and was quoted quite a poor rate and was asked what I thought of it. I told him not a lot. I was then asked if I was just doing research or actually going to transfer. I told him at the right rate the deal would happen that day. Just a minute, he said, we sometmies have some big deals going on and can tag on to that, I'll just talk to one of my directors. He came back with a rate that made all the rest seem silly so the deal was done.

Therefore, I believe that with at least one there is some barganning to do. So do not accept what they offer first.

Will also add that the deposit transfer went very smoothly so was happy to use Currencies Direct again which was smooth once again.

Paul

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I used Moneycorp some months ago for our house purchase and negotiated a better rate than they were offering, by saying that if the rate was better than all the others I had been quoted then I would agree the deal there and then.  Like P2's experience, he said "hang on a mo" and a few minutes later came back and bettered the other's rate.  No problems with the transfer, all sorted out by phone and email, quick efficient.  I think with a large amount, you could probably haggle a fraction of a cent or more.
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  • 3 weeks later...

DerekJ's good experiences with 4X Currency Corporation Plc (the internet company where the rate is flickering up and down on the screen before your very eyes) were good enough for me and so I took the plunge.

As a help to anyone changing money here are the facts:

I recently changed £16000 into Euros at a rate of 1.2561 when the rate shown on the BBC Business News website was 1.263 - a margin of 0.75 cents.

There was no extra charge by 4X, but my HSBC bank wanted £20 for a Chaps transfer and Credit Agricole charged me €2.55 to receive it into my current account.

I made the transfer at my UK branch on a Thursday and the amount in Euros was credited to my french account on the following Monday. I guess it would have been quicker but for the intervening weekend.

I have no connection with 4X other than being a contented first time customer and ask you not to take these comment as a recommendation - they just reflect my happy experience.

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Funnily enough, I've just had a thing from CA Britline offering free transfers into Britline accounts for money received in £s.  I quote: "0% FX commission + no handling fee  at daily commercial rate."  It's a three month offer only but might interest some?
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My mother is sending me over a couple of grand (or so) soon.

For small amounts she uses Western Union (thought that would be the cheapest?).

She's with Natwest and I'm with La Poste.

How much would we save by using a company? About 2 Euros? [:D]

I always thought that it took a couple of weeks to transfer money over to a French account (just via the banks themselves -Brit to French)?

I was surprised to read some of the comments on how quick the transfer was when using a company.

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[quote user="Bones"]I was surprised to read some of the comments on how quick the transfer was when using a company.
[/quote]

I have used First Direct frequently in the past: I ring them first thing in the morning, agree the amount to be transferred and the rate; £21 charge by FD, and the euros are in our account with Banque Populaire Atlantique the same afternoon - and the rate is usually excellent, definitely on a par with currency companies or even better; but so much faster. I really do not like losing sight of £14000+ for too long; hours are OK, days I find worrying.

Sue

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[quote user="spg"]

I have used First Direct frequently in the past: I ring them first thing in the morning, agree the amount to be transferred and the rate; £21 charge by FD, and the euros are in our account with Banque Populaire Atlantique the same afternoon - and the rate is usually excellent, definitely on a par with currency companies or even better; but so much faster. I really do not like losing sight of £14000+ for too long; hours are OK, days I find worrying.

Sue

[/quote]

Sue, I so agree, when I used FD it was as you say, quick.  When I investigated using a broker firstly we had to get the money (cheque) to them, it had to clear before they would do anything.  I would have lost far more than the £21 FD charged, and moreover I knew and had reason to trust FD.

However, what is now of more concern to me (and I'm sure to all on this forum) is the exchange rate: I will be wanting to transfer large amounts of savings soon - the million dollar question is (and no - I'm not expecting an anwer to this one!) when to do it .......  O how I wish for that proverbial crystal ball just now!!

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"I really do not like losing sight of £14000+ for too long; hours are OK, days I find worrying."

-----------------------------

Ha ha! Squeeky bum time I think Alex Ferguson calls it?

Cheers for the info; looks like I've imagined the wait times.

We'll see what Natwest and La Poste have to say then. (I worry that La Poste will charge something at my end - they're funny like that)!

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[quote user="Bones"]"I really do not like losing sight of £14000+ for too long; hours are OK, days I find worrying."
-----------------------------
Cheers for the info; looks like I've imagined the wait times.
[/quote]

In general I think matters have improved hugely in recent years; in particular the French bank the money is being sent to can have some bearing, I understand, on the speed of arrival. I should be interested to hear how your transfer to La Poste from the UK fares as we have a La P account too.

Sue

 

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