Transfering money to France

[Richard]

Has anyone used UKFOREX?  They seem to have good rates, bit maybe someone out there has got a better suggestion.

I have to initially send 16,800 euros, followed later by another 50,000

 

Thanks

[lacote0_0]

I may be a little paranoid as a result of the Northern Rock saga, but what protection do you have if these dealers fail?

[mint]

Good point, in my view, and perhaps not as paranoid as at first seems.  In fact, I was discussing with the OH about putting our money in different banks.

But, to go back to the original post,  I have not heard of this organisation.  I used another.  Can you google this outfit or, even (God forbid) sound out your own bank about them?  NOT that I expect the bank to be helpful  They'll just say they don't know this company and why don't you use them (the bank) and have peace of mind instead.  The bank, meanwhile, will just be giving you a rubbishy rate and trying to sell you house insurance or a pension plan or whatever!

Bankers, as has been said elsewhere, are the people who'd lend you an umbrella on a fine day and want it back when it rains.

I am sorry, this is not what you want to hear.  All I'm saying is, be AFRAID, be very afraid and proceed with caution.

[Georgina]

I recently transferred some money through another exchange company. It went into Cyberspace because of a string of numbers apparently but they did not bother to tell me it had come back to them.  I had to get them to resend it, resulting in it taking about 20 days. Plus they would not explain to me exactly what the problem was or how it could have been avoided, they just kept saying it had been resolved, so what can you do, nothing it seems but someone has your money and it's not you.  When we bought the house we used our bank First Direct and it went without a hitch. When I tried to contact the exchange company mentioned earlier I was speaking to people who did not understand me, very frustrating indeed and very stressful.

Georgina

[Gluestick]

Security of your funds has to be a primary consideration when using any Forex service: or indeed, making investments.

I have used HiFx in the past and they were always excellent: my first question was security!

HiFx keep customer funds in a separate Barclays Bank Trust Account: additionally they have Professional Indemnity Insurance (PI) to further protect the customer.

However, just looking again at the website, no mention is made of any regulation and perhaps one ought to firstly check with the Financial Services Authority whether or not UK trading Forex firms fall into or outside of regulation.

Interestingly surfing the mentioned outfit, all they say is that funds are segregated; and they are a member of the OzForex "One of Australia's leading foreign exchange dealers.....", which means absolutely nothing to me.

Quite often subsidiaries are not common capital with the parent and thus a UK outfit becoming insolvent would not necessarily be quaranteed by the parent.

Banks go pop all the time, all round the World.

I'm fairly paranoid, too Sweet 17!

And I fear that Northern Rock may well be just the tip of the iceberg.

 

[Fullwoods]

i have used Foreign Currencies Direct  01494 725353 for a number of years and never had any problems.  they are efficient, helpful and my money usually reaches my french bank within 3 working days.  i also have a standing order set up with them and therefore avoid transfer charges, its completely free.  

[Richard]

Thanks for all your comments, I would obviously rather use a firm that I can hear good reports about rather that just pick one blind from a search.

[mint]

In that case, Richard, I'll just add that I also used the firm that Gluestick mentions in his post.  I used them 3 times in total, once for the deposit, once for the completion and once just for funds to get started when we moved over here in April.

I did find their service very good.  There WAS a hitch the first time, but that was not the fault of HIFX, it was a mistake made by a brainless bimbo at my own UK bank.  I also liked the fact that you could track what was happening with your funds on the internet.  So, for example, once the money has left your HIFX account, you know the French bank should be getting the money any time soon.

Only trouble is all their staff sound so damn young, bright-eyed and bushy-tailed when they ring you and you're sitting there, calculator in hand trying to do a quick conversion, you just might get a sneaky feeling that they shouldn't be allowed near your hard-earned money! 

[kimg]

yes i agree, secondhand car salesman patter  comes to mind...

i keep thinking, they want my money because they have tagets to meet.

kim

[DavyH]

I have been using Moneybookers for about 1 year, never any problem - as expected it takes longer for my Bank to send them the money than it does for moneybookers to send it to France. - Usually 3/4 days from First Direct to Moneyybookers then 2/3 days to credit Agricole - costs me about £2 for £1500 transfer, bank would want £21

[Richard]

Once again, thanks all.

I only found this forum yesterday, and it looks like it's gonna be great help.

[PaulT]

Richard - do not take thier first rate, let them know that you wish to deal and are checking out rates for the best, they may well come back with a far better rate.

Have a look at

http://www.4xcurrency.com/4xcc/live_rates.shtm

as a start.

When we were transferring the balance for our property I phoned a few dealers and also looked at this site, which were giving the best rates. I then phoned Currencies Direct, who I used for the deposit. I was given a rate and did not sound enthusiastic. I was asked if I was just researching rates or looking to trade. I replied that I was looking to trade that day and wanted the best rate. I was asked the best I had achieved so far and quoted the rate from the site above, which was the best rate. Just a minute I was told, we sometimes have large deals going on that we can tag on to (good sales patter eh!). He came back and gave me an excellent rate and the deal was done. I was also happy using them again as the first deal had gone without a hitch. I will add we were transferring quite a bit more than you.

Paul

[bigears]

hi

I have used the exchange business in edinburgh for all my transactions.  When I registered with them they asked for proof of who I was and where I lived, another english company were not as rigorous, it gave me confidence in them.  All transactions went without a hitch and they will keep in touch as required via email, canny scotsmen/women.  I understand your dilema, you are nervous using an untried company.

[chirpy]

Could you afford the loss if the unexpected happens-!!!!!!!!!!!!That is the queston.

o.k. you have saved some money but do you sleep without fear while waitng for the funds to hopefuly arrive.

I personally would not take the risk on what was the largest transaction in my life.!!!!!!!!!!!

[Sharkster]

I have always looked at these type of companies and I think I may have started a similar thread on hear.  Most people seem to have great experiences, but as some people have said, do you really know who you are dealing with.  I use my bank to be safe.

[Scooby]

We used HIFX until they lost our money three times in succession - despite being told about the previous mishaps.  Our French account went overdrawn as a consequence causing us alsorts of nightmares (and financial costs).  When told about this HIFX didn't seem to give a hoot - no apology, no compensation nothing.  When we contacted them this time the rate they offered was appalling - so we asked our own bank (The Co-Op) for their rate - which was better and then our building society (Nationwide) which was miles better.  So we ditched the brokers and are now transferring direct from our Nationwide account.  Transaction is simpler, quicker and we are getting a substantially better rate (1.42 with Nationwide cf 1.35 with HIFX at the time of our last call to HIFX).  Okay we pay a fee to Nationwide but with the amounts being transferred the fee is miniscule.

[Georgina]

[quote user="DavyH"]I have been using Moneybookers for about 1 year, never any problem - as expected it takes longer for my Bank to send them the money than it does for moneybookers to send it to France. - Usually 3/4 days from First Direct to Moneyybookers then 2/3 days to credit Agricole - costs me about £2 for £1500 transfer, bank would want £21
[/quote]

Maybe not, maybe it's MB who do not show it in your account as soon as they have it!  How would you know.

Georgina

[Benjamin]

[quote user="Georgina"]

[quote user="DavyH"]I have been using Moneybookers for about 1 year, never any problem - as expected it takes longer for my Bank to send them the money than it does for moneybookers to send it to France. - Usually 3/4 days from First Direct to Moneyybookers then 2/3 days to credit Agricole - costs me about £2 for £1500 transfer, bank would want £21

[/quote]

Maybe not, maybe it's MB who do not show it in your account as soon as they have it!  How would you know.

Georgina

[/quote]

Agreed Georgina.

Transfers from my UK bank to other banks/people in the UK take three days. My transfers to MB take five days so who's holding on to it?.

Roll on the days when all UK banks do guaranteed next day transfers within the UK which they were going to begin in November but have now postponed due to incompatibility of software. (Got nothing to do with loosing a great big wodge of money by hanging on to ours of course. [:P] )

[Dinks]

[quote user="Fullwoods"]i have used Foreign Currencies Direct  01494 725353 for a number of years and never had any problems.  they are efficient, helpful and my money usually reaches my french bank within 3 working days.  i also have a standing order set up with them and therefore avoid transfer charges, its completely free.  [/quote]

Are you sure about the 'within 3 working days' thing? According to

their website "You can choose for money to leave your account on the

1st or 15th of

each month. We will buy Euros on the 7th or 21st (after your sterling

has arrived), and your bank will receive the payment abroad 2 working

days later." That sounds to be like considerably more than 3 working

days! I am interested because I did our first 'regular transfer' payment with Currencies Direct this month, having opted for the 1st of the month option by direct debit. The funds left my UK a/c on the 2nd and only reached my a/c in France on Friday 12 October which I found quite appalling. However, having spoken with HiFX, it seems that this 'délai' is normal but I find it totally unacceptable.