Foreign currency exchange

Hi every one,due to complete shortly,we have used Moneycorp previously to transfer funds ,but have found them quite uncompetitive with their rates.Can any one recomend a broker/company they have used and were happy with the service

Many thanks

MGK

We've used HIFX & Interchange and found them to be very good and very easy transfer to / from.

Thanks for your help Gary & Angela

Checking them out !!

Hi MGK,

      We've always used Caxtonfx, £5,000 minimum transfer but have always been competitive and very efficient. If you bought your place through villacashback then you will get a better rate, ask them for a price first then mention villacashback and they will up it slightyl. Always worked for me.

                                              Chris.

This may not be use to most of you, but after trawling the internet and holding off, ... And holding off, in the forlorne hope the rate would rise, I came accross a small local enterprise that was teriffic. (Need proper photographic Id, utility bill, reason for exchange and transferring bank details etc, etc, to meet government legislation.)

I had a deadline for 24 March for final payment and was desperate to salvage something by way of a decent exchange rate.

On Thursady they offered a rate of 1.06 plus 32 euro transfer fee. Best rate elsewhere was 1.05. Unfortunately they only deal face to face and will not hedge and of course the amount you tranfer plays a part in the rate you get. ( I transfered £26,000.)

Bank of Ireland, my bank, were looking an exchange of £5,000,000 (yes 5 million) to achieve a rate of 1.06

I could really kick myself when I think I could have exchanged approx a month ago for 1.15 or in Nov 2008 for 1.20, but then hind sight is a great thing.

Always get good rate from Halo Financial (google them), I usually compare 3-4 on the day and the always come up trumps

I must admit I have never used Halo Financial so will exclude them from the point that in general companies initially quote the interbank exchange rate and the actual rate they offer is usually between 2 to 4% lower. For example one company is offering a rate of 1.063 this morning, but when you proceed with the transaction they make you aware that this is not the actual rate you will receive and invite you to contact them for the 'best rate'. Thus an interbank rate of 1.063 usually translates to between 1.0417 and 1.0205 And some  companies may even charge a small commission on top.

When I ring Halo they give me the exact rate at that precise moment that I will receive. I then agree to buy and there is never any change to it all. I know the rate changes by the minute, but I don't really know what you mean because I have used Travelex, Moneycorp and Halo over the years and none of them have done this to me. The rate they quote me is what I always receive. Also Halo do charge a fee of £15 on sums less than £5k but it still has worked out cheaper than most of the others the last 3 times I have used.

When you say they invite you to contact them for the best rate, do you mean you have not already contacted them? So are you looking at rate on internet because the rates do change by the minute so you have to ring them, get the rate and agree it immediately or it will change.

We started with Moneycorp, but also found them not so competative later. on  For the final 2 payments I used Smart Forex excahnge.  Found them to be very competative - just need to make sure you give yourself a day or two slack when transferring the funds over, as it doesn't happen as quick as I think it could or should. - No charges either.

In reply to tarapa, I agree 100% that once you ring them and once you commit to a rate then a contract has been entered into of which both parties are obligated and the rate quoted is that you receive.

I guess my point  was that on visiting these companies websites many, like  Money corp, XE trade and Interchange among others, provide a currency converter  ( ok a guide, but they use mid market rates, nothing to do with the rate changing by the minute  ) that in no respect resembles the rate you will actually be quoted. (and I state again when you ring them the quote is generally some 2 to 4% below  this mid market rate).  Why is it that in the 21st century we have to use internet technology as a 'yellow pages'. In a similar case, if divergent vein, I suppose the same applies to airline web sites, why can they not at the outset state what the actual fare is rather than offer a price that increases the further along the process you get.

And yes I have contacted several companies, who have proceeded to email updates or contact me by phone. Now nothing wrong with that but I always prefer in my time at my convenience and on my instigation to contact them and not to receive unsolicited calls at the most inappropriate times.

I also understand the the rate 'advertised' can change by the minute but even my local bureau who offered 1.05€ on line, on friday will guarantee this rate if you phone before the rate changes on their website, which by the way is updated in periods of 15mins. It would be interesting to hear from anyone who had quotes from any of the main forex companies on friday so as to make a comparison.

And I think skell is correct, we get lazy or exhausted by the thought of repeating the calls, answering return calls, bombarded by emails, or maybe we dislike change, But we should change our service providers, our banks, et al to achive a service that suits us and is as competitive as can be. And yes just why does it take so long, generally up to 48hrs for an eletronic transfer- IBAN, to complete its journey from the uk to spain, Via mars or helping someones bonus?

Sorry for the rant, but really feeling much better now.

 Hi. I use Capital Currencies of Tunbridge Wells. 0800 298 2785. First class rates and service. Ask for Craig Strong. 

Nice one Raff.  Your last post tickled me, but so true........

Glad you got it off your chest!!

Skell

Does anyone know if you can do an on-line transfer from a UK bank account to their spanish bank account. I bank with Barclays here and Cam in Spain. I use internet banking a lot with both. But I have to physically go and queue up in Barclays and fill out forms every time I want to send money to Cam in Spain.

That's why I use the transfer companies a lot of the time, for the convenience of being able to do it from home.

Any ideas or suggestions on this appreciated.

Hi Tarapa,

Yes we can do this with the Halifax bank, to the Banco Halifax Espania bank.  It takes 2 days to clear into your account - but I can do it all from my PC

Regards

Nick

Same as Nick, we use Halifax UK and Spain, free transfers and very easy to use.

Dan

 A big thank you to you all for the advice last week re curr/exch. eventually went with Smart exch.who gave me the best rate available at the time.Out on the 18th april hope to meet up in the "surgery"with any one there!!