15 Jul 2011 8:04 PM:
**Update**
Just to let those of you who are looking for a cheaper way to send over small amounts(less than £3k). I have just tried out https://www.currencyfair.com/ Firstly i'd like to make it clear I have no connection to this company, just trying to avoid the charges that my usual brokers(HiFX) have seen fit to introduce!
The CurrencyFair model is like Betfair, in that instead of dealing with banks, brokers, you are in fact dealing with other people like you who are trying to get the best deal. You deposit funds into your CF account and when cleared you offer a deal at a rate selected by you! If you ask too much for your money you get no takers, however if you pitch it right your sterling is snapped up very quickly!
Now to tell you how I did. Just to try it out I deposited the smallest amount £100 on Tue. By Thur this had cleared and I offered it for exchange on the site and received a match at 1.13ish(the bank rate at the time was 1.14ish). Allowing for the 3euro transfer charge I sent the 110euro on to my Spanish account the same day Thur, the money arrived the next day!! So from paying in to arriving in Spain took just 4 days.
I know where I shall be going to transfer my money in future!
Tony.
Thread:
HiFX to charge
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