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17/05/2009, 19:04 crazyfrog Joined on 19/09/2005 65, Tarbes (ish) Posts 138 Re: Best Money Transfer company Hi, I use baydonhill (used to be currencies4less). No charge for the transactions. I got 1.102 last monday and the money was in my account by Friday, it's normally (about) 2cents different from the "active" rate being quoted at the time (i think it €->£ was around 1.125 at the time). You have to do some legal stuff to get set up (passport copies etc), but they're tip-top.          Report

18/05/2009, 15:52 Wibblywobbly Joined on 23/08/2004 Posts 75 Re: Best Money Transfer company Well I gave HiFX a call, spoke to a very nice young lady, very, very helpful. If their lines are busy you simply leave a number and they call back. I ran through a few personal/security questions, gave her the number from my drivers licence, and after a couple of security emails my account was live. I logged in, set up my French Bank account details (IBAN required) as a recipient, and that was all done. I had to ring the nice young lady again (she gave me her direct line number), and arranged my first transaction. This can usually be done online but I just wanted to ask a few questions. She read out the legal blurb, confirmed the sterling and euro amounts, and confirmed the transaction. I then received a confirmatory email with the HiFX bank account details. I logged in to my UK Bank online account, set up HiFX as a payment recipient and sent them the sterling amount. Then it was just going back to the online HiFX account, and selecting the French bank account as the recipient for the Euro's. In 3 days the sterling will be with HiFX, and they will transfer the Euro's to France. All done, and all future transactions can be completed online without going near my UK bank, or paying any fees. Why oh why didn't I do this years ago! Brilliant. Rob G www.hitenter.co.uk If money makes people happy then why do poor people smile?    Report

18/05/2009, 16:58 Benjamin Joined on 21/08/2005 Vendée South Posts 2,457 Re: Best Money Transfer company  Wibblywobbly wrote: In 3 days the sterling will be with HiFX, and they will transfer the Euro's to France. Rob G Most UK banks now give almost instant transfers from current accounts in the UK in Sterling. Surprised they are telling you three days. Benjamin Is Miki back?    Report

18/05/2009, 18:43 Jazzer Joined on 23/08/2004 Surgeres Posts 188 Re: Best Money Transfer company For small transfers- up to the early thousands a debit card will give an immediate transfer.Otherwise it should not take 3 days. Nat West to France is done same day! Can't quite follow HIFX at the moment. Seeing a rate on the website of 1.1246 this morning, I rang for a quote to transfer £1000 to France-quoted 1.04/ Last month web rate 1.11508 and quoted 1.066. They were offering fixed 1.10 for 6 months and 1.1050 for 12 months.Tonight on the HIFX website the rate is quoted as 1.3314.Most dealers are thinking the pound is on the rise.I would expect a lower rate for small transactions but I can't see the logic behind todays quotes. Jazzer    Report

18/05/2009, 18:50 osie Joined on 17/12/2007 South West France Posts 205 Re: Best Money Transfer company Personally a friendly helpful service costs... Bid serveral against each other and choose the best at the very last moment... I used baydonhill and it was very good... but only as good as the talk you talk. www.le-murier.com    Report

19/05/2009, 6:51 Âme Joined on 09/11/2008 Hautes Pyrénées 65 Posts 697 Re: Best Money Transfer company I'm registered with three dealers (Baydonhill, Currencies Direct & HiFX). None of these dealers add charges, the quoted rate includes their fee. When I need to exchange currency, about twice a year, I email all three at the same time, compare the quotes and choose the best rate.  The last three exchanges were through Currencies Direct.      Report

19/05/2009, 8:09 P2 Joined on 13/09/2006 Surrey & 31 (near Boulogne sur Gesse) Posts 583 Re: Best Money Transfer company When we bought our house I set up accounts with a number of transfer companies. For the deposit I used Currencies Direct as they gave the best rate. When it came to the remainder I phoned around and was given varying rates. I also had one of the internet companies on screen. When I phoned Currencies Direct they gave a poor rate but also asked if I was just doing research. I replied 'No' and that I was looking to transfer that day. 'Would you hold for a minute'. The chap came back with an extremely good rate easily beating all the other quotes so went with it. He did state that sometimes when a big deal is going through they can tag on to it and offer a far higher rate. My thoughts are that the rate they first offer is low but pushed they can do a lot better. As regard Banks, a couple of years ago think it was Living France published the rates offered by a number of dealers and I think it was Barclays that came out on top - so do not discount asking the banks, you might do even better if you mention that you are a shareholder Paul    Report

20/05/2009, 11:18 baypond Joined on 14/06/2007 Gers 32 and Kent Posts 507 Re: Best Money Transfer company  P2 wrote: He did state that sometimes when a big deal is going through they can tag on to it and offer a far higher rate. Unfortunately this information provided to you is absolute tosh. The difference in spread that these companies have to pay to cover any amount from EUR 100 to EUR 10,000,000 is the same within 0.0001.   ie from 1.1000 to 1.1001. My guess is that he was merely trying to extract as much commission from the trade as possible, but accepted a lower margin when you pushed him, and then tried to explain it away with the above comment. Smaller amounts will always tend to be quoted at a worse rate. The economics are simply to do with extracting value from the transaction. Mathmatically they need to charge you a 10th of the spread on a EUR 100,000 transaction than a EUR 10,000 to extract the same commision. As I said in an earlier post, I would always open two accounts and compare rates. If you stick with one only, and they sense that they have a monopoly on your business, the quotes will get worse over time as they try to extract more value from your transactions. When buying foriegn exchange, just remember currencies are just like any other commodities such as electricity, heating oil etc If you always buy from the same provider, you wont get the best rate. Life is too short to be small    Report

20/05/2009, 12:55 P2 Joined on 13/09/2006 Surrey & 31 (near Boulogne sur Gesse) Posts 583 Re: Best Money Transfer company  P2 wrote: He did state that sometimes when a big deal is going through they can tag on to it and offer a far higher rate. My thoughts are that the rate they first offer is low but pushed they can do a lot better. Paul Baypond that is why I added a sentence after what you have quoted from my post. However, my overall point was do not just accept what they offer BARTER Paul    Report

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