Knoxy_UK

Hi

Any one used TorFX to more money from £ to € or back?

Seems like it's ticking all the boxes, as there's no set up or transaction fee

Exchange rate is £100 = €112, so not brill, but I only want to top up the PT account now and then.

Banks all wanted £25 per transfer, Halifax was £9.50 but still seemed hungry.

They're regulated by the FCA (so are save to use)

Your thoughts?

or

MrBife

There are literally thousands to choose from, select the best two or three and play them off against each other to get the best deal on the day. Quote the rate from the first to the second and ask by how much they will beat it, call the third with that figure - then go back to the first one and start again. There is a lot of profit in this for them and a lot of leeway

peterfc

Hi

Have a look at Revolut it's an Ipad App or Android App. I have just changed at 1.1793. Revolut pay Interbank rate.

Peter

MidAtlantic

I have used TorFx several times, mainly when I moved my UK house sale proceeds to the US. I have always found them to be good value and extremely helpful. They are more of a personal contact company, rather than an on-line operation.

brodev

Personally I use Transferwise. When I compare how much I actually end up with in my bank after charges nobody has beaten Transferwise so far.

< snip >

morpeth

I use TorFX regularly, excellent customer service and transfers go through quickly. All automated but on the occasion I have to call in my customer service person, he handles issues quickly. Some countries though they don't handle for those I use the bank.

Some people say Transferwise has better rates, I haven't used them and I suppose for larger amounts worth comparing the two for which is better. Transferwise I am a bit leery of as my understanding is the "back office" for their transactions is through Estonia, some sort of matching type service, so when I am dealing with cash tranfers I tend to be more conservative.

qianh

I would say transferwise is good for smaller amount, it uses mid market rate plus their fee, for euro is very low - 0.5%. it requires you successfully transfer the money with 24 hours to lock the rate, otherwise it takes the rate of the time of transfer. The thing to bear in mind is, when I pay Transferwise through bank transfer, it's very easy for the bank to flag it as fraud, which happened to me. I have to go to bank personally to clear the security, so I didn't manager to transfer within the 24 hrs deadline. But once it is set up, it works fine and fast.
For large amount, I would go for brokers, HiFx, TorFx etc.. you have more bargain power to negotiate the rate and service is more personal.

Loafing Along

I am a fan of Transferwise, used the service for several years and a particular plus is you can make the payment from UK by debit card, exchange rate is good and it normally arrives in less than 24 hours.

nigel.b

Yesterday I sent £400 to my PT bank account with Transferwise. It took less than a minute online (because I've done it before and details are stored). A few hours later EUR471.55 was in my account.

Can't see the point of settling for EUR448 (the 1.12 rate mentioned by OP).

MidAtlantic

But that was two days ago.. the rate has changed significantly since then.

RichardHenshall

You're quite right, rates vary. I've just checked Transferwise and now you would only get 471,11€ for your £400

Knoxy_UK

It depends on the daily exchange rate, or the minute by minute (depends on provider)
But surely £400 would get a better rate than £100? If so comparing apples and pears is pointless.

However it's reassuring that there are several diferent options, and as an earlier peep suggested, having more than one provider allows you to find the best deal for your needs at the time.

MidAtlantic

No, those amounts are trivial in the context of fx, so there would be no difference. With some operators you would get a better rate for $100,000 say rather than $400.

As I understand it Transferwise give the same (mid-market) rate on all transactions.

RichardHenshall

I was comparing nigel.b's achieved rate of 471,55€ to the current quote of 471,11€, both for £400, which happens to be the threshold beyond which the transfer fee increases from the minimum £2 to the standard 0.5%. So I was comparing apples.

With Transferwise the exchange rate is the mid-market rate, regardless of the value, but the £2 fee for a £100 transfer is the same as for a £400 transfer, making the nett rate worse.

Anyone offering currency exchange based on a daily rate has a substantial additional margin (spread) built-in to cover the risk and fluctuations.

Knoxy_UK

Sorry Richard, I expected there to be a rate dif between £100 and £400 and thus an unfair comparison. But as pointed out by Mid Atlantic it's only when you get into ££££'s does it affect the rate.