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Old Jan 24th 2013, 10:53 am   #1
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Default Exchange rate with Currencies Direct

I have a regular monthly direct debit transfer from GBP to EUR with Currencies Direct.
For a while now I've not been convinced that I'm getting a good exchange rate.

The latest transfer was at 1.1587 on 18th Jan which is well below the average rate for that day which was around 1.197

If I draw out 300€ from a cash machine over here then I get a better rate than my monthly DD.

I know quite a few people here use Currencies Direct so are you getting better rates than me?
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Old Jan 24th 2013, 11:15 am   #2
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Default Re: Exchange rate with Currencies Direct

Hi

I´m in the fortunate position of having my state pension paid direcrt into my bank account so only use currencies direct to bring over lump sums every 5 / 6 months.

I did a comparison a little while ago; Lloyds banks / Currencies direct / nationwide debit card.

Lloyds were the worst by far. nationwide I lost under two pounds to Currencies Direct who were the best of the three. Listening in to what others say, all these exchange firms seem much of a muchness, with the differences being small - and one day "A" will be best, the next "B" will be better

Just my tuppence worth

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Old Jan 24th 2013, 12:00 pm   #3
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Default Re: Exchange rate with Currencies Direct

I got 1.1869 with Currency Fair on Tuesday, when the mid market rate was 1.1930. That's the second time I have used them, and both times the money has been in my account within 24 hours, although I opted for a standard transfer (cost €3) which they say can take up to 3 business days.
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Old Jan 24th 2013, 1:21 pm   #4
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Default Re: Exchange rate with Currencies Direct

Quote:
Originally Posted by billgates View Post
I have a regular monthly direct debit transfer from GBP to EUR with Currencies Direct.
For a while now I've not been convinced that I'm getting a good exchange rate.

The latest transfer was at 1.1587 on 18th Jan which is well below the average rate for that day which was around 1.197

If I draw out 300€ from a cash machine over here then I get a better rate than my monthly DD.

I know quite a few people here use Currencies Direct so are you getting better rates than me?
I used to use them, but for the last 18 months when we've only transferred small sums such between £500 to £1500 I found the Royal Mail rate better! But obviously that means going to the UK & bringing the money in your pocket.
So at present we have used Moneycorp, which seems to offer slightly better rates.
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Old Jan 24th 2013, 1:26 pm   #5
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Default Re: Exchange rate with Currencies Direct

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Originally Posted by retired in euzkadi View Post
I used to use them, but for the last 18 months when we've only transferred small sums such between £500 to £1500 I found the Royal Mail rate better! But obviously that means going to the UK & bringing the money in your pocket.
So at present we have used Moneycorp, which seems to offer slightly better rates.
when I was doing that I found the local Co-op Travel dept had the best exchange rate £ : € for cash sums, by as much as 3 points

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Old Jan 24th 2013, 2:10 pm   #6
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Default Re: Exchange rate with Currencies Direct

Hmm ... Interesting. I have the same arrangement billgates. Ive got one coming through now, so I will check to see what rate it was
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Old Jan 24th 2013, 2:13 pm   #7
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Default Re: Exchange rate with Currencies Direct

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Originally Posted by Mitzyboy View Post
Hmm ... Interesting. I have the same arrangement billgates. Ive got one coming through now, so I will check to see what rate it was
1.17049 taken on 16 January
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Old Jan 24th 2013, 3:40 pm   #8
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Default Re: Exchange rate with Currencies Direct

When our free transfer arrangement with Banca March ended with the closure of their London branch I looked around for a good transfer company and eventually found Transferwise. (If you use this link your first transfer is free.)

It was really eay to set up, all online and I've been using them for some months now and they are consistently good for ease of use, speed of transfer and above all exchange rate. Transfers under £200 only cost £1. My last transfer was two weeks ago and I got 1.2271. This may sound like an advert for them but I dont work for them just want to give praise where due.!
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Old Jan 24th 2013, 6:16 pm   #9
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Default Re: Exchange rate with Currencies Direct

Quote:
Originally Posted by YMF View Post
When our free transfer arrangement with Banca March ended with the closure of their London branch I looked around for a good transfer company and eventually found Transferwise. (If you use this link your first transfer is free.)

It was really eay to set up, all online and I've been using them for some months now and they are consistently good for ease of use, speed of transfer and above all exchange rate. Transfers under £200 only cost £1. My last transfer was two weeks ago and I got 1.2271. This may sound like an advert for them but I dont work for them just want to give praise where due.!
But the rate HAS been coming down, so thats quite possible
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Old Jan 24th 2013, 6:54 pm   #10
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Default Re: Exchange rate with Currencies Direct

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Originally Posted by Mitzyboy View Post
But the rate HAS been coming down, so thats quite possible
Yes, I got 1.2276 via Currency Fair about 2 weeks ago.
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Old Jan 24th 2013, 7:54 pm   #11
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Default Re: Exchange rate with Currencies Direct

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Originally Posted by Lynn R View Post
Yes, I got 1.2276 via Currency Fair about 2 weeks ago.
Yes but thats a bit meaningless because the rates been dropping ... does anyone have a rate for anything that was drawn down around the same date as 17/18th?
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Old Jan 24th 2013, 8:24 pm   #12
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Default Re: Exchange rate with Currencies Direct

Whatever you do watch out for the new 'Crown Currency'. I'm sure there will be a new upstart wanting to take their place.

PS. We are still a couple of K short .... I believe the investigation is still going on.

Sadly fox hunting has been banned

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Old Jan 24th 2013, 8:46 pm   #13
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Default Re: Exchange rate with Currencies Direct

Must admit since having paid the mortgage off last year have only been transferring to cover bills and when coming over. I am currently holding off and just putting money in uk account in case needed and hopefully should it pick up I can move some. I have used Currency Fair but last time was a few weeks ago now and as I mentioned then the £ was falling, I do find them good for none regular transfers. I wish now (hindsight again) That I had set a rate for a regular transfer of a few hundred £ with one of the currency exchange Co's. Just wondering how far it will go down fell fairly quickly this month, of course the UK Government will be happy with that for a while to try and export. No doubt until the imports start affecting inflation? Petrol already rising every other day again in UK.
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Old Jan 25th 2013, 2:58 am   #14
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Smile Re: Exchange rate with Currencies Direct

Interbank 1 : 1.1810 at the moment we use Rational who would give us 60 clicks off on transfers over £5000 with no charges so about 1 : 1.1750 would the rate I would get. All recent transfers have been same working day if Stirling paid before noon.
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Old Jan 25th 2013, 6:49 am   #15
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Default Re: Exchange rate with Currencies Direct

I've been with Currencies Direct for quite a few years now and the rate used to be quite competitive, but I've been suspecting that something is not quite right for a while now since I noticed I can get a better rate through the cash machine, and even then with the added transfer charge.

I'll have to drop them an email and let them know I'm not happy with the rate they give me, then I suppose after they tell me that it's the best rate they can possibly do, I'll have to vote with my feet.
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