Exchange rate with Currencies Direct
#1
BE Enthusiast
Thread Starter
Joined: Mar 2006
Posts: 827
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?
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?
#2
BE Forum Addict
Joined: Aug 2005
Location: Beckenham, London borough Bromley
Posts: 1,617
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
Davexf
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
Davexf
#3
BE Forum Addict
Joined: Aug 2006
Location: Velez-Malaga
Posts: 4,916
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.
#4
Re: 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?
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?
So at present we have used Moneycorp, which seems to offer slightly better rates.
#5
Joined: Jun 2011
Location: In the middle of 10million Olive Trees
Posts: 12,053
Re: Exchange rate with Currencies Direct
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.
So at present we have used Moneycorp, which seems to offer slightly better rates.
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#6
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
#8
Forum Regular
Joined: Aug 2005
Location: El Cotin, Chiclana
Posts: 297
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.!
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.!
#9
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.!
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.!
#12
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
PS. We are still a couple of K short .... I believe the investigation is still going on.
Sadly fox hunting has been banned
#13
Lost in BE Cyberspace
Joined: Feb 2008
Posts: 5,621
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.
#14
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.
#15
BE Enthusiast
Thread Starter
Joined: Mar 2006
Posts: 827
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.
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.