flying free

Has anyone found someone to transfer money at a set fee also at the market rate. The options seem to be either bank rates where they take a chunk out of the market rate or people like HiFX who only charge a small percent. However when you multiply this by the proceeds of a house sale it can still be thousands of dollars for the pressof a button.
I was wondering if there is someone who sets a fee and still gets you market price?

Flying free

alkristensen

try these

www.tranzfers.com

£7 fixed rate and are part of ozforex who advertise on this site. ive used them quite a few times and are very pro.

When i changed accounts inoz they rang me to make sure i had done this and not someone else!

they ring you when you do a deal too to make sure all ok.

al

marco121068

I wouldn't think there's anyone who does that.

Have a read through this - might help explain things.
http://britishexpats.com/articles/fi...ferring-funds/

alkristensen

try xe.com and open a traders account. you can scan letters ands proof of i.d. etc and upload them to thier server for quick account opening. very good service

then you can do one of these forward ex contracts below when account all verified

Forward exchange contracts

The risk of exchange rates moving against you can be managed by entering a forward exchange contract (FEC). An FEC is an obligation that allows you to buy or sell a specified amount of foreign currency at a fixed exchange rate (agreed upfront) for settlement at a specified future date – it’s a kind of “set the rate now - transfer funds later” contract. The forward contract effectively "locks-in" the foreign exchange rate for a future date, eliminating the effect that fluctuations may have on the proceeds of your transfer (for better or for worse).
Forward Contract Example

Assume you like the rate today (or don't want to risk it getting worse) and you will be receiving the British pound proceeds of your house sale in 60 days which need to be converted to Aussie Dollars:
Day 1: Agree the exchange rate with your forex provider at which you will convert your pounds for Aussie Dollars in 60 days (after this you won’t benefit from pound appreciation but you won't suffer depreciation either)
Day 60: Transfer the agreed pounds to your forex provider
Day 61: Forex provider transfers agreed Aussie Dollars to your account
So forwards give you a known outcome prior to you actually moving funds.
Other factors:
1. Forward rates are slightly different to spot rates depending on how far forward you go due to the difference in interest rates between the two currencies
2. You would normally be required to provide a deposit against a forward contract (Usually 5-10% of amount to be converted)

hope this helps


al

Centurion

You wont find anyone who will transfer at the bank rate.

Consider Ozforex and Hifx and play them off against each other if you really want to maximise it. Dont use tranzfers since they are Ozforex but will give a reduced rate on large sums in comparison to the parent who wont deal with the smaller amounts.