Can anyone explaim how the foreign exchange companies work ?
 

Ok guys

Have been trawling around looking at info on setting one of these foreign exchange things up to transfer the house money over to Canada when the time comes.

Cant seem to get my head around how they work.

I intend to deposit the money into our Nat West Account but how to I arrange for it to go from there to these companies to trasnfer to Canada ???

Sorry incredibly thick today

Gay
x

Re: Can anyone explaim how the foreign exchange companies work ?
 

You just pay then by debit card or the like I believe. Or direct account transfer from your account to theirs.

Re: Can anyone explaim how the foreign exchange companies work ?
 

Either as above or set up a one off payment from your online banking to pay the one amount to the company's account.

Re: Can anyone explaim how the foreign exchange companies work ?
 

Hi Gaynor

I went in to our bank today to ask about this as well. We used Moneycorp to transfer some money to the bank account we set up when we went over, so we could pay a deposit on the house. I asked if I could just ring up to get them to transfer the rest of the money from our house sale to Moneycorp and she said I had to fill a form in and take it in and then they would charge me £20 for the privilege of transferring our money the same day!

I will pm you with our seat numbers for the flight.

Lisa

Re: Can anyone explaim how the foreign exchange companies work ?
 

Can you do this regardless of the amount? It would be a lot easier to do this rather than having to trail to our bank branch which is in another town?

Lisa

Re: Can anyone explaim how the foreign exchange companies work ?
 

Be careful here, some banks have limits on how much you can pay out through online banking in one day. I used Nationwide and their limit is £10000, but with them you can pay out as many £10000's as you need. Check with your bank first, otherwise you may book a big deal and not be able to get the money to the brokers quick enough...

Patrick.

Re: Can anyone explaim how the foreign exchange companies work ?
 

If you're making a big transaction it may be best to clear it with your bank first so they don't put a block on it. Phone their phone service up and inform them you'll be making a huge transaction, tell them who to and instruct them not to block it. Should be fine then, but it's definitely an idea to let them know first. Some banks can be very picky and overzealous with regards to large transactions. They never seem to have a problem when it's being paid in though, funny that.

Re: Can anyone explaim how the foreign exchange companies work ?
 

Gaynor, I went into my bank branch and set up a series of passwords to enable me to transfer money via the phone from my bank account to HIFX. I only had a 5000 GBP limit otherwise - not good when I was transferring my equity!

Make sure you get a direct dial phone number for the contact person you will be dealing with at your bank branch - you don't want to have to dial a call centre on a 08 number as it's premium rate from Canada.

I only have experience of using HIFX. They have been very good and I have used them 3 times so far. You need to register with HIFX so should ask for forms to be posted to you now while still in the UK. Give them a call, they'll talk you through the steps. :)

Re: Can anyone explaim how the foreign exchange companies work ?
 

I used http://www.xchangebusiness.co.uk/ for many transactions.
You can send the money to them by Bacs from your bank. hey may ask you why you dont use them. Answer is Xchange usually give a better rate. No fees for amounts over UK 5000. YOu need to set up an account, and give recipients bank details, passport details etc. Then when I see the rate is good, i ask them to buy the currency for me. Then they wait for your funds, and transfer them to yoru nominated bank within a couple of days. I can telephone them or email them any time. I alsohad to send two lots of 10,000 due to internet limits, but again they were fine with it. It is a lot easier than you think.