Moneycorps etc
Jul 24th 2007 | 1:19 am
#16
BE Enthusiast
Joined: Aug 2005
Posts: 895
From: Was Brentwood, Essex Now Wasaga Beach, Ontario
Re: Moneycorps etc
The company i clear all my trades through are now offering a foreign exchange service to the public. Schneider Foreign Exchange will work bids and offers in the spot market. I have an account with them and was looking to change up £200,000 and just been quoted 2.1385 market was 2.1405 -2.1415 on spot market.
If that is of help to anyone let me know and i will pass on the contact details.
Accounts are segregated.
Chris
If that is of help to anyone let me know and i will pass on the contact details.
Accounts are segregated.
Chris
Jul 24th 2007 | 1:51 am
#17
Banned
Joined: Dec 2005
Posts: 667
From: Cochrane near Calgary, Alberta
Re: Moneycorps etc
People seem to use the above and HiFX etc to transfer funds to Canada.
What is the feeling about thranferring your hard earned life savings into the hands of a company for them to then transfer on your behalf ?
Are you nervous about giving your money to a company with no recourse if they a) go out of business or b) swindle you ? Is there any recourse ?
I am getting close to using one such company and have actually started to thing about it in the cold light of day.
Thoughts ?
Paul
What is the feeling about thranferring your hard earned life savings into the hands of a company for them to then transfer on your behalf ?
Are you nervous about giving your money to a company with no recourse if they a) go out of business or b) swindle you ? Is there any recourse ?
I am getting close to using one such company and have actually started to thing about it in the cold light of day.
Thoughts ?
Paul
Jul 30th 2007 | 3:09 am
#19
Forum Regular
Joined: May 2007
Posts: 148
From: Kitchener, Ontario
Re: Moneycorps etc
Hi Tangram
I’m glad you raised the subject of client fund security. It’s of paramount importance, especially when you're transferring large amounts of money to start your new life abroad.
When choosing a currency specialist, our check list would be as follows:
- do they hold your money in segregated client trust accounts. Essentially this means that your funds are held separately from company funds protecting it from creditors etc.
- do they have professional indemnity insurance protecting customers from staff fraud etc.
- do they have direct access to SWIFT. SWIFT is the worlds largest payments and settlements network for domestic and international trades. Direct access ensures you the client benefit from faster payments and enhanced security.
Are currency brokers regulated?
Essentially regulation wise there are two categories of foreign exchange - speculative foreign exchange and deliverable foreign exchange. Speculative foreign exchange (betting on the market) is judged by the Financial Services Authority to be an investment and therefore it falls under their remit. Deliverable foreign exchange (what we do) is deemed money transfer and therefore is regulated by HM Customs and Excise and this includes the main high street banks.
Our private client business therefore, falls under the remit of the HMC&E, however, we have a corporate arm of the business and an insurance company which are both fully FSA regulated.
It’s also worth pointing out that we are one of the largest players in the market. Last year we handled over £20billion in foreign exchange and helped over 30,000 private individuals buy and sell currency. Approx 20% of our new business comes direct from customers recommending us to their friends and family due to the high levels of service we provide and we have an NPS score (Net Promoter Score) of 58, which is higher than most businesses including John Lewis!
Finally, clients have the peace of mind that we are also trusted by over 2,000corporate clients including The Royal Mail, HMV and Dyson.
As you would with any financial services provider, before you use them do your home work. As long as you choose one of the more established players(HiFX, Moneycorp etc...) your money will be just as safe as if you sent it via your high street bank.
Sorry for the long answer, but I hope this sets your mind at rest.
Mark Bodega
Marketing Director - HiFX
I’m glad you raised the subject of client fund security. It’s of paramount importance, especially when you're transferring large amounts of money to start your new life abroad.
When choosing a currency specialist, our check list would be as follows:
- do they hold your money in segregated client trust accounts. Essentially this means that your funds are held separately from company funds protecting it from creditors etc.
- do they have professional indemnity insurance protecting customers from staff fraud etc.
- do they have direct access to SWIFT. SWIFT is the worlds largest payments and settlements network for domestic and international trades. Direct access ensures you the client benefit from faster payments and enhanced security.
Are currency brokers regulated?
Essentially regulation wise there are two categories of foreign exchange - speculative foreign exchange and deliverable foreign exchange. Speculative foreign exchange (betting on the market) is judged by the Financial Services Authority to be an investment and therefore it falls under their remit. Deliverable foreign exchange (what we do) is deemed money transfer and therefore is regulated by HM Customs and Excise and this includes the main high street banks.
Our private client business therefore, falls under the remit of the HMC&E, however, we have a corporate arm of the business and an insurance company which are both fully FSA regulated.
It’s also worth pointing out that we are one of the largest players in the market. Last year we handled over £20billion in foreign exchange and helped over 30,000 private individuals buy and sell currency. Approx 20% of our new business comes direct from customers recommending us to their friends and family due to the high levels of service we provide and we have an NPS score (Net Promoter Score) of 58, which is higher than most businesses including John Lewis!
Finally, clients have the peace of mind that we are also trusted by over 2,000corporate clients including The Royal Mail, HMV and Dyson.
As you would with any financial services provider, before you use them do your home work. As long as you choose one of the more established players(HiFX, Moneycorp etc...) your money will be just as safe as if you sent it via your high street bank.
Sorry for the long answer, but I hope this sets your mind at rest.
Mark Bodega
Marketing Director - HiFX
Stupid question time, as I am about to transfer a LOT of money within the next week or so...
How does your company make any profit if you are not charging any fees??
Thanks
Brian
Jul 30th 2007 | 3:14 am
#20
BE Enthusiast
Joined: Aug 2005
Posts: 895
From: Was Brentwood, Essex Now Wasaga Beach, Ontario
Re: Moneycorps etc
Brian,
They way it normally works is they take what is called a 'haircut' if you change £200,000 up when the rate they can get is 2.1605. They will take pips off you, and give you a fill of maybe 2.1575..
200,000 @ 2.1605 = CAD$432,100
200,000 @ 2.1575 = CAD$431,500
So although they don't charge you a commission they make money through the haircut. Correct me if i am wrong Mark.
Chris
They way it normally works is they take what is called a 'haircut' if you change £200,000 up when the rate they can get is 2.1605. They will take pips off you, and give you a fill of maybe 2.1575..
200,000 @ 2.1605 = CAD$432,100
200,000 @ 2.1575 = CAD$431,500
So although they don't charge you a commission they make money through the haircut. Correct me if i am wrong Mark.
Chris
Jul 30th 2007 | 3:52 am
#21
Forum Regular
Joined: May 2007
Posts: 148
From: Kitchener, Ontario
Re: Moneycorps etc
Thanks for that Chris!!!!!!
Jul 31st 2007 | 11:59 pm
#22
Forum Regular
Joined: May 2007
Posts: 148
From: Kitchener, Ontario
Re: Moneycorps etc
Brian,
They way it normally works is they take what is called a 'haircut' if you change £200,000 up when the rate they can get is 2.1605. They will take pips off you, and give you a fill of maybe 2.1575..
200,000 @ 2.1605 = CAD$432,100
200,000 @ 2.1575 = CAD$431,500
So although they don't charge you a commission they make money through the haircut. Correct me if i am wrong Mark.
Chris
They way it normally works is they take what is called a 'haircut' if you change £200,000 up when the rate they can get is 2.1605. They will take pips off you, and give you a fill of maybe 2.1575..
200,000 @ 2.1605 = CAD$432,100
200,000 @ 2.1575 = CAD$431,500
So although they don't charge you a commission they make money through the haircut. Correct me if i am wrong Mark.
Chris
Mark from HiFX....are you there????
