Blackladder

Hi everyone, just a quick question: has anyone here had experience of using money transfer companies, rather than banks, for moving money from the UK to France? Are there any advantages to this? I was recommended a money transfer company by an estate agent in the UK who called me here in Sweden and offered to do this for me once I had opened an account with them. Apparently there are no charges for this service so I'm wondering where's the catch?

I am a British national and though I work at the moment in Sweden, I have bank accounts etc. in the UK and all this is legal and above board. I just wondered whether anyone on these helpful threads has had any experience of this or should I stick with the bank doing this transfer for me?

Appreciate any thoughts on this since it does represent my life's savings!
Thanks
Blackie

Ka Ora!

Check out the HiFX section of the Forum it's Right HERE

Andrea50

Hiya Blackie!

I have opened an account with HiFX - did it about 2 weeks ago, you don't have to commit to anything, I have just opened it ready to take advantage of any blip in the euroound rate, and when the exchange rate would enable me to get the money to buy whichever property we choose, I would then just do it. Some companies although they say there are no charges, actually give you quite a poor rate, ie they say no charge, and no commission BUT if the actual rate is 1.12, they only give you 1.07. HiFX did assure me they are always within 1% of the actual rate, ie, if the daily rate that day is 1.13, they guarantee to give 1.12, so I chose them.

Andrea50

Sorry for sticky out tongue - hit something by mistake whilst "going for a p"

Cleri

Ka Ora!

Would you like one?

Le Chant

Don't just go for HiFx simply 'cos they advertise here, there are others and if you shop around quoting rates from one to the other you'll often get a better deal. We did.

Cleri

A pee or a tongue?

Ka Ora!

If you pay me enough, Either. Double it and both

Tongue silly........

Mitichal

There was one company (can't remember which; when I find out I will post it on a reply) which offered a good rate, BUT wanted 5000€ as a deposit which would be returned at the 'end' ... so we didn't take them up on it. They were rather vague about the length of term, so check out all the conditions if something sounds too good to be true .... which means it probably is!

Blackladder

Hi Mitichal,
thanks for the reply, you're right about things being 'too good to be true', does the name Excel ring a bell?

G-J-B

A lot of people use Hi-fx and I'm probably going to go with them should the euro plummet and the pound strengthen as a result. There's another company that has a good reputation like hi-fx but I forget the name now. There's a few about, but everytime I looked into it, this seems to be the one people generally use. I wouldn't go with the banks, I think you'd get a crappy rate.

For anyone who has used hi-fx, can I ask how the process works. Do you sign a contract and hand over your bank account details so that they can initiate the transfer as soon as the rates reach the amount you want to transact at? (assuming they ever do reach the desired rate of course!). Do the French banks try and sting you at the other end when the money goes through to your French account?

Scots in Treignac

I use Hargreaves Lansdowne.

It's done on the phone using my visa debit card

I think I may have had to sign something- I can't remember now, but they asked for a deposit of £1000

They were happy to match FOREX who advertised on this site at the time.

From time to time they have special offers for smaller ammounts (no charge)

When I'm in France . I use my NATIONWIDE card in a Bank Cash Machine (hole in the wall) -about £400 a day.

No hassle but the drawback could be that the rate could change each day you transfer the money.


but for small amounts ,you could be paying £20 fees.


From the comments on this site , NATIONWIDE flex account is probably the best to use.

hitchw

the company i always use is RationalFX, have put lots of people their way and they all say the rates they offer are better than any other companies. whenever i have been quoted better elsewhere they have always managed to beat the rates. had to send some money to spain today, just traded with them, got 1.135 when the online rate was 1.141.... got quoted elsewhere at 1.128, 1.13, and finally 1.131... and those were the "big companies" everyone else raves about... All in all, smaller company, lower overheads, better rates in my opinion. if you want my contacts details let me know.
good luck
will

G-J-B

Interesting stuff, I will have to bookmark this page for future reference.