Money transfers?
Aug 14th 2009, 11:10 am
#31
BE Enthusiast
Joined: Sep 2007
Location: North Kessock, Ross-shire Scotland and Treignac France
Posts: 443
Re: Money transfers?
I've just been in France for a month.
I took out 330 euros nearly every day with my Natiowide card and paid it into my C A accoutn which gives me 2.5 % interest. The rate was very close to the cuurent exchange rate.
The only problem was using my card inthe machines. After phoning Nationwide, we think that ther has to be 24 hours between useage.
5
I took out 330 euros nearly every day with my Natiowide card and paid it into my C A accoutn which gives me 2.5 % interest. The rate was very close to the cuurent exchange rate.
The only problem was using my card inthe machines. After phoning Nationwide, we think that ther has to be 24 hours between useage.
5
Aug 16th 2009, 1:42 pm
#32
Just Joined
Joined: Jun 2009
Location: Colombes, Paris
Posts: 11
Re: Money transfers?
Hi
I also have a Nationwide Account in the UK and I must say they are excellent for drawing money abroad with no charges. One of the only in the UK, I believe who do not charge for this service.
Regards,
I also have a Nationwide Account in the UK and I must say they are excellent for drawing money abroad with no charges. One of the only in the UK, I believe who do not charge for this service.
Regards,
Aug 20th 2009, 2:58 pm
#33
Just Joined
Joined: May 2009
Posts: 3
Re: Money transfers?
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
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
Aug 21st 2009, 7:46 am
#34
BE Forum Addict
Joined: Apr 2009
Location: Le Givre 85
Posts: 1,343
Re: Money transfers?
We use Currencies Direct on a Standing Order linked to incoming monies in UK into UK bank account. We take the rate on the day, but truthfully not certain how rate of day compares with rate received. Assumed we got rate of day in full based on the level of money company moving on behalf of clients, obviously lots more than our meagre monthly income. Some checks planned. Not sure there is a perfect system from one company though.
CJM
Vendee
CJM
Vendee
Aug 21st 2009, 8:20 am
#35
Senior Moment
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Re: Money transfers?
We use Currencies Direct on a Standing Order linked to incoming monies in UK into UK bank account. We take the rate on the day, but truthfully not certain how rate of day compares with rate received. Assumed we got rate of day in full based on the level of money company moving on behalf of clients, obviously lots more than our meagre monthly income. Some checks planned. Not sure there is a perfect system from one company though.
CJM
Vendee
CJM
Vendee
Aug 24th 2009, 10:48 am
#36
Just Joined
Joined: Jul 2009
Posts: 3
Re: Money transfers?
My old man used to use hifx and currency direct for his pension, but when he found currencyfinder.co.uk he came across excel currencies, and seem to have now switched to using them.
Sep 8th 2009, 11:33 am
#37
Banned
Joined: Sep 2009
Posts: 2
Re: Money transfers?
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?
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?
The process for HiFX is very similar to a lot of independent foreign currency providers,
once you sign up (which is normally free of charge)
you can put what’s called a limit order into the market for example the rate is 1.1423 (interbank - the rate they get) which is it at the moment, you are likey to get 1.1365 (0.5% off the market), you can ask to get a rate of 1.1500 if the market gets there.
One thing you have to understand is that if the market does get to 1.1500 it doesn’t mean that you will get that rate it will have to reach 1.1557 (1.15 + 0.5%) before you get your desired 1.1500 rate.
Once you have either took the rate on the day or achieved your desired rate of exchange you normally have 48 hours to pay the Sterling to their bank account and then they will send the Euro's out to your designated account the day they receive your funds
If you get more than 0.5% off the market rate you are been taken for a ride ( the amount your transaction come into it) as i have worked for foriegn exchange brokers and it normally doesn’t depend on what company you use but more on the individual account manager you are allocated.
if you have any other questions i would be happy to answer then for you
cheers
Alex
