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money transfer / exchange rates

money transfer / exchange rates

Old May 16th 2013, 11:32 pm
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Default money transfer / exchange rates

can anyone advise on the best and most cost effective method of transferring money from Britain to Hungary, in view of purchasing a property this summer.

halifax do an international transfer of max 25000 per 24 hrs but i wont know the rate until actual transfer.

advise gratel appreciated
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Old May 16th 2013, 11:44 pm
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Default Re: money transfer / exchange rates

This is always something of a minefield and a bit of a gamble as exchange rates can fluctuate quite a bit between the £ and the HUF.

In all likelihood any high-street Bank will give you a poor exchange rate and charge a big commission compared to a commercial foreign exchange bureau - such as Moneycorp which is the organisation we used. You can agree a rate of exchange now for a purchase in the summer or arrange it closer to the time but I think you are contractually tied in if you arrange it now.

I suggest you compare current rates that the Halifax and Moneycorp offer now and see what the difference is to see who is likely to give you a better deal.

If I was in your position I would wait until nearer the time - just in case it does go bust in these uncertain times - and use Moneycorp (or equivalent). They can make transfers quite quickly.

Good luck,

Dave
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Old May 17th 2013, 6:15 am
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Default Re: money transfer / exchange rates

Hi Dave I use hifx.co.uk its free and easy to sign up, you can get a quote for an amount without having to transfer they charge £9 if transfer is below £3k or free if its over this. money comes out with your debit card and transfered within 3 days.
their rate is normally 9 points below spot on the Huf
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Old May 17th 2013, 7:49 am
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Default Re: money transfer / exchange rates

Hifx, theirs is one of the best rates and easy to use.
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Old May 17th 2013, 9:35 am
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Default Re: money transfer / exchange rates

Originally Posted by dave1982
can anyone advise on the best and most cost effective method of transferring money from Britain to Hungary, in view of purchasing a property this summer.

halifax do an international transfer of max 25000 per 24 hrs but i wont know the rate until actual transfer.

advise gratel appreciated
I suggest you set up a Metro Bank account. To do this you have to go to London and visit one of their branches (https://www.metrobankonline.co.uk/). Having an account with them is handy anyway as they do commission/fees free withdrawals outside the UK, but when I came to do my UK-HU transfer I found that they "only" charge 17.50GBP for this, compared to double this with most High Street banks. I transferred the GBP for my house purchase to my OTP account in Hungary who then did the conversion to HUF. Compared to that day's exchange rate on fx.com (which is usually very accurate when compared to the rate I get on my credit card) then I actually got *more* in my Hungarian account than I transferred from my UK account

Matt
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Old May 18th 2013, 3:17 am
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Default Re: money transfer / exchange rates

Hi Dave,
I totally agree with rammy, it is very much a day by day situation, you need to constantly check rates, and also watch the news for global issues which can cause a short term rise or fall in rates depending if it's effect on either of the relevant countries.

The difficulty is if you are buying then you do not have the luxury of waiting for a good rate.
unfortunately for you the rate has been on an overall gradually downward trend since this time last year. So it might be worth considering transfering part of your funds soon and then checking rates before moving the remainder, but it is always going to be a gamble.

I used Lansdown Hargreaves, once registered it is a simple telephone call to check rates and transfer if you wish, or call another day.
Friendly and helpful, three days for the funds to transfer, free (except for small transfers)

As everyone else has already said, avoid using a bank! rates are poor and commision high.
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Old May 18th 2013, 3:21 am
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Default Re: money transfer / exchange rates

Dave,
A thought worth considering, I have my extra money in a savings account with OTP, which is paying 8%.
which is a lot more than any UK bank is offering, so possibly transfering your money to a short term savings account could be benificial, and offset any loss on the exchange rate.
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Old May 19th 2013, 12:02 am
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Default Re: money transfer / exchange rates

Well thanks all for the info posted. I think I have a few options available. Opening a a savings account at 8 % in Hungary could be an attractive option. However I may have to look further into that, doubt I can open one from from the UK. Money laundering regulations could cause difficulties.

Unless someone else has been successful on that count.

I will make enquiries either way and hopefully get the best options sorted before I travel.

Many thanks again for the advice already posted.
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Old May 21st 2013, 9:06 pm
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Default Re: money transfer / exchange rates

Don't use a high street bank to do a currency transaction. Their rates are pathetic.

Myself I get paid in dollars and convert them when I need them or the exchange rate goes in the wrong direction, on. Anything over £1000, it is much better to use an FX company.

I use Moneycorp in London.
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Old May 21st 2013, 9:34 pm
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Default Re: money transfer / exchange rates

target for many traders is 371 spike off a 336 turn

by the way Dave1982 you havnt just sold a flat in cheshire have you?
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Old May 22nd 2013, 6:37 am
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Default Re: money transfer / exchange rates

Heli I don't know much about currency trading. could you explain the terminology your using regards spike and turn.

Havn't sold flat in Cheshire but sold a house in Yorkshire.

Been trying to contact OTP bank by email about opening an account as duztee suggested but e mails keep getting regected. Get the feeling their English isn't up to dealing with my quiry so they press the reject button.
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Old May 22nd 2013, 8:03 am
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Default Re: money transfer / exchange rates

Hi Dave1982 for a moment I thought you maybe someone I know who has also just sold up and looking at Hungary

from the trading point of view there is expected to be a move higher from todays rate, the target rate is 371to the £ which should see a buzz in the housing market in Hungary

Dejavu Bulgaria
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Old May 22nd 2013, 8:12 am
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Default Re: money transfer / exchange rates

Originally Posted by heli2010
Hi Dave1982 for a moment I thought you maybe someone I know who has also just sold up and looking at Hungary

from the trading point of view there is expected to be a move higher from todays rate, the target rate is 371to the £ which should see a buzz in the housing market in Hungary

Dejavu Bulgaria
It was over 380 last year and didn't even register on the housing market
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Old May 22nd 2013, 8:33 am
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Default Re: money transfer / exchange rates

Originally Posted by Rural Hungary
It was over 380 last year and didn't even register on the housing market
Hubby doesnt normally trade Huf just Eu,£ and $ last year everyone was still holding tight and holding gold now its property again.
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Old May 22nd 2013, 9:10 am
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Default Re: money transfer / exchange rates

Hi Heli, forint is still holding steady around 340, any occurances which lead you to believe a rise is on the way?

Rural is correct that the begining of last year saw a rate of 380, some way short of it's peak of 412 in 2006, since it then dived to a low of 277 in 2008 I think 340/350 is an acceptable rate.
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