Big Ant

I need to start making large transactions from GBP Building Society to PT Lawyer for purchase of Villa Has anybody used these intermediaries that give preferential rates of exchange for larger movements, especially for retail customers, and typically for huose purchases abroad ??

And if so....how does it work, roughly ?

Big Ant

Big Ant

Bugger me.....just noticed 'advertisement' at top of page

However....any experiences and recommendations appreciated....he says sheepishly.....

gazz

we use Axia FX

VonRyan

We use Foreign Currency Direct. They are extremely efficient
Their web address is www.currencies.co.uk. This should tell you everything you want to know

Good luck. Hopefully the exchange rate will improve soon

scrubbedexpat008

I used HiFX (hifx.co.uk) to bring the money across for our purchase and recently to bring a bit more over for a car. Here's how it works:-

1. Call them up to open an account - a few personal details etc.
2. When you want to move money, call them and get a rate for the amount that you want to bring over. If you agree then a verbal contract is made as you are instructing them to buy euros on your behalf at a fixed spot rate.
3. You receive an email contract notification within a few minutes.
4. You provide the destination account details (online).
5. You transfer the money into HiFX's account by whatever means available, within 3 days. I use online banking for this step, but watch the daily limit - you may have to make multiple payments for large sums.
6. When HiFX get the sterling, your euros are transferred as agreed into the destination account, usually arriving within 2 days or so.

Actually very easy; never had a problem. The above is the "spot purchase" mechanism for ad-hoc transfers; there are other alternatives for regular payments and "buying ahead" to fix a rate for some time. It's all explained on the site.

They make their money on the margin between what they get on the market versus what they offer you.

Good luck with whoever you choose.

Graeme

Big Ant

Perfect, just what I need, as getting close to Promissary Contract 1st payment.

Fyi, I am also going to try Nationwide B Soc, as they are generally good about overseas txns, and I will see if I can get 'negotiated rate' from their Treasury Department. If it is feasible, and FX rate is acceptable, then I'll but reply on here.

Cheers, Big Ant

bejaboz

We used Worldfirst.com who also advertise on this forum.

Same procedure as described by GRC which I think is common. Their service was excellent and the rate very good, but as these companies are all operating in the same market, I guess there is not a lot in it between them, but even a few cents when it's a large amount can be significant.

Best of luck.

BB

TaviraTrog

We have also used Currencies Direct and had no problems. The subject has cropped up before and as I remember it there is little to chose between the different companies. I suppose the competition keeps them pretty close together as regards the rates they offer.

brodev

I used Currencies Direct. I didn't take their first offer and said that HIFX offered a better deal and they bettered it.

gazz

thats the way to go with all the transfer companies, play one off another to get the best deal!

moonandsixpence

From personal experience I would agree that you should treat is as any other service ie. don't necessarily accept the first rate offered, play them off against each other - after all, thats exactly what they are doing with their suppliers to get your currency.
Just a couple of calls and you could save a lot of money with a large transfer.

Good look, and don't be rushed by them, they will want a deal there and then, just tell them you will make your decision within the hour after checking out a couple of others and wow - suddenly they may find you a better rate.

Adios..

Big Ant

Thanks for your advce GRC - I just used HiFX (hifx.co.uk) for the first time, and very smooth operation. Extremely easy to open account with them, email and SMS confirmations made process simple and transparent. Excellent service Big Ant

Nomad_H

Just a point because i,m not very well up on this. I have done online transfers from my bank in UK to my PT bank. They charge a flat £20 for this and it takes about 3 days. Two problems. One is nobody seems to be able to tell me what rate I will get at either end so I wait like a sitting duck and hope for the best. Fortunately that was when the £ was over 1.40 euros. Today what rate you get is vital. Secondly there is always another charge despite them telling me £20 only.
Reading your post I think I can do better.

Big Ant

Yes, read GRC post again. Basically, I opened accout in few moments, and then guy called me, we agreed the FX spot rate there and then.....and then I made transfer from UK Bank to HIFX UK Bank.....and spontaneously they transferred the agreed number of EUROS to my PT Bank, which recorded in my Bank a/c 1-2 days later. All transfers were documented and emailed, so I could easily see where I was at any moment. And....no additional fees as far as I can see, maybe 1x £20 somewhere.

scrubbedexpat008

There should be NO additional fees at either end. If there are - get back to HiFX and tell them to sort it for you.

They make their money on the marginal difference between the exchange rate that they get when they buy Euros on your behalf and what they actually offer you.

Glad it worked out for you.

Graeme