Intro and advice please!
 

Hi all,

just signed up after reading quite a few posts over the past week regarding moving abroad. My oh's family live in Spain and her father isnt in the best of health so it looks like we are moving over there in the very near future. In a way works out well as we sold our house in Richmond a few months back so have money to buy somewhere or to rent while there. The main questions I have are about currency...I know I know, most boring topic on here, but something important to us as want the best rates possible. I see that this site is full of various reccommendations but want to know what the main difference is between all the companies.

thanks in advance for all your help, im sure that your advice will be better than non at all!!!

Ben.

Re: Intro and advice please!
 

The main differences are who takes comission and who doesn't. For larger amounts, most should not charge anything simply getting their 'cut' from the exchange rate. Some will also move the money quicker than others.

At the end-of-the-day, I think it's down to who you've used before and are happy with.

I tend to ask two/three companies to give me a spot price for a certain amount. Obviously if the market is volatile then I have to factor that into the equation when deciding whos offering the best deal at that moment.

As you've asked, I think I can name the ones I use. They are;

World First
Foreign Currency Direct

The third one escapes me so can't be much cop :unsure:

Re: Intro and advice please!
 

Depends if you are transferring a lump sum or regular monthly amount

HIFX and ITT Moneycorp are a couple of the main transfer companies, but you will find a comparison of rates HERE

Re: Intro and advice please!
 

We use HIFX, Very good

Re: Intro and advice please!
 

Hi

I tried the site - it didn't mention Nationwide - perhaps it does not "see" all rates - or perhaps only those that can give it a "rake off".

To answer the question, simply, try several where you will be living. It is no use getting the best rate if you have to spend loads of money to get it.

Many banks can transfer money to a local branch; Barclays, Lloyds, Halifax to name but a few.

So look at who you bank with now, how you will transfer money to the transferring bank, and how you will get your hands on the money.

Davexf

Re: Intro and advice please!
 

Very few sites show all rates ..... or maybe the rates they submitted were not competitive enough, who knows :)
If you do comparison sites on insurance for instance, Direct Line who are a major player, dont participate on many (if any) I believe

Re: Intro and advice please!
 

If you're asking for advice about exchange rates, my offer is simply don't worry about it to much. It's far less important in the grander scale of things. A very competitive market means that most major banks and building societies can match specialists commission wise.

The BIGGEST piece of advice I would offer anyone moving to Spain from the UK is NEVER, EVER trust an estate agent. Should go without saying really, but they're sharper here than anywhere else I've known.

I've just finished editing a video that I've been putting together for about 3 years just for the fun of it. Standard question repeated time and time again when property hunting in September each year; "What are the winters like here?". Srandard reply; "Just like now but a bit colder".

A bit colder? More like 30 degrees colder :rofl:

One property I viewed in September 2005 was completely innaccessible for over 5 weeks in February and March 2006 due to snow!

Buying property is the biggest risk you're ever likley to take financially. Take your time. Rent for at least a full year at least before making any commitment. It will be 'dead' money well spent.

Re: Intro and advice please!
 

If you are going to rent, why transfer large amount of money across, especially now when the rate is so poor.
Put your money in Nationwide, and withdraw your money in spain from an ATM. You will be able to withdraw about £300 per day at the Visa Corporate rate, free of any commission and fees. The rate is always better than what the bank/money houses charge.
When the rate increases then think about using finance houses.
Do do the above you need a Nationwide flex account.
if £300 per day is not enough, get you misses to open a separate account that way it £600 per day fee free.

Re: Intro and advice please!
 

Same here. Works for me also ;)

I think Nationwide are pretty safe in the current climate. Sooner keep my money there than take a chance on a Spanish bank. Not perfect, and basically relying on Morgan Stanley, but safe as it gets and easy access from the hole in the wall.

Re: Intro and advice please!
 

How close to the spot rate do Nationwide exchange then? Surely must be at least 3 or 4 per cent off?

Re: Intro and advice please!
 

Lost on me I'm afraid. The amounts I deal with wouldn't register a Centimo loss. Still far less a risk than buying property, although it would be difficult to lose if you bought wisely today.

Re: Intro and advice please!
 

Hi

Sorry lostphotographer (I admire your diary - please keep it going); I have found a difference of £6 per hundred on getting money from the hole in the wall - so you only draw 10€? and therefore only six cents down?

Well think of it another way - for EVERY 100 glasses of red wine you drink, (one weeks drinking?) you COULD have another six free !!!

Davexf

Re: Intro and advice please!
 

Hmmmm...

That's good advice worth noting ;)

Re: Intro and advice please!
 

with the exchange rate the way it is at the moment it would be much better to keep the bulk of your money in £Sterling and only take what you need each month as someone else suggested.

Alternatively you could invest the majority of the money in an offshore bond and receive an income from it and growth. Currencies Direct, who have no fees, no commission and better rates of exchange could also help you.

I have to study the euro / £ exchange rate hourly and it is very marginally on the creep upwards so the longer you can wait for transferring the bulk the better.

hope this helps and if there is any other advice you need just ask.

Re: Intro and advice please!
 

I'm not so sure than an off-shore bond is the answer. I did that some time ago, I draw 5% monthly as income but have seen the value of the bond drop by over 30%!!!!!!

Had I kept the money in the bank, would I have been better off - who knows!

Isn't hindsight a wonderful thing.

Re: Intro and advice please!
 

Indeed that wonderful thing called hindsight!!! However, now is in fact a good time as the market has dropped so much and has hopefully bottomed out - watch this space - as for leaving the money in the bank - they are offering such little returns and who would have thought that banks would go bust like they have in the 21st century - let's hope the trend is on the up for you (and indeed all of us, though I do like the low monthly mortgage repayments - still cant win them all)

Re: Intro and advice please!
 

It won`t be long before it`s back to the 80`s rates. like 14 %. ;-)

Re: Intro and advice please!
 

Hi Ben,

As quite a few have mentioned, I would suggest that until you have the need to transfer the bulk of your funds you should keep the majority of it in the UK and just transfer enough for living expenses etc. I know the company that I use RationalFX always gives me the best rates and also do regular payments at no cost. PM me for my contacts details.

All the best

Will

Re: Intro and advice please!
 

Hi all,

Thanks for all the info, seems like there are quite a few companies that do this sort of thing, have phoned a few of them and they seem to be quite competitive but i noticed that some of the big ones dont seem to have a clue about customer service! Not being funny, but if Im sending my hard earned cash to a company I dont really know, the least Id expect is some sort of friendliness!!! Anyone else find this???
will let you know who i go with in the end.
thanks again,
Ben

Re: Intro and advice please!
 

Ben,

Speaking as an ex trader, if you want a friend, get a dog!:)

Traders and dealers are very stressed, and with all the economic and financial news all over the place at the moment they are likely to be more so

Re: Intro and advice please!
 

wow thanks for that highly constructive criticism! already got two dogs though. get out of the game coz the pressure got to you i suppose? didnt mean i need someone to hold my hand and lick my nuts, just to show a bit of courtesy as they should appreciate that i am sending money to them. is that too hard to understand?

Re: Intro and advice please!
 

Ben it was meant as friendly advice.
I agree with the courtesy bit, but judging by your response to me, I am surprised people answer you at all!

Re: Intro and advice please!
 

i suppose my response was a reaction to a childish sarcastic comment when all im trying to ascertain is the best way to get more for my sterling. maybe being an ex trader you can afford not to worry about slight variations in the exchange rates but unfortunately i cant. i do apologise profusely if i insulted you in any way shape or form, but if you were as rude as some of the brokers i have been speaking to then surely you must have tough skin!

Re: Intro and advice please!
 

Fair enough Ben.

I wasn't being sarcastic. What I meant was, no matter how "friendly" a trader may appear, he is still a trader.
Echoing what others have said, shop around. HiFx seem frequently recommended, I am just about to try them out.
As a similar beginner at this, (and I may be corrected by those with more experience) , IMO there might be some additional protection in going with the better known ones at the outset, and perhaps suffering a bit on the rate, as the last thing one wants is to entrust ones hard earned cash to some fly by night.
best of luck

Re: Intro and advice please!
 

I appreciate that you would go for the bigger ones, but from the ones that i have spoken to so far today, i have gone with what may be a smaller one but seemed to be the best service and advice. was set up and ready to trade within 30 mins.

Re: Intro and advice please!
 

Will be interested to hear how you get on.
My experience is not promising so far -I am awaiting a reply to my instructions emailed at 9 o'clock!

Re: Intro and advice please!
 

booked £5K at 1.118 emailed my instructions when got the deal emailed to me and funds should be in my spanish account later today....we shall see!!!

Re: Intro and advice please!
 

Looks pretty good to me - that is only about 40 or 50 points off!

Re: Intro and advice please!
 

you never know, could be luring me in and then trying to take more next time, but we'll see! also dropped the guys name that reccomended them and that seemed to do a little bit...?!

Re: Intro and advice please!
 

Who was this with that you got 1.118 for £5000?

Re: Intro and advice please!
 

company called rationalfx. bloke called will pmd me with contact details for his broker, was set up and ready to go in no time and the funds actually hit my spanish account by 430 yesterday afternoon.

Re: Intro and advice please!
 

I see that you went ahead with them I hope the service was as good as I made it out to be! All the best, Will

Re: Intro and advice please!
 

Benan (and Will)

I gave up on the people I mentioned, 48 hours later and they still haven't answered.
So I rang Rational, was set up straight away. Gave me 50 points off the spot, which I took. I am now just waiting for the money to clear into my account.
And they rang me back to thank me for the business!:thumbup:

Re: Intro and advice please!
 

Nice to hear that a recommendation has gone well. I can honestly say that I wouldnt use anyone else!!
Gave ben my contacts details, as I'm not sure of the deal on this site won't mention names, but did you deal with a guy that has a name relevant to distance? Always find him very helpful and good to talk to!

Re: Intro and advice please!
 

That's the man- really nice chap. Thanks Will