Exactly. If a currency broker does not charge a fee, then their rate is bound to be less favourable. Otherwise, how could they make money?

I have to say the HIFX website doesn't exactly fill me with confidence when I looked at it today - the comparison figures for exchange rates haven't been updated since July! Not what I would call transparent.

Hi

I used Currencies direct today and got 1.17 euros per pound

Davexf

Just for comparison CF stands at 1.1793 right now.

Another vote for Currencyfair. I swapped £2,0000 at 1.18 on Friday lunchtime ( sent it by Faster Payments) and was available to deal an hour and a half later. The market rate at the time was 1.1810. I could have swapped straight away at around 1.1770, but I decided I wanted 1.18. Placed an order, and it was matched an hour later, when the States opened. Transferred out for €3, and in my account Monday lunchtime.

i have been using them for 2 years, never got less than 50 basis points under the market, and sometimes higher, for £1-2,000. I usually trade once a month, as my free banking with Barclays requires a regular credit to the account.

Highly recommended.

Hi guys,

To do comparisons you need to let everyone know the amount you exchanged and roughly what time, as I mentioned before your rate will always depend on the amount your transferring so to compare we need to see what that is.

Thanks

ah no, its not like betfair is it, ill be addicted of you can buy and sell money

Except on Currencyfair.

You can. Theoretically, you could put £100k in your account, and trade the market. So sell in the morning, buy an hour later etc. you only pay the €3 or £3 transfer charge when you send the money to your account.

When I traded fx years and years ago, we made loads of money just trading on 5 pips. 0n a £100k, 5 pips is about £40. 5 days a week, thats a return if over 10%.

Not to be sniffed at, very interesting.

I didn't put an amount because the rate is the same for normal domestic transfer amounts.

I've used CF for a few years now. Haven't found anything better.