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Money transfers to Spain

Money transfers to Spain

Old Aug 4th 2009, 8:31 am
  #16  
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Default Re: Money transfers to Spain

Originally Posted by greghal View Post
I think if you look at that article it is more to do with brokers for speculatnig on currency, ie spreadbetting companies rather than brokers who trade for deliverable currency
I wouldnt get into this conversation with him, there was a whole thread of it and regardless of anything you say, he will just keep on banging on about it!
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Old Aug 4th 2009, 10:48 am
  #17  
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Default Re: Money transfers to Spain

Originally Posted by hitchw View Post
I wouldnt get into this conversation with him, there was a whole thread of it and regardless of anything you say, he will just keep on banging on about it!
And being charged pounds on his credit card for bloody tapas in another thread. lol
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Old Aug 4th 2009, 1:44 pm
  #18  
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Default Re: Money transfers to Spain

Originally Posted by jdr View Post
And being charged pounds on his credit card for bloody tapas in another thread. lol
Just can't win with some people!
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Old Aug 4th 2009, 3:31 pm
  #19  
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Default Re: Money transfers to Spain

thanks for the advice!!!
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Old Aug 4th 2009, 5:59 pm
  #20  
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Default Re: Money transfers to Spain

Originally Posted by greghal View Post
I think if you look at that article it is more to do with brokers for speculatnig on currency, ie spreadbetting companies rather than brokers who trade for deliverable currency
Generally, yes, but the pitfall is not exclusive to speculation. CMC Markets offers deliverable assets (and also serves speculators), and they run the wire siphoning scam. Although it's less common among the companies not offering leverage, most of those companies simply offer unfavorable rates.
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Old Aug 5th 2009, 7:45 am
  #21  
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Default Re: Money transfers to Spain

Originally Posted by steph4penny View Post
Hey everyone,

I have seen all these posts about currency and am still not sure which one to use, everyone seems to be saying pretty much the same things in most of the posts.

Is is better to stay with a big well known company or a smaller company.???

Does anyone know of a web site that just compares all these companies in one go and see who gives the best rate on the day???

Thanks in advanced for your help I have the big move coming up at the end of the summer can't wait to get away from this terrible British summer...
steph, im afraid there is no comparison site, because it is a live market the price is always moving and brokers will generally offer different clients different spreads anyway, ie if you pretend to know your stuff and tell them you are comparing you will get a better rate!!

Ive send money to Europe and oz for a while, so ive spoken to a fair few companies

I'm afraid there is no quick way to do it apart from speaking to them. In terms of large or small, there are benefits to both, I used to use the largest, but switched to a smaller company now and get better spreads and service, but thats just my personal feeling!
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Old Aug 5th 2009, 7:58 am
  #22  
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Default Re: Money transfers to Spain

Originally Posted by steph4penny View Post
Hey everyone,

I have seen all these posts about currency and am still not sure which one to use, everyone seems to be saying pretty much the same things in most of the posts.

Is is better to stay with a big well known company or a smaller company.???

Does anyone know of a web site that just compares all these companies in one go and see who gives the best rate on the day???

Thanks in advanced for your help I have the big move coming up at the end of the summer can't wait to get away from this terrible British summer...

There is no right or wrong way to do this. In my experience, the bigger companies always seem to take a larger margin which in my humble opinion goes to their costs, whereas the smaller companies seem to offer better rates and give a more personalised service. company I use may not be the biggest hitter in the uk, but I have never been quoted better elsewhere. and funds are always there same day.
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Old Aug 8th 2009, 2:45 pm
  #23  
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Default Re: Money tranIsfers to Spain

I have used moneycorp, currencies direct and others who haven't incurred charges but now I have discovered the 2 best ways.

1. Travelmoneyservices.co.uk if you want more than the interbank rate for forward buying. The risk here is you are committed even if the rate improves beyond what they give you.

2. My favourite. Open a Nationwide flex account in the UK (need a UK address).
You can then use your debit card to withdraw free from ATMs and pay the cash into your Spanish bank. (I have withdrawn from a CAM ATM and then walked to the counter there and paid into my account!)

Paying for goods is also fee free and the point is for both cash and purchases you get the visa exchange rate which is same as the interbank for over £500000 whatever amount you transact. (Even motorway tolls are converted at this rate with no fees)

I don't know anything to beat it. Even the money saving expert endorses it.
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Old Aug 11th 2009, 7:47 am
  #24  
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Default Re: Money transfers to Spain

jynecol. Forgive me for being cynical, but the issue with mystery shoppers is that the Brokers will probaly have an idea whi they are when they never actually trade!!

Brian 2dean In terms of being the 'best' the short answer is no! Most companies will alwayd tell you they will give yuo the 'best rate' but as the market is always moving it makes it very difficult to compare.

In my experience when you get a good relationship with a broker they will keep the rate tight to the market for you and give you a quick and efficient service
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Old Aug 11th 2009, 4:27 pm
  #25  
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Default Re: Money transfers to Spain

Originally Posted by Brian2dean View Post
hello everyone,

So many companies out there how do I get know who the best is.?

Is there not one company that can guarantee the best rate every time that someone has heard about???
By design, these FX companies have made it a point to make comparison shopping impossible.

What type of asset are you starting with?

If you're starting with US dollars, then the best option is clear: get a Charles Schwab "invest first" visa card, because the account is free, and they use the wholesale interbank rate. Visa charges Schwab 1%, but Schwab eats that loss rather than passing it on to the customer. On top of that, the credit card gives the card holder a 2% rebate on all purchases. Wholesale interbank rates still factor in some profit for the central banks, but the 2% rebate most likely more than offsets the central banks margin. The only way you can lose is if you take a cash advance from an ATM, which starts the interest clock on the spot. However, you can get around that as well if you make a small purchase first, and then pay a huge amount so you have a credit to draw from. Make sure there is no cash advance transaction fee before you do that though.

Note that there does not exist a euro credit card that is comparable to the Schwab card.

So if you're starting with euros, then you're left with lousy options. You either use a forex broker geared for speculation trading that offers deliverable assets and the best rates (rates good enough to measure the spread in pips). Or you go with a FX broker that targets those just looking to convert real money (a service designed precisely for what you're trying to do), but get hit with fees and poor exchange rates to boot (which are sometimes hidden, and high enough that the margin is measured in percentage).

Finding an FX broker geared for speculation with deliverables seems more tempting on the surface, but then you must deal with a minefield of wire fees and risk getting hit by the wire siphoning scam. Plus the speculation brokers that offer deliverables are ironically not competent enough to publish that fact - forcing you to contact a salesperson at every broker you're considering using for this purpose.

Last edited by jgombos; Aug 11th 2009 at 4:31 pm.
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Old Aug 11th 2009, 4:29 pm
  #26  
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Default Re: Money transfers to Spain

Originally Posted by jgombos View Post
By design, these FX companies have made it a point to make comparison shopping impossible.

What type of asset are you starting with?

If you're starting with US dollars, then the best option is clear: get a Charles Schwab "invest first" visa card, because the account is free, and they use the wholesale interbank rate. Visa charges Schwab 1%, but Schwab eats that loss rather than passing it on to the customer. On top of that, the credit card gives the card holder a 2% rebate on all purchases. Wholesale interbank rates still factor in some profit for the central banks, but the 2% rebate most likely more than offsets the central banks margin. The only way you can lose is if you take a cash advance from an ATM, which starts the interest clock on the spot. However, you can get around that as well if you make a small purchase first, and then pay a huge amount so you have a credit to draw from. Make sure there is no cash advance transaction fee before you do that though.

Note that there does not exist a euro credit card that is comparable to the Schwab card.

So if you're starting with euros, then you're left with lousy options. You either use a forex broker geared for speculation trading that offers deliverable assets and the best rates (rates good enough to measure the spread in pips). Or you go with a FX broker that targets those just looking to convert real money (a service designed precisely for what you're trying to do), but get hit with fees and poor exchange rates to boot (which are sometimes hidden, and high enough that the margin is measured in percentage).

Finding an FX broker geared for speculation with deliverables seems more tempting on the surface, but then you must deal with a minefield of wire fees and risk getting hit by the wire siphoning scam.
why would he be starting with US dollars


more likely British pounds
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Old Aug 11th 2009, 4:37 pm
  #27  
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Default Re: Money transfers to Spain

Originally Posted by lynnxa View Post
why would he be starting with US dollars


more likely British pounds
Expats have can have any currency, depending on where they worked most recently; USD, EUR, or GBP in particular. Which is why I asked. But I would agree, it's most likely British pounds, in which case it's as bad as trying to sell euros.
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Old Aug 11th 2009, 4:38 pm
  #28  
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Default Re: Money transfers to Spain

Originally Posted by lynnxa View Post
why would he be starting with US dollars


more likely British pounds
Nobody wants US dollars, the Euro is the in currency.
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Old Aug 11th 2009, 4:44 pm
  #29  
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Default Re: Money transfers to Spain

Please be aware there are a number of posters on this thread posting from the same IP addresses. I am presently trying to sort it out
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Old Aug 11th 2009, 4:49 pm
  #30  
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Default Re: Money transfers to Spain

Originally Posted by jdr View Post
Nobody wants US dollars, the Euro is the in currency.
Actually a lot of traders in China want US $. They don't even want CAD$.
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