Go Back  British Expats > Living & Moving Abroad > Europe > Spain
Reload this Page >

Money transfers to Spain

Money transfers to Spain

Old Aug 11th 2009, 4:55 pm
  #31  
jdr
RETIRED ;-))
 
jdr's Avatar
 
Joined: Jul 2003
Location: Benalmadena Pueblo,Spain
Posts: 20,156
jdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond repute
Default Re: Money transfers to Spain

Originally Posted by jgombos View Post
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.
You are having a laugh ?
jdr is offline  
Old Aug 11th 2009, 8:25 pm
  #32  
Forum Regular
 
Joined: Jun 2003
Location: Belgium
Posts: 247
jgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nice
Default Re: Money transfers to Spain

Someone recommended ukforex here, as well as on another expat site. They have a reputation for being one of few brokers that is "transparent", so I looked into it.

Results:

Yes, they appear to offer more transparency than the competition. They give a quote that meets the bid and ask half way on the front page to give you a good idea of the rate, and then once you have an account they quote a rate with their profit margin, based on the volume.

Looking at the numbers: The realtime EURUSD rate that was trading was 1.4152 at around 9pm GMT on 11th of Aug. (verified on a site that offers realtime FX spot trades). The effective quote given by ukforex at the same time on a volume of $10,000 was 1.3973.

The bottom line: if you bought 10,000 USD using ukforex at around 9pm GMT on 11th of Aug., their take is $129.39.

IMO, $129 is unreasonable to buy $10k. That's not to say it's not competitive.. it is competitive because competition is lousy. Eg. I know of a bank that has about the same amount in overhead to change half that volume, and that bank was claiming to charge strictly the interbank wholesale rate with no retail markup.

Ukforex gives a number you can call to haggle, so it would be interesting to find out how much slack they give their sales people.

Last edited by jgombos; Aug 11th 2009 at 8:31 pm.
jgombos is offline  
Old Aug 11th 2009, 11:00 pm
  #33  
Banned
 
Joined: Aug 2009
Posts: 5,008
JLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond repute
Default Re: Money transfers to Spain

Originally Posted by jgombos View Post
Someone recommended ukforex here, as well as on another expat site. They have a reputation for being one of few brokers that is "transparent", so I looked into it.

Results:

Yes, they appear to offer more transparency than the competition. They give a quote that meets the bid and ask half way on the front page to give you a good idea of the rate, and then once you have an account they quote a rate with their profit margin, based on the volume.

Looking at the numbers: The realtime EURUSD rate that was trading was 1.4152 at around 9pm GMT on 11th of Aug. (verified on a site that offers realtime FX spot trades). The effective quote given by ukforex at the same time on a volume of $10,000 was 1.3973.

The bottom line: if you bought 10,000 USD using ukforex at around 9pm GMT on 11th of Aug., their take is $129.39.

IMO, $129 is unreasonable to buy $10k. That's not to say it's not competitive.. it is competitive because competition is lousy. Eg. I know of a bank that has about the same amount in overhead to change half that volume, and that bank was claiming to charge strictly the interbank wholesale rate with no retail markup.

Ukforex gives a number you can call to haggle, so it would be interesting to find out how much slack they give their sales people.
You can use the figure you get on the UKFOREX quote to haggle with other companies, because as I said before, you have a good reference to the amount that you can achieve, without committing yourself.

Also if you do a lot of transfers it is best to spread them around various companies, especially if it is the same money going backward and forward.
JLFS is offline  
Old Aug 18th 2009, 5:34 pm
  #34  
Forum Regular
 
Joined: Jun 2003
Location: Belgium
Posts: 247
jgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nice
Default Re: Money transfers to Spain

I found a comparison site worth checking out:

http://www.sendmoneyhome.org/

I'm surprised there are any brokers open enough for a comparison site to be able to operate. There aren't a whole lot of choices right now, but hopefully this tool will catch on and gain some ground.

If you set the form up to send a small amount from the UK to the US, there are five results (not bad). If more is sent, it exceeds some minimums and 8 comparisons are made.

Sending a large amount from the US to Spain gives 7 choices.

These figures would be good to have on your screen when calling Ozforex to negotiate.
jgombos is offline  
Old Aug 18th 2009, 6:00 pm
  #35  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Money transfers to Spain

Originally Posted by jgombos View Post
I found a comparison site worth checking out:

http://www.sendmoneyhome.org/

I'm surprised there are any brokers open enough for a comparison site to be able to operate. There aren't a whole lot of choices right now, but hopefully this tool will catch on and gain some ground.

If you set the form up to send a small amount from the UK to the US, there are five results (not bad). If more is sent, it exceeds some minimums and 8 comparisons are made.

Sending a large amount from the US to Spain gives 7 choices.

These figures would be good to have on your screen when calling Ozforex to negotiate.
Are you obsessed with money transfers?
Seriously, are you in the business?
Mitzyboy is offline  
Old Aug 18th 2009, 6:05 pm
  #36  
Forum Regular
 
Joined: Jun 2003
Location: Belgium
Posts: 247
jgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nice
Default Re: Money transfers to Spain

Originally Posted by Mitzyboy View Post
Are you obsessed with money transfers?
Seriously, are you in the business?
I maintain a wiki on the subject:

http://money.wikia.com/wiki/Moving_Money

So I try to stay current. I would love to get some contributors, so I would have less work to do.
jgombos is offline  
Old Aug 19th 2009, 11:27 am
  #37  
Banned
 
Joined: Aug 2009
Posts: 5,008
JLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond repute
Default Re: Money transfers to Spain

Originally Posted by jgombos View Post
Someone recommended ukforex here, as well as on another expat site. They have a reputation for being one of few brokers that is "transparent", so I looked into it.

Results:

Yes, they appear to offer more transparency than the competition. They give a quote that meets the bid and ask half way on the front page to give you a good idea of the rate, and then once you have an account they quote a rate with their profit margin, based on the volume.

Looking at the numbers: The realtime EURUSD rate that was trading was 1.4152 at around 9pm GMT on 11th of Aug. (verified on a site that offers realtime FX spot trades). The effective quote given by ukforex at the same time on a volume of $10,000 was 1.3973.

The bottom line: if you bought 10,000 USD using ukforex at around 9pm GMT on 11th of Aug., their take is $129.39.

IMO, $129 is unreasonable to buy $10k. That's not to say it's not competitive.. it is competitive because competition is lousy. Eg. I know of a bank that has about the same amount in overhead to change half that volume, and that bank was claiming to charge strictly the interbank wholesale rate with no retail markup.

Ukforex gives a number you can call to haggle, so it would be interesting to find out how much slack they give their sales people.
I think you are confusing the question by talking about real time trading figures.
Real time trading has nothing to do with money transfers, and there is always a great difference in pips between the 2. The main reason being that real time trading is a gamble but transferring money is not.

But dont forget in real time trading no money is actually transferred, you risk the money you are willing to lose, and you could lose a packet because of the use of leverage.

Using leverage you can trade with 100k of euros with only 400GBP.
you are talking about a whole different ball game here, not a way of transferring funds.
JLFS is offline  
Old Aug 20th 2009, 7:25 pm
  #38  
Forum Regular
 
Joined: Jun 2003
Location: Belgium
Posts: 247
jgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nice
Default Re: Money transfers to Spain

Originally Posted by JLFS View Post
I think you are confusing the question by talking about real time trading figures.
Real time trading has nothing to do with money transfers, and there is always a great difference in pips between the 2.
Of course there is a correlation between market value and what Joe Shmoe is offering. Joe Shmoe is watching the market too, and taking care to add a margin.

Simply comparing John Doe's deal with Joe Shmoe's does not reveal the market value of the assets because your measuring instrument is too blunt. You might know that broker A is better than broker B, but unless you look at the realtime market, you still don't know how much value you're giving up in a trade with broker A.
Originally Posted by JLFS View Post
The main reason being that real time trading is a gamble but transferring money is not.
You're talking the speculation trading on a margin. There's only a gamble if you're trading non-deliverables with the brokers money on a margin account. The realtime market prices that I compared ozforex to actually came from a broker that offers deliverables w/out leverage. In this case, CMC Markets.

You get much more resolution in your comparison if you compare the loss of value in each trade, not just the net.

Originally Posted by JLFS View Post
But dont forget in real time trading no money is actually transferred, you risk the money you are willing to lose, and you could lose a packet because of the use of leverage.

Using leverage you can trade with 100k of euros with only 400GBP.
you are talking about a whole different ball game here, not a way of transferring funds.
As I said in an earlier post, there are FX brokers that offer both non-deliverables with leverage, and deliverables as a separate product. It makes perfect sense to look at the spot rates on deliverables, because that's real money if you want to withdraw it. If you like the realtime market rate on CMC markets, and you're trading 10k in assets, you can buy other assets (one-way), and have the new currency delivered. (That's just an example, I do not recommend actually trading with CMC Markets because they siphon wires).
jgombos is offline  
Old Aug 20th 2009, 8:47 pm
  #39  
jdr
RETIRED ;-))
 
jdr's Avatar
 
Joined: Jul 2003
Location: Benalmadena Pueblo,Spain
Posts: 20,156
jdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond reputejdr has a reputation beyond repute
Default Re: Money transfers to Spain

Originally Posted by jgombos View Post
Of course there is a correlation between market value and what Joe Shmoe is offering. Joe Shmoe is watching the market too, and taking care to add a margin.

Simply comparing John Doe's deal with Joe Shmoe's does not reveal the market value of the assets because your measuring instrument is too blunt. You might know that broker A is better than broker B, but unless you look at the realtime market, you still don't know how much value you're giving up in a trade with broker A.

You're talking the speculation trading on a margin. There's only a gamble if you're trading non-deliverables with the brokers money on a margin account. The realtime market prices that I compared ozforex to actually came from a broker that offers deliverables w/out leverage. In this case, CMC Markets.

You get much more resolution in your comparison if you compare the loss of value in each trade, not just the net.


As I said in an earlier post, there are FX brokers that offer both non-deliverables with leverage, and deliverables as a separate product. It makes perfect sense to look at the spot rates on deliverables, because that's real money if you want to withdraw it. If you like the realtime market rate on CMC markets, and you're trading 10k in assets, you can buy other assets (one-way), and have the new currency delivered. (That's just an example, I do not recommend actually trading with CMC Markets because they siphon wires).
But this must all be done in the right time zone, READ HERE or his two previous threads for complete info on the subject of getting the timing spot on.
jdr is offline  
Old Aug 21st 2009, 7:26 am
  #40  
Forum Regular
 
Joined: Jun 2009
Posts: 66
greghal is an unknown quantity at this point
Default Re: Money transfers to Spain

Originally Posted by jgombos View Post
Of course there is a correlation between market value and what Joe Shmoe is offering. Joe Shmoe is watching the market too, and taking care to add a margin.

Simply comparing John Doe's deal with Joe Shmoe's does not reveal the market value of the assets because your measuring instrument is too blunt. You might know that broker A is better than broker B, but unless you look at the realtime market, you still don't know how much value you're giving up in a trade with broker A.

You're talking the speculation trading on a margin. There's only a gamble if you're trading non-deliverables with the brokers money on a margin account. The realtime market prices that I compared ozforex to actually came from a broker that offers deliverables w/out leverage. In this case, CMC Markets.

You get much more resolution in your comparison if you compare the loss of value in each trade, not just the net.


As I said in an earlier post, there are FX brokers that offer both non-deliverables with leverage, and deliverables as a separate product. It makes perfect sense to look at the spot rates on deliverables, because that's real money if you want to withdraw it. If you like the realtime market rate on CMC markets, and you're trading 10k in assets, you can buy other assets (one-way), and have the new currency delivered. (That's just an example, I do not recommend actually trading with CMC Markets because they siphon wires).
I agree to a point that the realtime trading rate has a direct correlation, everyone is buying at the same rate. I think what JLFS means is that you cant compare the spreads that gambling sites charge compared to deliverable. At the end of the day the speculative companies take on the position whether deliverable brokers dont, so they have to charge a much larger spread to make their profit. It is a completely different industry, just all pricing off the same market
greghal is offline  
Old Aug 21st 2009, 8:28 am
  #41  
Forum Regular
 
Joined: Jun 2003
Location: Belgium
Posts: 247
jgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nicejgombos is just really nice
Default Re: Money transfers to Spain

Originally Posted by greghal View Post
I agree to a point that the realtime trading rate has a direct correlation, everyone is buying at the same rate. I think what JLFS means is that you cant compare the spreads that gambling sites charge compared to deliverable. At the end of the day the speculative companies take on the position whether deliverable brokers dont, so they have to charge a much larger spread to make their profit. It is a completely different industry, just all pricing off the same market
JLFS believes deliverables cannot have a realtime trading figure, which is not true. Many brokers dealing strictly in deliverables hide this information, which creates this misconception. But what about the hybrid brokers? CMC Markets offers realtime deliverable spot trades, and they also offer margin trading. Why would you ignore CMC Markets deliverable business, for example? If you don't compare CMC Markets realtime rates (or the like) to ozforex, you're eliminating a viable competitor from your choices.

Someone who wants to sell 10k in assets will save ~$130 with CMC Markets over ozforex, and they can withdraw those assets because they're deliverable. So there's little reason to choose ozforex.
jgombos is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.