Post Office - International Payments
#16
Re: Post Office - International Payments
Have used XE twice this year and a few times last without any problems at all. Money has been in the account 2 days after the transfer from the UK.
#17
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Joined: Mar 2013
Location: London
Posts: 248
Re: Post Office - International Payments
Most UK foreign exchange brokerages will be able to transfer pounds into US dollars for you, but unless they're registered in the US you won't be able to send back.
I'd shop around for exchange rate quotes from an FCA (formerly FSA) authorised foreign exchange organisation. They can save you up to 4% on the exchange rate compared to the Post Office or your Bank and there are a variety of different services they can offer to make sure you get best the deal. Especially if you're sending money overseas on a regular basis.
I'd shop around for exchange rate quotes from an FCA (formerly FSA) authorised foreign exchange organisation. They can save you up to 4% on the exchange rate compared to the Post Office or your Bank and there are a variety of different services they can offer to make sure you get best the deal. Especially if you're sending money overseas on a regular basis.
#18
Re: Post Office - International Payments
The rate above £10k is normally 0.5c better that below £10k.
#19
Re: Post Office - International Payments
I used Xe two weeks ago, no problem at all. (I just jinxed myself for my next transfer didn't I?)
#20
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Joined: May 2007
Location: Westchester NY
Posts: 337
Re: Post Office - International Payments
Thanks for all the positive feedback on xe.
Can I ask those of you that use xe, are you transferring less than £10K or are you using it for large transfers?
We need to move a one of payment of £xxxK to the US and thats why we are being over cautious. I can't find any information on xe being FCA regulated.
Can I ask those of you that use xe, are you transferring less than £10K or are you using it for large transfers?
We need to move a one of payment of £xxxK to the US and thats why we are being over cautious. I can't find any information on xe being FCA regulated.
#21
Re: Post Office - International Payments
For that sort of amount contact World First office in the US, you can probably negotiate a special rate. Open to 6pm EST.
World First USA, Inc.
2800 Crystal Drive
Suite 310
Arlington
VA 22202
USA
877.866.8656
World First USA, Inc.
2800 Crystal Drive
Suite 310
Arlington
VA 22202
USA
877.866.8656
#22
Re: Post Office - International Payments
Thanks for all the positive feedback on xe.
Can I ask those of you that use xe, are you transferring less than £10K or are you using it for large transfers?
We need to move a one of payment of £xxxK to the US and thats why we are being over cautious. I can't find any information on xe being FCA regulated.
Can I ask those of you that use xe, are you transferring less than £10K or are you using it for large transfers?
We need to move a one of payment of £xxxK to the US and thats why we are being over cautious. I can't find any information on xe being FCA regulated.
#23
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Joined: Feb 2010
Location: Temecula, CA
Posts: 4,759
Re: Post Office - International Payments
That does change things quite a bit from your original post. "Only 1 or 2 points" can mean thousands lost in transfer when you're transferring 6 digit sums. Now, I understand hesitation when the money transfer companies are not regulated but I would check whether even the PO (and/or Hifx) have any kind of insurance for a 6 digit sum. After all, if those 6 digits are in a single institution in the UK, then your 6 figures could legally dilate to under 6 digits very easily if that bank went AWOL. So would any FOREX transfer offer more insurance than a bank? I would also check whether FCA even applies to forex.
#24
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Joined: Mar 2013
Location: London
Posts: 248
Re: Post Office - International Payments
Whoever, is giving that information about UK money remitters, is out of date with the current regulations. The FSA started to regulate the payments industry in 2009 and insisted that any UK payment institution who processed more than £1 million pounds worth of transfers per month would have to become authorised by the FSA.
This authorisation process, essentially means that the companies have to demonstrate they handle funds via client accounts, meet certain capital adequacy requirements and are run by “fit and proper” people.
Please feel free to visit the FSA’s website to find out more information on Authorised payment institutions and what that authorisation means.
The FCA are simply taking over the FSA’s mandate.
It is true money remitters do not full under the FSA regulation banner, but this is to do with investment advice and trading for profit i.e. outside of a money remitters licenses.
As long as you’re using a reputable FX broker, who will be authorised by the FCA (formerly the FSA) then your funds will be entirely secure as indeed they would if you used a bank.
Of course, if you’re particularly concerned you could look to split your requirements so that the transfers are below the £85k insurance threshold in the UK but to be honest I don’t know if that applies to brokers accounts or simply to bank accounts an individual may hold.
The long and the short of it is, you need to shop around and compare the rates as your money will be secure as long as you use an authorised payments institution and don’t just use your bank out of fear as it will end up costing you money!
This authorisation process, essentially means that the companies have to demonstrate they handle funds via client accounts, meet certain capital adequacy requirements and are run by “fit and proper” people.
Please feel free to visit the FSA’s website to find out more information on Authorised payment institutions and what that authorisation means.
The FCA are simply taking over the FSA’s mandate.
It is true money remitters do not full under the FSA regulation banner, but this is to do with investment advice and trading for profit i.e. outside of a money remitters licenses.
As long as you’re using a reputable FX broker, who will be authorised by the FCA (formerly the FSA) then your funds will be entirely secure as indeed they would if you used a bank.
Of course, if you’re particularly concerned you could look to split your requirements so that the transfers are below the £85k insurance threshold in the UK but to be honest I don’t know if that applies to brokers accounts or simply to bank accounts an individual may hold.
The long and the short of it is, you need to shop around and compare the rates as your money will be secure as long as you use an authorised payments institution and don’t just use your bank out of fear as it will end up costing you money!
Last edited by ANye; May 3rd 2013 at 12:00 pm.
#25
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Joined: May 2007
Location: Westchester NY
Posts: 337
Re: Post Office - International Payments
Anye, great post.
I am currently working my way through a list of companies who are both authorised and regulated by the FCA in the UK that also have a presence in the US and are also regulated by the US Treasury. From my understanding of the regulations (which is very limited) for a UK broker/company to be able undertake foreign currency exchange in the US they have to now have a physical presence in the US as we are here and do not have a permanent residence in the UK.
What I thought would be a fairly straight forward process is now taking me more time than I thought!
I am currently working my way through a list of companies who are both authorised and regulated by the FCA in the UK that also have a presence in the US and are also regulated by the US Treasury. From my understanding of the regulations (which is very limited) for a UK broker/company to be able undertake foreign currency exchange in the US they have to now have a physical presence in the US as we are here and do not have a permanent residence in the UK.
What I thought would be a fairly straight forward process is now taking me more time than I thought!
Last edited by notonuksoil; May 3rd 2013 at 2:30 pm.