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Forex & wire transfers

Posted by szozu - Created: 15 years ago
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4 replies (Showing replies: 1 to 4)

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Posted by Eric318 - 15 years ago

I have used www.fxsolutions.co.uk a couple of times for transfers to France and Australia.

Exchange rates were better than my bank (well, that is no great achievement since UK banks are so pathetic), service was a lot more efficient (same comment re UK banks applies).

You call them, agree on an exchange rate, they fax you a transaction form, you sign and fax back, and they transfer the agreed £ amount to their account. Once they have it, they transfer same day the forex to whatever account you chose in Europe or elsewhere.

It costs £15 per transfer overall... Delays are mainly from your own UK account to theirs (again, comment applies). Allow 3 working days min and 5 working days in total max from start (you pick up your tel for the first time) to finish.

Any better tips welcome, please. When will the Euro drop again?

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Posted by dfcoates - 15 years ago

there is another way if you can wait for your money£ or $ only and min of £50,000 worth of eurosBUT no charges and extra euros for waitinghttp://members.lycos.co.uk/discountedeuros/index.htmlDavid

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Posted by Icarus-184675 - 15 years ago

Yes I have an account with them.

I have found this account with them and have found the service to be speedy and efficient. The spreads (difeerence between buying and selling are less than 1% - i.e. you loose less than 0.5% one way.

Downsides are that you have to deal with lots of bank account numbers - they give you their details and you have to inform your bank - make sure you have a means of instructing them to do a wire transfer because all accounts must be settled within 3 days. There are a few fees about 15 dollars for their expenses, the obligatory 30 Euros charged by the French bank fact of life) and the cost of the wire transfer from your bank. Still it works out cheap for a few thousand Dollars worth. If you are transfwering more than that you'll have to persuade them to give you a higher than normal limit or send the money in tranches.

The funds usually arrive a couple of days after notifying your bank, but you can't spend it until its been sitting in the French bank for another couple of days!

Hope this helps 

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Posted by MikeP-180526 - 15 years ago

I also find this site useful for conversions :

  www.oanda.com

As it gives typical credit card rates for conversion, etc, as well as the Interbank rates, and historical info.

You say your bank is a rip off in terms of FX rates and transfer fees. All banks are .... this is one of the ways in which they make money.