Foreign exchange transfer funds

Hi,

I'm looking in to how to transfer funds to the UK and want to know what are the best options?

At first, the bank seems to be the obvious choice, but it doesn't seem to have a good exchange rate.

Does anyone have suggestions whether foreign exchange services are the best way to go? If so, which would you recommend?

Thanks in advance!

Read this: https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=site%3Atalk.uk-yankee.com%20xe

I've been using xe.com, but they are getting swallowed up by HiFX I believe......at least I think that was an email I received recently.

Transferwise is your friend. Unbeatable in my experience.


Sent from my iPhone using Tapatalk

Transferwise is your friend. Unbeatable in my experience.


Sent from my iPhone using Tapatalk

I transferred €200 to someone today - I used Transferwise as it came out at about £1 cheaper than XeTrade.

I thought I read something a couple of weeks ago that said Transferwise was in trouble. I have to decide whether to stay with xe (which is getting combined with HiFX pretty soon) or switch.

Am I correct to say that currently it is a good time to exchange currency to GBP?

Does that mean the bank exchange rate is more attractive? Or is it better to still consider other exchange agencies, e.g. XE, transferwise?  Have anyone heard of Torfx by any chance?

I thought I read something a couple of weeks ago that said Transferwise was in trouble. I have to decide whether to stay with xe (which is getting combined with HiFX pretty soon) or switch.

Am I correct to say that currently it is a good time to exchange currency to GBP?

Does that mean the bank exchange rate is more attractive? Or is it better to still consider other exchange agencies, e.g. XE, transferwise?  Have anyone heard of Torfx by any chance?

Dollars to Pounds is looking good these days. I have to wait another 3 months until I get another pot of money I can move over. As long as the exchange rate is sitting where its at....yeah, moving money isn't a bad idea if you need it. The Pound "might" go lower......but then again.....it might go higher.....kind of like the stock market....who knows for sure? I have been using xe.com(although being taken over by HiFX), it's a good sized company. Others use transferwise. A little research will show you a number of reliable companies to deal with. If you want to use Torfx (I haven't heard of it....but that means nothing).....just look up the reviews about the site.

Am I correct to say that currently it is a good time to exchange currency to GBP?

Does that mean the bank exchange rate is more attractive? Or is it better to still consider other exchange agencies, e.g. XE, transferwise?

There is only one exchange rate. If it makes USD to GBP better (as it has) then that means you get more money from banks and currency exchange services.

The difference between a bank and the exchange services is the amount they charge you on top (as a percentage hidden in "their" exchange rate).

tl;dr: IMO never use a bank

Am I correct to say that currently it is a good time to exchange currency to GBP?

Does that mean the bank exchange rate is more attractive? Or is it better to still consider other exchange agencies, e.g. XE, transferwise?  Have anyone heard of Torfx by any chance?

I don't think the pound will bottom out until the spring when Brexit is triggered.  I suspect we will see GBP drop to equal with USD or possibly even less.  I just hope it's the bottom and only short lived!!!

Hi,

How much are you looking to exchange?

The more you wish to exchange then the better rates you'll get when using a currency exchange specialist.

http://www.telegraph.co.uk/financialservices/money-transfer-and-expat/foreign-ex-and-money-transfer/10196070/Why-you-should-use-a-foreign-exchange-specialist.html

Recently, just after Brexit and now in the last few days the value of the UK Pound has slumped considerably. This means 'you get more Pounds for your Dollar'. There is talk of parity once Article 50 is actually invoked and the UK signals he official countdown to leaving the EU and depending then on what the 'exit terms' actually are, the markets will 'react'. If the exit terms are mainly seen as not very good, then I'd expect the value of the pound to fall further. If the exit terms are seen as good positive and good for Independent Britain, then I'd expect an increase in the value.

If you amounts are 'relatively' large, then it might be worth holding out to see what happens around Article 50 invoking time !

Cheers, DtM! West London & Slough UK!

Another approach would be to divide the large amount by six and transfer 1/6 each month for the next month. You will end up with the average exchange rate over the period, spreading the risk of the exchange rate volatility.

This assumes you are using a currency exchange service that charges only a percentage and there are no sending/receiving fees.

I can tell you who NOT to use: HiFX. I initiated a transfer with them, but then didn't go through with it because I made a mistake. Now they're claiming that I owe them money because they "purchased the funds" and now the pound-to-dollar rate is lower. I refuse. I wonder if the rate had increased if they'd be giving me a check?! Highly unlikely. How stupid a business practice is that anyway? I would expect that whatever the rate is on the day the transfer is made, is the one I'd go with.

I can tell you who NOT to use: HiFX. I initiated a transfer with them, but then didn't go through with it because I made a mistake. Now they're claiming that I owe them money because they "purchased the funds" and now the pound-to-dollar rate is lower. I refuse. I wonder if the rate had increased if they'd be giving me a check?! Highly unlikely. How stupid a business practice is that anyway? I would expect that whatever the rate is on the day the transfer is made, is the one I'd go with.

What a nightmare, thanks for that bit of info.

My favorite is still Transferwise, much cheaper AND much faster than XE.com these days. I have an account with both and always get a quote from each before pressing the submit button.

My favorite is still Transferwise, much cheaper AND much faster than XE.com these days. I have an account with both and always get a quote from each before pressing the submit button.

I really wanted to use them but when I tried a couple of years ago they wanted my username and password for US online banking. Sorry, I don't give that out to anyone! Did you have to give that to them? If not what did you have to give them for the US side?

Or are you sending them money via wire transfer with a sending fee from your bank?

I can tell you who NOT to use: HiFX. I initiated a transfer with them, but then didn't go through with it because I made a mistake.

How long was it between booking the transfer and calling them to cancel? I've been in that situation once before with xe.com. I noticed my mistake and called them two minutes after booking and they were thankfully able to cancel.