Transferring Money

[joddle]

Normally I only have a little money to transfer from the UK to my Spanish banks but I may need to do a larger lump sum and the banks seem to charge quite a lot for that. According to my UK bank if I transfer £10,000 I will only get about 12,300euros after charges etc yet the exchange rate is pretty high at the moment at around 1.27! I have seen some services advertised where transfers can be done at more competatve rates but am a little worried about these as I have never used any before. Does anyone else have experience of these transfers and can any compannies be recomended? - either to use or to avoid !!!

[impasse]

I have been using HIFX for many years. Good rate, no charges and it's a very easy to transfer. Usually within 2 days it's in my 'French' bank account.
You can easily get the 'spot' rate on line and watch the rate going up and down each few seconds, then when you feel you have arrived at the best rate you 'click' to confirm the transfer rate that you are happy with...
I hope I haven't made it sound complicated. It isn't really. It's straight forward.
I know there are other companies but I have been totally satisfied over the years with HIFX. Hope this helps!

[Wonkeye]

TransferWise and CurrencyFair are definitely worth looking at.
See the following articles:
http://techcrunch.com/2014/06/09/cheeky-transferwise/
and http://www.lovemoney.com/news/16793/tra ... -zero-cost (written 2 years ago).

We've used CurrencyFair on several occasions and are very satisfied. You'll find plenty more endorsements here if you do a search.

[PW in Polemi]

Thoroughly recommend CurrencyFair.

[kg1]

I use XETrade. No hassle, simple to use, they keep you & recipient informed by email. Would recommend.

[Dotty]

We used Transferwise for the first time this month. Was a bit nervouus but it all went smoothly and got a good rate. They emailed to confirm every stage of the process as it happened. Takes a couple of days to go through.

[alifrank1]

Yes is is a bit nerve racking the first time you use on-line exchanges, but you will get used to them very quickly and not bother with banks once you've done it.

I used to use Hifx and they are extremely efficient, rates good and free if sending a large amount. For smaller amounts I also use Currency Fair, and would also highly recommend them. I thought made a mistake last time I sent money and emailed them. I got a reply within the hour and it was sorted

I suggest you do a comparison of the rates being given.

[French Cricket]

I've used both Currencyfair and Transferwise and recommend both.

This year we've been suggesting Transferwise to UK guests for deposit payments - costs them just 1 pound for less than 200 pounds; 0,5% above that). Every single person has chosen to pay that way and lots of them have gone out of their way to thank me for the recommendation as it's saved them a lot of money in bank charges or Paypal fees.

[e-richard]

Whoever you sign up with, and there are many excellent suggestions above, a very good idea is to send only £5.00 for the very first time.

a. This will give you more confidence.
b. The systems usually "remember" the account names you are sending to, so this is a very good way to ensure you do not enter the wrong account number. Tracing money sent to the wrong account is extremely difficult.
and
c. See a. above

[joddle]

I've used both Currencyfair and Transferwise and recommend both.

This year we've been suggesting Transferwise to UK guests for deposit payments - costs them just 1 pound for less than 200 pounds; 0,5% above that). Every single person has chosen to pay that way and lots of them have gone out of their way to thank me for the recommendation as it's saved them a lot of money in bank charges or Paypal fees.

That's a great idea - I think I will be doing the same for 2015. Thanks

[donnylu]

Transfer wise all the way. Also using them gives you the opportunity to give the banks the two fingers. All my uk customers pay with transferwise. Also those paying can use their debit card at no extra cost. Lastly transfer wise use the correct XE rate for that day .PayPal and banks use a less favourable rate that makes them more money.

[joddle]

I am really grateful to all the LMHs who have given me so much good advice. I have now tried a test transfer with one of the companies suggested and assuming all goes well will continue with that for the future as the savings will be pretty substantial for me; so again many thanks to you all - and of course have a very Happy Christmas.

[KathyG]

I use Hifx regularly but it depends on how much you're buying and my own bank is often cheaper so check out those rates too.

[camel]

I had been using HIFX since thewir inception. They have become to big for their shoes. I currently use "Baydon hill " and have no issues.

Who ever one uses one has to be careful if any of them goes bust you have lost your money. So if you are transferring a large sum and suffering from paranoia use all of them for a smaller amount. Yes this means compliance with the money laundering, terrorism etc etc, user names, passwords etc. Basically get ready for byzantine level of paper chase.

[joddle]

Who ever one uses one has to be careful if any of them goes bust you have lost your money.

Maybe - but is the situation any worse then using a bank? After recent events withe RBS and Halifax can any bank be 100% trusted with your money???