Foreign Currency Exchange Companies

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This topic contains 15 replies, has 13 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years, 9 months ago.

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  • #53696
    Profile photo of Anonymous
    Anonymous
    Participant

    Does anyone have any positive or negative experience of using Foreign Currency Exchange Companies instead of a bank?][/b]

  • #79065
    Profile photo of Anonymous
    Anonymous
    Participant

    All very much of a muchness , low commission = poor exchange rate.
    High commission =good exchange rate. Usuallythe bottom line is better with them than the bank.

  • #79066
    Profile photo of Anonymous
    Anonymous
    Participant

    I recommend HIFX. Dont work for/or have ever worked for them nor on any introduction commission.

  • #79074
    Profile photo of Anonymous
    Anonymous
    Participant

    Have used Moneycorp without any trouble

  • #79075
    Profile photo of Anonymous
    Anonymous
    Participant

    I recommend 4X Currency Corporation – you do the trade yourself on-line – no dealer and the rates beat all the others that I have tried – you trade on-line and see the rates real time for different amounts. Brilliant idea!!

  • #79088
    Profile photo of mike
    mike
    Participant

    @jwc wrote:

    Have used Moneycorp without any trouble

    As have I and family members

  • #79112
    Profile photo of Anonymous
    Anonymous
    Participant
  • #79113
    Profile photo of Anonymous
    Anonymous
    Participant

    Used FC Exchange (http://www.foreign-currency-uk.com) and only got TOURIST rate despite their claim to use (or better) the commercial rate. Anyone else used them – were we just unlucky?

  • #79139
    Profile photo of Anonymous
    Anonymous
    Participant

    Paula
    Not unlucky, maybe a tadge naive. 😥 You need to get a rate quoted and agreed before you snd them your money

    Jock

  • #79176
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks Jock – hindsight is a wonderful thing! But isn’t this the whole point of using a currency broker – they are supposed to get you the best deal (
    for them as well) – not blantantly rip you off?

  • #79177
    Profile photo of Anonymous
    Anonymous
    Participant

    Before doing anything with a broker check here http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/ticker/markets/default.stm

    Then telephone your broker / bank or whoever and don’t pay more than 1.5 cent over the rate you see on the above ticker if you do, pay a commission on top or pay anymore than £15.00 for a transfer you are being ripped off.

    I use http://www.globalcurrencyservice.com

    Regards

    Paul

  • #79180
    Profile photo of katy
    katy
    Spectator

    Also make sure that the firm you are dealing with cannot get wiped out overnight whilst your money is “in transit”. Yes, it has happened, things move quickly in the currency market. The saying “a bird in the hand is worth two in a bush” applies.

  • #79193
    Profile photo of Anonymous
    Anonymous
    Participant

    I used Currencies Direct. They “lost” 100K Stirling of my money. I found out nearly two weeks later, when I went into my bank here for a bankers draft, to buy a new vehicle. Guess what, the account was empty. After many, very long and expensive phonecalls to their London office, the money was finally “found”, and deposited to my account here, 2 days later! 👿
    after more, long and expensive phonecalls to their London Office, I was finally put through to one of their directors. I asked would he pay for the lost two weeks interest on my cash, and he laughed at me, (no exaggeration, he laughed down the phone at me in a very sarcastic and arrogant manner), and informed me in the same manner, that he ran a currency exchange, not a bank, and currency exchanges didn’t pay interest, only collected it. Obviously ❗ 👿 Guess how many of my clients I’ve recommended to Currencies Direct, because of him, and guess how many of my clients I’ve told this story to? And guess how many of my clients have told this to friends of theirs, and so on! Who do you think the real loser was here? What do they say? “Win an argument…lose a customer”. I say “Lose 100K of my hard earned cash, and then laugh at me…You’re going to lose a 1000 customers more!
    Surprisingly enough, I was canvassed by one of their reps, just a short time ago, who was very nice, and polite, and wanted to know if I could recommend my clients to them. I explained my experience to that person, (I don’t want to get them into trouble here, so no details), and they asked me to describe the director I had spoken too, and when I did, they recognised him, and his attitude immediately. A tw#t with a toffee nose did spring to mind at the time.
    I recommend http://www.hifx.co.uk/, who I find very professional and pleasant to deal with. The fact that they pay me a tiny commission has nothing to do with it, seriously.
    My recommendation would be to always ask a couple of companies;
    If I transfer this amount? in Sterling, what amount? in Euros do I end up with in my account in Spain. And go for the best deal!

  • #79201
    Profile photo of Anonymous
    Anonymous
    Participant

    As I am paid fees in sterling and live in Spain I regularly use http://www.xe.com and have had no problems

    You transfer the money in sterling, or any currencyand get an instant rate and yes you pay for the transfer draft but I have found that the better rate ourweighs the 8 pounds charge

    When I bought my property I ordered a draft from them made payable to the owners bank, much less expensive that getting a draft form the spanish bank

    To test the rates you can always set up an account

  • #79205
    Profile photo of Anonymous
    Anonymous
    Participant

    ➡ ❗ Thanks for all the info. Now know DEFINITELY NOT TO USE FC Exchange and Currencies Direct Actually had already heard “dodgy” things about FC Exchange but needed to know if it was just an isolated incident – obviously not!!!!

  • #79491
    Profile photo of Anonymous
    Anonymous
    Participant

    We have serious misgivings between the traded rate of exchange and the rate FC Exchange gave us on the ‘phone at the time of the trade. Does anyone know if or how we can obtain a copy of their exchange transaction of our money – (Freedom of Information Act or similar?).
    A further misgiving is that our UK sterling was paid into Lloyds of Pall Mall (London) but although FC Exchange has their Head Office and registered address in London, our Euro funds were transferred to our Spanish bank from a residential address in Berkhamsted – an address which was associated with one of the directors of FC Exchange at the time.
    Can anyone shed any light on how this could happen or are we right to be suspicious?

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