February 23, 2008 at 8:27 pm #53696
Does anyone have any positive or negative experience of using Foreign Currency Exchange Companies instead of a bank?][/b]
February 23, 2008 at 9:48 pm #79065
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.
February 23, 2008 at 10:18 pm #79066
I recommend HIFX. Dont work for/or have ever worked for them nor on any introduction commission.
February 24, 2008 at 10:08 am #79074
Have used Moneycorp without any trouble
February 24, 2008 at 10:29 am #79075
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!!
February 24, 2008 at 12:17 pm #79088
Have used Moneycorp without any trouble
As have I and family members
February 24, 2008 at 11:08 pm #79112
February 25, 2008 at 8:55 am #79113
February 25, 2008 at 2:50 pm #79139
Not unlucky, maybe a tadge naive. 😥 You need to get a rate quoted and agreed before you snd them your money
February 25, 2008 at 7:39 pm #79176
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?
February 25, 2008 at 7:50 pm #79177
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.
February 25, 2008 at 9:14 pm #79180
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.
February 25, 2008 at 10:32 pm #79193
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!
February 26, 2008 at 8:08 am #79201
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
February 26, 2008 at 10:49 am #79205
➡ ❗ 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!!!!
March 2, 2008 at 5:47 pm #79491
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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