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Bank Exchange Rates

Discussing offers, rates and deals on suppliers
feder1
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Bank Exchange Rates

#307535

Postby feder1 » May 11th, 2020, 11:01 am

I might be getting a five figure bank transfer from Australia in AUD in due course.

I have both Nationwide and TSB bank accounts.

Which one should I select to recieve the funds from the point of view of conversion to GBP please?

langley59
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Re: Bank Exchange Rates

#307544

Postby langley59 » May 11th, 2020, 11:08 am

I haven't used it yet but I intend to, I was told about currencyfair which apparently gives you a much better rate, might be worth researching:

https://www.currencyfair.com/

Just to reiterate I have no hands on experience of this yet but others might...

feder1
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Re: Bank Exchange Rates

#307545

Postby feder1 » May 11th, 2020, 11:11 am

It,s a solicitor who will send the money so he will send to a bank account.

GoSeigen
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Re: Bank Exchange Rates

#307614

Postby GoSeigen » May 11th, 2020, 2:08 pm

feder1 wrote:It,s a solicitor who will send the money so he will send to a bank account.


Personally I'd use a currency broker like HIFX.co.uk, now owned by XE.com (used many times very happily by me and family). Instruct the solicitor to send the money to the broker's account as notified to you by the broker when you set up the transfer.

GS

GrahamPlatt
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Re: Bank Exchange Rates

#307620

Postby GrahamPlatt » May 11th, 2020, 2:16 pm

Take a look at TransferWise. They’re very good. You might give thought to opening an AUSD account there & transfering to GBP at leisure (as the exchange rate suits you). I’ve been using them for some years now & they’re solid.

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Re: Bank Exchange Rates

#307650

Postby terminal7 » May 11th, 2020, 3:36 pm

I regularly need to send money to France. I have used CEC and Western Union. Others mentioned above.

Any forex transaction at the level mentioned using a big bank will give you 2%/3% less than what you get with an exchange.

T7

mutantpoodle
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Re: Bank Exchange Rates

#307824

Postby mutantpoodle » May 12th, 2020, 8:15 am

i may have been unlucky...BUT

you should instruct the sender to send in currency to your chosen moneybroker.....and NOT to let his bank do the conversion...unless you have seen and agreed the ROE

if he sends without instruction its probable his bank will convert...you will receive funds after said conversion and in £stg

feder1
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Re: Bank Exchange Rates

#307884

Postby feder1 » May 12th, 2020, 10:10 am

I feel like the gent standing in the middle of the road asking directions.

“I wouldn,t start from here if I were you mate”

GrahamPlatt
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Re: Bank Exchange Rates

#307934

Postby GrahamPlatt » May 12th, 2020, 11:54 am

GoSeigen wrote:
feder1 wrote:It,s a solicitor who will send the money so he will send to a bank account.


Personally I'd use a currency broker like HIFX.co.uk, now owned by XE.com (used many times very happily by me and family). Instruct the solicitor to send the money to the broker's account as notified to you by the broker when you set up the transfer.

GS


When I first needed to convert largish sums, I used HiFX. Was losing ~1.5% on each deal. Found TransferWise we’re doing the same thing for 0.5% so switched. TransferWise are going from strength to strength, offering accounts in various currencies - with an associated bank account number. One thing they won’t do though is accept funds in from a brokerage account, which is a pity.

GoSeigen
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Re: Bank Exchange Rates

#308004

Postby GoSeigen » May 12th, 2020, 2:17 pm

feder1 wrote:I have both Nationwide and TSB bank accounts.

Which one should I select to recieve the funds from the point of view of conversion to GBP please?


feder1 wrote:I feel like the gent standing in the middle of the road asking directions.

“I wouldn,t start from here if I were you mate”


I think posters have been pretty helpful. The answer to your original question is simply found by looking at the website of each bank, or calling them and asking what the buy-sell spread and commission is.

Were you expecting Fools to do the work for you?


GS

GoSeigen
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Re: Bank Exchange Rates

#308014

Postby GoSeigen » May 12th, 2020, 2:40 pm

GrahamPlatt wrote:When I first needed to convert largish sums, I used HiFX. Was losing ~1.5% on each deal. Found TransferWise we’re doing the same thing for 0.5% so switched. TransferWise are going from strength to strength, offering accounts in various currencies - with an associated bank account number. One thing they won’t do though is accept funds in from a brokerage account, which is a pity.


You're right. TransferWise is .5% better for exchanging to my currency. Whether that is enough to give up on the devil I know, HIFX, is moot. e.g. When I had a problem with intermediary fees recently HIFX kindly wrote off £25 for me. Customer service has always been first class.


GS

GoSeigen
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Re: Bank Exchange Rates

#496457

Postby GoSeigen » April 26th, 2022, 7:55 am

Just a heads-up: I have been using Wise (formerly Transferwise) for some time now, generally satisfied with the service, but recently payments have been arriving very late in the day, not in the morning as scheduled. The latest payment was due today but I have received an email saying it will be a day late.

This sort of thing, apart from screwing with one's financial planning, makes me very nervous. I am seriously thinking about reverting to XE/HIFX.


GS

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Re: Bank Exchange Rates

#496465

Postby mutantpoodle » April 26th, 2022, 8:20 am

as suggested
tell solicitor to send funds to your chosen moneybroker
they will get best deal
and they will send to your chosen bank in £stg

I used to use HIFX but twice last year theywouldnt answer phone (well computer did and assured me how importat I was)
so I now use TORfx

whoever you use...do not accept first excahnge rate offered
they always have a bit of wiggle room

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Re: Bank Exchange Rates

#496629

Postby gryffron » April 26th, 2022, 3:13 pm

I have a contrary opinion to the previous posters. There is no question the brokers will shave 1-2% off the fees, but for a single large amount of cash, I'd stick to the big banks. International transfers can and do go missing. It's rare these days, but it still happens. And the more intermediaries you involve the higher the risks. Some of the brokers are FCA registered, but they don't have to be. Imagine how you'd feel if a small foreign broker "lost" your cash. The big banks will find your money - though not always quickly.

The brokers are great for regular transfers. But for a single large transaction use the biggest bank you can. Yes, the rates are poorer, but call it insurance. It'll help you sleep better. I'd pick TSB over Nationwide cos they're a long-standing "proper" bank.

Opinions on this will no doubt vary. ;)

Gryff

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Re: Bank Exchange Rates

#497164

Postby Steveam » April 28th, 2022, 10:08 am

I’ve used banks and brokers all of whom have charged outrageous amounts. I’ve now settled on WISE who have low fees and good rates. My recent transfers have all gone quickly and easily with no problems.

Best wishes,

Steve

GoSeigen
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Re: Bank Exchange Rates

#497283

Postby GoSeigen » April 28th, 2022, 3:57 pm

GoSeigen wrote:Just a heads-up: I have been using Wise (formerly Transferwise) for some time now, generally satisfied with the service, but recently payments have been arriving very late in the day, not in the morning as scheduled. The latest payment was due today but I have received an email saying it will be a day late.

This sort of thing, apart from screwing with one's financial planning, makes me very nervous. I am seriously thinking about reverting to XE/HIFX.



[Warning: stale thread]

My international transfer via Wise is now two days late and still no sign of it. Should I be worrying?


GS


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