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Discussion in 'New to import/export? Read these before posting' started by MRam, Mar 26, 2013.
can you specify the exchange rates?
Hi we have a currency convertor on our site here
but best to call when you are ready to carry out your transaction, so that we can give you the best rate. 02073505474
I bank with HSBC, and recently opened an account with HiFX to compare the sterling to yen exchange rate. HiFX was better by one yen for the amounts I wanted to send, their sending fees were £9 compared to £30 though.
It's definitely worth browsing a number of foreign exchange companies to see who can give you the best exchange rate, a lot of them will compete to get the business. If you're in the UK make sure you look out for the FCA logo which will tell you that the financial institution is regulated for your safety and protection.
But yes you are right, using a bank like HSBC for an overseas money transfer will always result in higher fees and exchange rates. I'd register with a couple of trusted foreign exchange providers (this is normally free to do) and then go with the one that's giving you the best deal.
If you want any more information then please feel free to get in touch.
Yesterday, I needed to change $1000 into sterling. I was surprised when the greeter at HSBC told me I would be better off using the nearby Bureau de Change, since they offer better rates, so I did.
Imagine my surprise my I learnt that I would have in fact gotten £1 MORE if I had engaged with HSBC in the first place. Banks, eh!...
if you are interested in a quote for an international money transfer or a business currency audit - feel free to personal message me and we will come back to you within 1 working day.
That doesn't sound very good to me. I get instant on line quote from the company I use.
I was using HSBC early on in my business to send money to my supplier, but as it turns out, I was getting a woeful rate .... & also being charged £20 each time(!), I then started sending money via a currency broker (the banks really ought to wise up...this is 2014, & it's not on to charge customers for transferring the money). I used one of the currency exchange comparison websites to find a currency broker & went with the one showing the best rates at that time...I've been very happy with their service.
I send about £120k overseas with them (in chunks of £20k to £30k spread out over the year)...I was worried about trustworthiness, but needn't have...it's all been just fine & dandy.
If anyone wants the name of the currency broker I use PM me (I don't like spamming threads)....I've no links with this broker ....just a happy customer
Have been more than satisfied using CurrencyFair. Their rates are good, but if you can wait, the marketplace has even better rates. Am almost sure these are the best rates we will get.
What do you mean by "the marketplace"?
Using a Currency broker is a lot better and more cheaper, they offer you a service that most bank massively avoid. Currency brokers offer a much more tailored service for their clients to suit their needs, such as telling the client when the best time to buy or sell in the market. For example the current GBP/USD is at a 5 year high at 1.70 making it the best time to buy USD, a lot of my clients have bought 6-12 month forwards making the most at this level reducing there currency risk. where as banks tend just offer you a rate which is normally 2-4% of market depending on the volume along with high transaction fees.
Currencyfair have a marketplace which allows you to change money with other people. For example, I have USD and want GBP. I can either get an instant change from Currencyfair themselves (which isn't too bad comparatively) or I can put a request stating I'm looking for a better rate, and a user that has GBP and wants USD can change their money with me, getting us both a better rate. As long as the request is reasonable, it normally gets changed pretty soon after the order is made.
Just out of interest is their a big difference in rates and fees when you exchange currency with another person than just going with currency fair?
Ah ok thanks, it's something specific to CurrencyFair. I thought you were talking about the market in general.
The only fee you pay is when you withdraw the money to your bank account - a standard £3 fee per withdrawal to a UK account. It makes no difference how you changed the money. I found this the cheapest way to change.
For quick online bank transfers you could also check out Transferwise.com . They provide very good exchange rates (better than most banks) and don't charge the same fees as banks for foreign transfers.
You'll need a bank account in the destination country so if you have that it's definitely a quick and easy option with much better rates than the banks.
I use XE when I need to do a wire transfer but a credit card payment is usually easier and cheaper.
XE are good use for indicative rates, however the rates they quote are often delayed . having a broker that offers a platform that feeds live rates is a lot better and more accurate.
does anyone know here how to calculate forward and spot currency rates?
calculating forward and spot currency can be very tricky to understand, Forward rates is an algorithm which involves time, interest rates and the destination of the country. If you are a master wiz with numbers and Formula then I can give you the algorithm, If you like to the full formula then please contact me 02075940570