# How to get the BEST EXCHANGE RATE



## BrianDean (Aug 13, 2009)

Hello everyone,

It's very simple I'm really confused about what is the best way to transfer my British pounds into Euro's when I move to Spain. I have looked for threads about this but I'm new and not sure where to look and keep clicking into the Sponsored Exchange company HIFX.

I have spoken to a friend of mine who had used them and they don't deal with small transfers which I will have to do as I'm looking to buy a house that will need to have a bit of work done and on top of that I will have a mortgage to pay on a monthly basis. 

I have being dealing with I.T for most of my life and I'm quite clueless when it comes to money ...etc....

I have asked a few people who they have used but everyone has a different story about a different company to use. 

However I have being told that a good idea might be to find a smaller company that's less know as they can give better exchange rates. 

I would like to hear any ideas on how to approach this situation and if anyone has any past stories that could help I would like to hear.

Warm regards 

B.D

:ranger:


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## Suenneil (Feb 17, 2009)

BrianDean said:


> Hello everyone,
> 
> It's very simple I'm really confused about what is the best way to transfer my British pounds into Euro's when I move to Spain. I have looked for threads about this but I'm new and not sure where to look and keep clicking into the Sponsored Exchange company HIFX.
> 
> ...


Hi Brian
I worked in Real Estate here for 4 years and currency companies were obviously used all the time. Its not correct that small companies offer better rates! If you think about it the larger companies are able to trade in bigger numbers so therefore able to offer better rates to their own clients, plus most of them are also able to "absorb" some of the fees for sending and receiving money so if you are transferring large amounts you can end up saving a little bit there.
We do have one guy on here who works for a currency company that I know pretty well and who our own clients often use. Perhaps what you should consider doing is speaking to one or two of the bigger companies and getting some info from them and the services and savings they offer. 

By the way a lot of the currency companies have adapted of late to take into account the drop in the number of larger transactions they used to have ... and now definitely offer the ability to trade smaller amounts.

Sue :ranger:


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## arthurdiane1960 (Aug 13, 2009)

Hi Brian,

I have used hifx before and they gave me a good rate it beat my bank but not the best rate i could of got which i found out after. I came across them in one of the many magazines there always in. I also noticed on another website forum people talking about shipping costs and they told me about a website called currencyfinder which does comparisons on shipping costs sorry to ramble but they had a section for currency aswell I suggest you give it a try the company i now use beats hifx every time and moneycorp for that matter so it worked for me. I tell you who they put me in touch with after you try it. 
good luck

Arthur & Diane


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## Caz.I (Mar 21, 2009)

BrianDean said:


> Hello everyone,
> 
> It's very simple I'm really confused about what is the best way to transfer my British pounds into Euro's when I move to Spain. I have looked for threads about this but I'm new and not sure where to look and keep clicking into the Sponsored Exchange company HIFX.
> 
> ...


Hi Brian,
I am definitely no expert on these matters, but when I sold my flat in London and transferred the proceeds over here I used a company called Moneycorp Ltd. They were recommended to me by a relative who works in the property business and uses them regularly. I am not sure about their criteria on the minimum amounts you can transfer, but you could look into it.
Hope this helps.
Caz.


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## Stravinsky (Aug 12, 2007)

This aint helping is it OP! 

I have a direct debit set up with Currencies Direct. I dont get charged a fee, the rate of exchange is always competitive, and I made sure that the Spanish bank doesnt charge for receiving funds (SOL Bank). Its simple to set up, you can increase or decrease the monthly figure as and when you want.


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## keiths (Jul 27, 2009)

Stravinsky said:


> This aint helping is it OP!
> 
> I have a direct debit set up with Currencies Direct. I dont get charged a fee, the rate of exchange is always competitive, and I made sure that the Spanish bank doesnt charge for receiving funds (SOL Bank). Its simple to set up, you can increase or decrease the monthly figure as and when you want.


All the companies mentioned so far are fine ..<snip>

The only thing I'd add is please be wary if you decide to go for one of the smaller, lesser-known companies that promise the world.

When you use a Foreign Exchange Company, there are a number of security measures in place to protect the client's funds during the transaction process. 

Firstly they must be regulated by HM Revenue& Customs. 

Secondly you should ensure that your funds are held in segregated client accounts that are only used for client transactions and so are totally separate from the companys' own business accounts and so cannot be traded or used in any fashion by the Foreign Exchange Company for their own purposes.

Hope that helps.

Keith


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## jojo (Sep 20, 2007)

I've always found HIFX to be the most helpful, best value and the nicest. Altho Sol bank are good for the small ammounts as they have a sterling account which allows me to move money around when the exchange rate is good!

Jo xx


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## BrianDean (Aug 13, 2009)

Hello everyone,

Thanks very much for the information its being most informative and its being great reading. 

Please keep your experiences coming in as I might open a couple of accounts if everyone sounds the same to me.

Also thanks for the added info Keith, thats excatly the type of things I would have never taught to look for. 

And Arthur I think I might try the comparison site as I did get a great deal from other comparison companies that are flooding the T.V at the moment.

I will let you everyone know how I get.

Thanks again

B.D


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## JBODEN (Jul 10, 2009)

I think that Allied Irish issue a Euro debit card. So I suppose you could set up a Euro current account (convert you GBP into Euro, in the UK) and withdraw Euro's at a Spanish cash point.


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## Stravinsky (Aug 12, 2007)

JBODEN said:


> I think that Allied Irish issue a Euro debit card. So I suppose you could set up a Euro current account (convert you GBP into Euro, in the UK) and withdraw Euro's at a Spanish cash point.


You used to be able to do that with Nationwide but they are starting to charge now so I guess everyone will follow suit soon


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## BrianDean (Aug 13, 2009)

Hello again everyone,

I have taken a bit of everyone's advice and I have opened an account with a couple of different currency exchange companies after speaking with them. 

My partner has opened accounts with HIFX and Money Corp and I then went through the a comparison web site called www. Currency Finder .co .uk (_Thanks Arthur_) who I was then passed to Excel Currencies who I have now opened an account with. 

From what my partner has being saying to me all 3 companies provide nearly the same services but I have being most impressed with Excel Currencies because they have actually taken the time to listen to my whole situation and now have a good understanding of what I need to do. On top of that the guy who I was dealing with had past experience with mortgages and he was able to give me a couple of good ideas for when I go to finance my new property. 

I have also taken Keith's advice.......

_" Firstly they must be regulated by HM Revenue& Customs. 

Secondly you should ensure that your funds are held in segregated client accounts that are only used for client transactions and so are totally separate from the companys' own business accounts and so cannot be traded or used in any fashion by the Foreign Exchange Company for their own purposes_." 

And they have passed me their M.S.B number which I have verified with HM CUSTOMS & EXCISE and their funds are held in a segregated and Bonded account. 

I have to do a money exchange this week and when I do I will let everyone know how I get on with all 3 exchange rates. It's only a small transfer but does anyone think if it will make a difference to who will give me the better currency exchange rate. 

Thanks everyone 

B.D


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## jojo (Sep 20, 2007)

BrianDean said:


> I have to do a money exchange this week and when I do I will let everyone know how I get on with all 3 exchange rates. It's only a small transfer but does anyone think if it will make a difference to who will give me the better currency exchange rate.
> 
> Thanks everyone
> 
> B.D


It seems the exchange rate is teetering abit this week at 1.16ish!!!! 


Jo xx


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## keiths (Jul 27, 2009)

jojo said:


> It seems the exchange rate is teetering abit this week at 1.16ish!!!!
> 
> 
> Jo xx


It seems we had the Monday morning blues in the markets yesterday. GBP/USD was down from 1.65 plus to 1.6330, and EUR/USD down from 1.43 to 1.4110 - so what we are seeing is a classic swing into risk aversion and nervous markets. 

Evidence of this can also be seen in the equity markets with the S&P down 13 points. So what is causing this edginess in the markets? On Friday in the US the Michigan consumer sentiment data came in weaker than expected and yesterday morning UK Rightmove house price data confirmed that the average cost of a home slipped 2.2% in August. This calls into question the recent gains in the UK housing sector and the sustainability of it- personally I anticipate a rocky road ahead in the housing sector.

Now we have nearly exited the earnings season the markets will be looking for positive underlying economic numbers in the consumer section. The fear is that the recent bull-run is over extended and we could see a further sell off in the equity markets. 

A sustained dip/retracement in equities will not be good news for sterling especially as the recent QE measures have been ramped up. This would lead to GBP/USD falling below 1.60 again and GBP/EUR under 1.15. With little data out today the FX markets will be led by movements in equities; hopefully the nervousness will ebb away for the benefit of the pound.

Have a good day

Keith


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## arthurdiane1960 (Aug 13, 2009)

Hi Keith,

What are you talking about?? why cant you just explain things in a format that is easy to understand were not all finance wizards also my broker predicted it would rise to 1.17 today very different views its crazy that... I hope it doesnt drop.

Arthur and Diane


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## keiths (Jul 27, 2009)

arthurdiane1960 said:


> Hi Keith,
> 
> What are you talking about?? why cant you just explain things in a format that is easy to understand were not all finance wizards also my broker predicted it would rise to 1.17 today very different views its crazy that... I hope it doesnt drop.
> 
> Arthur and Diane


Sorry guys, I apologize. I will try to keep things simpler in future.

Your broker predicted correctly that GBP-EUR would break 1.17 today. We're currently sitting at 1.1718. This is down to good economic data we had out of the UK this morning. Sterling could be a little nervous though because on Thursday we have retail sales data released.

Hope that makes sense

Keith


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## Tallulah (Feb 16, 2009)

keiths said:


> It seems we had the Monday morning blues in the markets yesterday. GBP/USD was down from 1.65 plus to 1.6330, and EUR/USD down from 1.43 to 1.4110 - so what we are seeing is a classic swing into risk aversion and nervous markets.
> 
> Evidence of this can also be seen in the equity markets with the S&P down 13 points. So what is causing this edginess in the markets? On Friday in the US the Michigan consumer sentiment data came in weaker than expected and yesterday morning UK Rightmove house price data confirmed that the average cost of a home slipped 2.2% in August. This calls into question the recent gains in the UK housing sector and the sustainability of it- personally I anticipate a rocky road ahead in the housing sector.
> 
> ...



Hi Keith,

Yes, BUT, surely you are over-simplifying it

If the "nervousness" does not ebb away, but affects the European markets more than the FTSE, the Pound will gain - n'est-ce pas?! 

Not forgetting that the pound has been seriously over-sold and the Euro had many doubters, even before its current weight problem. Or am I having a blonde moment?!?!

Tally.x


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## jojo (Sep 20, 2007)

All the whys and wherefores dont matter, I think the UK government is doing everything in its power, albeit subtly to keep the pound low against the euro, its better for UK business

Jo xx


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## Calas felices (Nov 29, 2007)

To break away from the world of high finance and back to the thread, have you considered opening a Nationwide account and using this through ATM's. The rate is very close to Interbank rate.


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## Tallulah (Feb 16, 2009)

Calas felices said:


> To break away from the world of high finance and back to the thread, have you considered opening a Nationwide account and using this through ATM's. The rate is very close to Interbank rate.


Well, aren't you a cheeky little monkey!

First of all, out of respect to the OP, let me repeat his question and thread title :

How to get the BEST EXCHANGE RATE.

Unless you've had pixie dust for breakfast, the "who with" is a small part of said question....the "how" to possibly avoid a disastrous day to pick for making currency exchanges is embodied in the posts which are getting hammered for providing the information behind the question. 

One can choose to look at the market or ask their agent (broker, bank, etc) OR simply believe that the UK government are doing their absolute best OR ignore all indicators, request a transfer and take the hit or miss risk that entails - but none of these posts in my opinion are in the slightest bit off topic.

Also may I add, having re-read the posts, they are hardly what can be referred to as "the world of high finance" as they are talking about an everyday expat issue and not mergers and acquisitions or somesuch. 

Tallulah.


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## Calas felices (Nov 29, 2007)

OK Tallulah

How to get the best exchange rate: Use the Woolwich, draw the money out of ATM's, do it on the day you want. No fees in UK or Spain, no time lag. Sounds like I answered the question doesn't it?


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## Tallulah (Feb 16, 2009)

Calas felices said:


> OK Tallulah
> 
> How to get the best exchange rate: Use the Woolwich, draw the money out of ATM's, do it on the day you want. No fees in UK or Spain, no time lag. Sounds like I answered the question doesn't it?


Well, not really. Yes on the who, and I suppose, yes on the when - but "do it on the day you want"? - surely the when will be based on the information you've been knocking - wouldn't it? - or does one simply go ahead no matter what the exchange rate is likely to be? - or do you have access to a transfer based on the inter bank rate frozen at the moment you request the transfer?

This isn't a sarky reply - honest!!. The last question is of great interest to me, as if I could guarantee the rate I'm looking at on the screen by simply phoning my bank at that moment, I'd change to the Woolwich tomorrow!  Unfortunately, as things are, I could be looking at 1.18 when I make the call, and end up getting 1.10 the next day, i.e. the interbank of the moment of actual transfer less the usual couple of points for the bank's coffers.

Tallulah.x


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## Calas felices (Nov 29, 2007)

We're in danger of doing this subject to death but I will respnd to your point re timing. As I understand it the Woolwich does not constantly change it's rate during the day but has two rate points. I have been able to establish the rate in the morning and receive the same rate the same day. I know the Halifax for example works the same system. I don't think you'll find that any currency company will make the sort of changes from 1.18 to 1.10 that you suggest without the market having shown serious signs of instability and they would have to be very serious.


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## Xose (Dec 10, 2008)

Calas felices said:


> We're in danger of doing this subject to death but I will respnd to your point re timing. As I understand it the Woolwich does not constantly change it's rate during the day but has two rate points. I have been able to establish the rate in the morning and receive the same rate the same day. I know the Halifax for example works the same system. I don't think you'll find that any currency company will make the sort of changes from 1.18 to 1.10 that you suggest without the market having shown serious signs of instability and they would have to be very serious.


Hi Calas felices,
Actually I've been following this thread with great interest as my Bank won't lock any rate now for small amounts (under 25K I think).

They simply give you an indicator (nowhere near the Interbank rates), and then promise to deliver within 3 woking days. I must admit, I do normally get it the next day or even on the day if done that morning, but always well below the Interank.

Worst example - saw 1,17 on interbank, called them, got an indicator of 1.14XX (nearly 1.15). The next day the rate had fallen badly to just over 1.15 on the market and I ended up with just under 1.12. Not good eh?!
Therefore, it's not the company but the market, plus the banks refusing to lock the rate at that moment, that can cause great fluctuations. 

So, any facility that will lock a rate (that isn't to far away from the interbank) for smaller transfers of 1 or 2K, is of interest to me.

Thanks

Xose


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## Calas felices (Nov 29, 2007)

Just looked at the rate being used by Nationwide today:


Currencies fluctuate every day. The rate shown is effective for
transactions submitted on August 20, 2009.

1 British Pound = 1.16 Euro

Hifx for example is showing 1 to 1.1617


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## Xose (Dec 10, 2008)

Calas felices said:


> Just looked at the rate being used by Nationwide today:
> 
> 
> Currencies fluctuate every day. The rate shown is effective for
> ...


That's incredible. With the rate right now at 1.1584, Nationwide would take a hit when transferring today's transactions at 1.16

Thanks for the info, I'll look at this further.


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## angela2009 (Aug 25, 2009)

hi we have a account with banesto for sterling and one for euros our manager in benidorm is a star he looks after us way beyond banking, a blessing after dealing with british banks who just take and give nothing.. happy hunting..


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## arthurdiane1960 (Aug 13, 2009)

Xose said:


> So, any facility that will lock a rate (that isn't to far away from the interbank) for smaller transfers of 1 or 2K, is of interest to me.
> 
> Thanks
> 
> Xose


Hello Xose,

I know for a fact that the best company for small payments is the one I use. I have a property in bulgaria and spain and I have been making 2 payments in the region of £600 every month since 2007. No transfer costs at all and the rates are really good and you can secure the rate over the phone the company is excel currencies if you can find a better deal then make sure you tell me but im pretty confident you wont. I hope I dont eat my words. let me know how you get on. 

arthur


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## Stravinsky (Aug 12, 2007)

arthurdiane1960 said:


> Hello Xose,
> 
> I know for a fact that the best company for small payments is the one I use. I have a property in bulgaria and spain and I have been making 2 payments in the region of £600 every month since 2007. No transfer costs at all and the rates are really good and you can secure the rate over the phone the company is excel currencies if you can find a better deal then make sure you tell me but im pretty confident you wont. I hope I dont eat my words. let me know how you get on.
> 
> arthur


Just like currencies direct then! I have used a number of them and theres little to choose between them to be honest, everyone has their favourites but at the end of the day none of them are generally "The best"


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## arthurdiane1960 (Aug 13, 2009)

Stravinsky said:


> Just like currencies direct then! I have used a number of them and theres little to choose between them to be honest, everyone has their favourites but at the end of the day none of them are generally "The best"


Hi Stravinsky,

I just called currencies direct and oh my god why cant they just give you a straight forward answer.
1st of all we cant give you a quote if you dont have an account
then the girl gave me a quote.
2nd of all there is a transfer fee of £15
I said my current company does not charge me, so she dropped her fee to £5 as its my first transfer.
3rd she gave me a rate of 1.0812
4th if its a regular transfer it can take 7 working days
5th I said no thank you

I called up my company I currently use, 1.1075 NO FEES.

Stravinsky im sticking with Excel. Thanks anyway.


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## jojo (Sep 20, 2007)

arthurdiane1960 said:


> Hi Stravinsky,
> 
> I just called currencies direct and oh my god why cant they just give you a straight forward answer.
> 1st of all we cant give you a quote if you dont have an account
> ...


They really are much of a muchness, I, like Strav have been thru them all and I would liken choosing an exchange company to choosing washing powder! Ariel, Persil, Daz, Bold....? whatever and whoever are doing what offer on the day!!!!!

Jo xxx


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## Stravinsky (Aug 12, 2007)

arthurdiane1960 said:


> Hi Stravinsky,
> 
> I just called currencies direct and oh my god why cant they just give you a straight forward answer.
> 1st of all we cant give you a quote if you dont have an account
> ...


Well I used them just as an example, I could have used anyones name .... but as it happens I have no commission fees with Currencies direct and I get a rate of exchange that is as good as the others .... The transfer takes 3 days


You dont work for excel by any chance do you? Lot of trouble to go to prove me wrong, ecen though what you have said isnt representative of what actually happens


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## arthurdiane1960 (Aug 13, 2009)

Stravinsky said:


> Well I used them just as an example, I could have used anyones name .... but as it happens I have no commission fees with Currencies direct and I get a rate of exchange that is as good as the others .... The transfer takes 3 days
> 
> 
> You dont work for excel by any chance do you? Lot of trouble to go to prove me wrong, ecen though what you have said isnt representative of what actually happens



I was not trying to prove you wrong (infact the complete opposite) I was making sure I was getting the best deal out there, after all thats what this is all about. I dont understand why you are not getting charged and it only takes 3 days yet my experience was completely different. I have used other companies aswell and I have always given credit where it is due. why dont you reverse the situation when your sending your next amount compare with excel and see what happens. Let me know how you get on hopefully you will save money if not then sorry for trying to help. Oh and all I know about is bricks and mortar so as far as working for them hahaha they wouldnt have me. all in jest my friend.

Arthur


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## BrianDean (Aug 13, 2009)

Hello everyone I,m back the guy who started this thread...

Firstly I want to start by saying a huge thank you for everyone who has talked about thier experiences with exchange companies, its being great reading and being quite interesting also.

To let everyone know I have finally managed to get a mortgage for my overseas property which I honestly taught I would never get as it has being going on for so so so so long


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## BrianDean (Aug 13, 2009)

Hello everyone I'm back the guy who started this thread...

Firstly I want to start by saying a huge thank you for everyone who has talked about their experiences with exchange companies, its being great reading and being quite interesting also.

To let everyone know I have finally managed to get a mortgage for my overseas property which I honestly taught I would never get as it has being going on for so so so so long  

I'm not sure if you remember but I had opened a few accounts to get a good idea of who was giving the best exchange rate and I have already done a couple of transfer's to builders and for fee's ...etc 

The result from it has being quite interesting, on both occasions I rang all 3 companies which was 2 big companies very well known and one smaller which I had found from a currency comparison web site called www Currency Finder . co uk 

The amount I did was only £2500 and £5500 and I took the advice from a friend who said not to tell the other companies that I had opened other accounts and I found out who was giving the best rates and how much I saved by comparing them.

The total I saved was only about £75 on the first transfer and £150 on the larger amount and to my surprise It was the smaller company who gave the best rates. I know the savings are not going to change much but when it comes to the large amounts I think I will be saving into the £ ?,000's and I can think of a few essential items I will need to buy for the new home like an oversized T.V and sound system. ha ha ha ha. 

I have a bigger transfer to do soon and I believe a move of exchange rate the wrong way can cost me more pounds then I like to lose so I will be keeping a close eye on the rates for the next week. 

Thanks again for all your messages and please keep them coming in.

O yes I have to recommend the site Currency Finder as I would not of saved any money without it.. Thanks Arthur


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## arthurdiane1960 (Aug 13, 2009)

BrianDean said:


> Hello everyone I'm back the guy who started this thread...
> 
> Firstly I want to start by saying a huge thank you for everyone who has talked about their experiences with exchange companies, its being great reading and being quite interesting also.
> 
> ...




Hi Brian,

Glad to hear it worked I also used the currency finder comparison website for shipping and mortgages this saved me money to. I see you mentioned builders my speciality I hope your builders are good as I know plenty if you have any problems. Take care.

Arthur


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## BrianDean (Aug 13, 2009)

arthurdiane1960 said:


> Hi Brian,
> 
> Glad to hear it worked I also used the currency finder comparison website for shipping and mortgages this saved me money to. I see you mentioned builders my speciality I hope your builders are good as I know plenty if you have any problems. Take care.
> 
> Arthur


Hello Arthur

I havnt even started to look for a shipping company yet! Thanks for reminding me but now that i think about it there is a few belongins I would like to bring with me :confused2: 

Do you know what sort of costs are involved and what guaranties I will get from the Shipping company ? 

And can you send me the name and number of your builders as I would rather go with a expensive recommended builder then a cheaper unknown one.

I'm also going to do some of my larger exchange soon but it so hard to tell when to do the exchange. I get an update on the the exchange rates every day and its seems like pot luck to get it at a high point but I have to be fair my currency guy told me to hold on an extra day and saved me from losing about £105 and now I'm just hoping he can do the same for my larger amount . 

Thanks


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## JoandGav (Nov 5, 2009)

Hi Arthur...

Sounds like you have found yourself a good Currency exchange guy there!

I have being using currency finder as well but for shipping because the currency side of things seems endless to me! lol 

If you don't mind me asking what is your guy down there like? I mean if there is someone that i know has persoanlly used someone else to do there transactions i would feel a lot more at ease...

Does he tell you when to buy and stuff because i don't want to be pressured into buying when i ask for a rate, but i would like to know when i can get the best for my money???

Thanks ever so much guys, you are all being such a great help to me 
Jo x


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