# Money transfer broker



## Mouton (Mar 17, 2013)

Anyone got some info on a reputable and safe currency broker to organise monies coming across on a semi-regular basis from UK to a Spanish bank account, looking for better rate than the high street banks of course, thanks in advance.


----------



## Lynn R (Feb 21, 2014)

I use Currency Fair (they charge a flat fee of €3 per transfer, no matter how much is transferred). Other members of the forum have often recommended Transferwise, who charge a fee of 0.5% per transfer. The exchange rates offered by either of them are much better than the banks, and funds will be in your Spanish bank account within 24 hours.


----------



## SteveScot (Feb 11, 2013)

I also use CurrencyFair. I find them to be reliable and with good exchange rates.


----------



## 90199 (Mar 21, 2010)

Foreign Money & Currency Exchange Services, Euro Exchange, UK Currency Converter :: SmartCurrencyExchange.com

Try this firm


----------



## caromac (Nov 16, 2008)

Transferwise gets my vote. Great rates and they have a webpage that shows what you will get for your money.


----------



## Desiato (Jun 1, 2015)

I've used Foreign Exchange, Currency Exchange & International Money Transfer Specialists | HiFX and https://www.worldfirst.com/uk in the past.


----------



## Alcalaina (Aug 6, 2010)

I used to use HIFX but switched to CurrencyFair as they had better rates.


----------



## Mouton (Mar 17, 2013)

Thank you all, Curreny Fair gets the vote then, very much appreciated for your interest and advice, have a great weekend guys!


----------



## Mitch1717 (Nov 7, 2014)

Can I use this from the U.S. Also?


----------



## Lynn R (Feb 21, 2014)

Mitch1717 said:


> Can I use this from the U.S. Also?


I am pretty sure you can.


----------



## Mitch1717 (Nov 7, 2014)

Thank You Lynn R


----------



## Desiato (Jun 1, 2015)

exchange rates At the time of this post...

Currency fair - 1.3568
World First - 1.360
HiFX - 1.3203
Transferwise - 1.353 (after fee)

Based on £1000. Some will charge fees if the amount transferred is lower than a set amount. 

My advice, when you are ready to buy, see who is the cheapest as the rates change every 10 seconds. Also, if you ring them up, you can haggle a better deal by pitching one against the other.

I switched to HiFx from World First a couple of years ago as their rates were cheaper, not any more though so it pays to keep checking.


----------



## Lynn R (Feb 21, 2014)

Desiato said:


> exchange rates At the time of this post...
> 
> Currency fair - 1.3568
> World First - 1.360
> ...


I don't think I could be bothered to go through all the hassle of setting up accounts with all of them, sending them proof of ID documents, etc. to enable me to do the shopping around!


----------



## Desiato (Jun 1, 2015)

You don't have to. Find the one with the best rates and go with them. If next time you find there's a better one, go with them. After all the red tape you have to deal with in Spain, registering with a new transfer company will be a walk in the park.


----------



## Roy C (Sep 29, 2012)

Our company use a exchange company to pay pensions abroad, I'm sure it's not the best one though and I shouldn't think the bottom of the scale either. Would I be better off getting mine paid into my UK bank account and then transferring it myself rather than opting to be paid by them directly to Spain.


----------



## Lynn R (Feb 21, 2014)

Desiato said:


> You don't have to. Find the one with the best rates and go with them. If next time you find there's a better one, go with them. After all the red tape you have to deal with in Spain, registering with a new transfer company will be a walk in the park.


By the time you''ve registered with a new company the exchange rate could well have moved again so you're back to square one.


----------



## Lynn R (Feb 21, 2014)

Roy C said:


> Our company use a exchange company to pay pensions abroad, I'm sure it's not the best one though and I shouldn't think the bottom of the scale either. Would I be better off getting mine paid into my UK bank account and then transferring it myself rather than opting to be paid by them directly to Spain.


Possibly, but you'd have to know what the company used by your employers charges (and whether the employer bears the charges or you do) and what sort of rates they give in order to make that decision.

In the case of the State Pension it seems to be better to have it paid direct to a Spanish bank account because there are no charges and you get bank rate.


----------



## Desiato (Jun 1, 2015)

Lynn R said:


> By the time you''ve registered with a new company the exchange rate could well have moved again so you're back to square one.


They don't move that quickly Lynn. OK we get it, you don't fancy the paperwork but at at least give the guy the option, there's no need to be so down on it.


----------



## Lynn R (Feb 21, 2014)

Desiato said:


> They don't move that quickly Lynn. OK we get it, you don't fancy the paperwork but at at least give the guy the option, there's no need to be so down on it.


Well, there've been times when I've been watching the exchange rate improve and have held off making a transfer in the hope it might improve further. Then, in a matter of a few hours, it's gone down again (I will never make a fortune on the forex markets, that's for sure). So I would have been better off making the transfer early one morning, say, rather than waiting until lunchtime and finding the rate had gone down. All I'm saying is that you are never guaranteed to come out on the right side by taking the time to shop around especially if you have to open a new account with another firm in order to take advantage of what looks like a marginally better rate, because by the time you've done it the rate could well have changed. If I were transferring a very large amount it might be worth doing, but with a monthly pension payment the difference between the best few currency transfer firms is likely to be cents anyway.


----------



## Desiato (Jun 1, 2015)

If you are transferring thousands a few points difference between companies will cover a good night out and the taxi home. Yes the rates are changing all the time but like clouds, they all tend to be going in the same direction at the same time. Over a longer period of time one company will shift away from being competitive but it is over a longer period of time, like months or years. So if you see a good rate one day, by the time you have emailed your paperwork, their rate is still likely to be the best a day or two later. 

For the OP all he should do is compare rates and companies (review their reliability) and then register with his chosen one. If some time down the road he wants to see if his chosen firm have drifted from the competitive road, he can (if he can be bothered to) register with another company. I registered with one, two years later with another and three years after that another. It really didn't keep me up until the wee hours and at the time, saved me a few shekels. 

I think the OP has all he needs to make a considered decision so best we leave it up to him now.


----------



## samthemainman (Aug 15, 2012)

I'm a big fan of TransferWise. I don't have to speak to anyone, and in most cases I request the transfer early in the morning, pay via my online banking in the UK and it's in my account before the end of the day, all via a mobile phone app where you can track it's progress. Rates may not always be the absolute best but they're competitive.


----------



## smitty5668 (Feb 25, 2015)

we're registered with three companies. the difference on our house purchase earlier this year was over two thousand pounds, so i think it does matter. i used smart currencies as they gave me by far the best rate .


----------



## The Skipper (Nov 26, 2014)

Don´t forget that all of these forex companies are nothing more than private limited companies that can and do go bust. If they go bust while your money is in transit, you could lose the lot! For that reason I researched the creditworthiness of the leading companies before deciding which one to use. I decided upon Transferwise because it has some heavyweight, well-known financial backers including Sir Richard Branson, but that doesn´t mean it is foolproof - there is still some risk involved. For that reason I would advise anyone transferring large amounts, say for a house purchase, to break down the transfers into smaller daily amounts to reduce the risk.


----------



## Roy C (Sep 29, 2012)

The Skipper said:


> Don´t forget that all of these forex companies are nothing more than private limited companies that can and do go bust. If they go bust while your money is in transit, you could lose the lot! For that reason I researched the creditworthiness of the leading companies before deciding which one to use. I decided upon Transferwise because it has some heavyweight, well-known financial backers including Sir Richard Branson, but that doesn´t mean it is foolproof - there is still some risk involved. For that reason I would advise anyone transferring large amounts, say for a house purchase, to break down the transfers into smaller daily amounts to reduce the risk.


Is the money not lodged with a third party to prevent this happening?

Useful info: https://53b86a9de6dd4673612f-c36ff9...sending-money-safely---english---may-2011.pdf


----------



## The Skipper (Nov 26, 2014)

Roy C said:


> Is the money not lodged with a third party to prevent this happening?
> 
> Useful info: https://53b86a9de6dd4673612f-c36ff9...sending-money-safely---english---may-2011.pdf


Your information is a little out of date because the Financial Services Authority (often referred to as the Financial Supine Authority) was abolished two years ago. The FCA and the Bank of England have now taken over supervision of the financial industry and, yes, it is comforting to know that the company you are dealing with is authorised. But authorisation does not guarantee that you will get all your money back in the unlikely event that the company goes bust a few hours after you make a transfer to them. Strict operating rules exist but there is no 100% guarantee that every company is observing them! Having said that I use Transferwise on a regular basis and have no trouble sleeping at night – but even so, I don´t think I would transfer a huge amount (ie for the purchase of a house) all in one transaction ... just in case!


----------

