Currency Transfers, Larger amounts

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Currency Transfers, Larger amounts

Postby Al & Sue » 12 Sep 2015 18:30

Hi All,

Another question concerning my potential Cyprus property purchase, does anyone have a recommendations on how best to transfer a lager sum such as final balance on a property purchase, I am sure that using my own UK bank would not be the best option, so any suggestions would be much appreciated

Al
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Currency Transfers, Larger amounts

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Re: Currency Transfers, Larger amounts

Postby Mike Strand » 12 Sep 2015 18:43

Take a look at CurrencyFair
https://www.currencyfair.com/
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Re: Currency Transfers, Larger amounts

Postby trevnhil » 12 Sep 2015 18:52

I too would use Currency fair. I have used them recently and we also used them a few years ago when we were having our house built
Good rates and €3 fees per transaction.

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Re: Currency Transfers, Larger amounts

Postby Dexter » 12 Sep 2015 19:56

You are right that almost all banks are very expensive when converting relatively small amounts of currency.

In years gone by we had forward exchange contracts set up for business sums of millions of dollars. We knew within tight contractual parameters when the dollars would arrive so setting up the hedge made sense.

If you are worried by a potential currency move against you, the amount is significant and you have a good idea when the funds are required a hedge might be beneficial for you.
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Re: Currency Transfers, Larger amounts

Postby LeeH » 13 Sep 2015 20:08

Hi Al and Sue,
I would certainly not suggest you use your bank, the margins they take are pretty steep by comparison to other provider.
There are a number of currency exchange firms who will assist you. Our company uses Currency Solutions, they have an office in Paphos 26813613.
Good look with the move.
Regards
Lee
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Re: Currency Transfers, Larger amounts

Postby Pickles » 13 Sep 2015 20:47

I too always use Currency Fair and I'm sure their commission is €3 regardless of the amount being transferred.

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Re: Currency Transfers, Larger amounts

Postby BigDutch#2 » 15 Sep 2015 07:44

Consider TransferWise, transparent fees and easily managed online.
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Re: Currency Transfers, Larger amounts

Postby Mike Strand » 15 Sep 2015 08:08

Who Regulates who?

Currencyfair
CurrencyFair Ltd is regulated by the Central Bank of Ireland. CurrencyFair Ltd is a Corporate Authorised Representative (No.419450) of CurrencyFair Australia Pty Ltd, regulated in Australia by ASIC (AFS License No. 402709). Data on CurrencyFair website(s) (including pricing data) is protected by database rights. All rights reserved Registered Office: First Floor, Westmoreland House, Westmoreland Park, Dublin 6, Ireland. CurrencyFair Ltd CRO: 469391 (Incorporated in Ireland)

TransferWise Ltd
From FCA Website - (Reference number: 571669)
The Financial Ombudsman Service may be able to consider a dispute with this firm. Find out how to complain.
It cannot be determined if FSCS cover would apply to this firm. Please contact the firm directly to understand whether their products/services would be covered by FSCS.
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Re: Currency Transfers, Larger amounts

Postby BigDutch#2 » 15 Sep 2015 12:55

Mike Strand, i`m all for transparency, and of course am very keen to feel that my hard earned money sent to a FX payment company will come out the other end as my money too ! So, whilst their website footer is rather grand, are CurrencyFair listed on the same FCA website from which the Transferwise information was lifted ? To compare apples with apples so to speak ?
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Re: Currency Transfers, Larger amounts

Postby Mike Strand » 15 Sep 2015 14:41

BigDutch#2 wrote:Mike Strand, i`m all for transparency, and of course am very keen to feel that my hard earned money sent to a FX payment company will come out the other end as my money too ! So, whilst their website footer is rather grand, are CurrencyFair listed on the same FCA website from which the Transferwise information was lifted ? To compare apples with apples so to speak ?


You have to compare apples with pears. Neither appears fully on the FCA search website; TransferWise is as above and Currencyfair, not at all as it's governed from outside the UK, seemingly Ireland and Australia.
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Re: Currency Transfers, Larger amounts

Postby RedWoody » 19 Nov 2015 09:46

I too would use Currency fair. I have used them recently and we also used them a few years ago when we were having our house built
Good rates and €3 fees per transaction.


Hi trevnhil,
Having read the T&C's for Currency Fair, I'd stay clear of them, too many caveats & disclaimers for my liking.
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Re: Currency Transfers, Larger amounts

Postby darrow » 19 Nov 2015 22:45

Currency solutions, I believe, do not charge on transfers over £10000.
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