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Best/most secure FX convertor
Best/most secure FX convertor
Hi, not sure where best to post this so will try here and maybe will get redirected. I have an inheritance left to me by my mum. The inheritance was left to me in Euro (and all taxes have been paid on this sum). I have moved some of this money from my Irish bank account to my UK Barclays Euro account and am now looking to convert some of these €'s to £'s....however Barclays commission/fees and spreads are astronomical....so I looked to use a specialist online FX broker...however am a tad nervous about the methodology/sequence of flows of money from me to FX Broker's client account, FX Broker then would phone me up to advise me of the proposed €/£ rate for which, if I agree, they would then convert and send £'s back to me. FX Borker Fees are low and FX rates are very good but is the proposed methodology usual practice? Would prefer a route whereby I am more "in control" e.g. have my own a/c with FX broker, me move in the money and me convert when I want to without the human interaction. Am I being too cautious? JPGH
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Re: Best/most secure FX convertor
I’ve used a couple of services over the last 10 years to convert USD to GBP as employer restricted stock vests on a quarterly basis. In my experience those I’ve used with primarily app or web based services have an upper limit above which you still need to call them. Both services I used were maxed at £25k GBP before a call is needed. The trade still shows in the app but cannot be initiated from the app.
The approach I use is basically the same as you are proposing but in USD. Transfer from US brokerage to Barclays USD account. Create the trade with the broker, transfer them the funds and they return to sterling account same day.
The fx service I’ve used for the last 3 years or so is currencies direct. They’ve provided an excellent service with very clear communication and I’d recommend them.
The approach I use is basically the same as you are proposing but in USD. Transfer from US brokerage to Barclays USD account. Create the trade with the broker, transfer them the funds and they return to sterling account same day.
The fx service I’ve used for the last 3 years or so is currencies direct. They’ve provided an excellent service with very clear communication and I’d recommend them.
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Re: Best/most secure FX convertor
Hi JPGH.
I have used OFX.com (previously UKForex.com) for many years, mostly for family AUD<->GBP transactions, but the odd EUR one as well.
I can't comment on your cautiousness or otherwise, that's down to you. However, the (commission free) rates tend to be reasonable - around 1% or just over of the spot rate - depending on size.
You could set the account up, do a smaller transaction to confirm you have the accounts right, then move the rest as and when you see fit. Everything is automated (though you can speak to a dealer) - the only call I get once in a while is to ask about the reason for a transaction - probably to confirm/check there is no money laundering risk.
In short, you book the deal, send the (in your case, EUR) to one of OFX's named accounts with a reference and then, usually the following day, the balance is remitted (in your case, in GBP) to your UK bank account.
Regards, Newroad
I have used OFX.com (previously UKForex.com) for many years, mostly for family AUD<->GBP transactions, but the odd EUR one as well.
I can't comment on your cautiousness or otherwise, that's down to you. However, the (commission free) rates tend to be reasonable - around 1% or just over of the spot rate - depending on size.
You could set the account up, do a smaller transaction to confirm you have the accounts right, then move the rest as and when you see fit. Everything is automated (though you can speak to a dealer) - the only call I get once in a while is to ask about the reason for a transaction - probably to confirm/check there is no money laundering risk.
In short, you book the deal, send the (in your case, EUR) to one of OFX's named accounts with a reference and then, usually the following day, the balance is remitted (in your case, in GBP) to your UK bank account.
Regards, Newroad
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Re: Best/most secure FX convertor
JuanDB wrote:I’ve used a couple of services over the last 10 years to convert USD to GBP as employer restricted stock vests on a quarterly basis. In my experience those I’ve used with primarily app or web based services have an upper limit above which you still need to call them. Both services I used were maxed at £25k GBP before a call is needed. The trade still shows in the app but cannot be initiated from the app.
The approach I use is basically the same as you are proposing but in USD. Transfer from US brokerage to Barclays USD account. Create the trade with the broker, transfer them the funds and they return to sterling account same day.
The fx service I’ve used for the last 3 years or so is currencies direct. They’ve provided an excellent service with very clear communication and I’d recommend them.
Transferwise tick your boxes, and charge IIRC 0.4%
https://transferwise.com/
Re: Best/most secure FX convertor
Thanks for the links and advice. I have opened accounts with both currencies direct and also transferwise. Both offer very similar end to end exchange rate/fees. much appreciated guys.
JPGH
JPGH
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