Anyone used UKforex for money exchanges?

[Medskipper]

UKforex offer very good exchange rates on the net, I need to exchange pounds for euros to pay for my new boat.

Anybody used them? Trust them etc? How good is their service?

many thanks for your input,

Medskipper

 

[burgundyben]

Have a look at transferwise, I used them for the proceeds of a property sale and was very pleased.

 

[jfm]

I have not used them and don't much fancy being an unsecured creditor of a hard-to-get-to bottom-of middleman

In terms of getting the minimum spread, for a chunky amount, the pecking order is (3) walk in rate at local bank or whatever (2) these moneycorp/UKforex FX specialists (1) the FX desk of a good private bank/premier banking account

I always use (1). I've checked many times with a phone receiver on each ear and they always beat (2) for a 6-digit transfer, and for good measure you don't have the same credit exposure. Admittedly the amount by which 1 beats 2 is much smaller than the amount by which 2 beats 3

 

[HambleDom]

Hi, I have used them a number of times; very efficient, very professional, and once you have set up all your details with them very fast and convenient (online option too). The initial setup requires a bit of "proof of ID" etc from you due to money laundering regs. In my experience at least I always got a better rate from them than either of my two banks.

 

[Floating Preferably]

UKforex offer very good exchange rates on the net, I need to exchange pounds for euros to pay for my new boat.

Anybody used them? Trust them etc? How good is their service?

many thanks for your input,

Medskipper

+1 for JFM's comment above. I have never used uKForex, but regularly (twice a month) use one of the big four with whom we hold our business account. Find the correct numbers for a couple of possible sources of currency, test them and check the rates, and then tell your own Bank what you have been offered and see what they can do to match it, bear in mind the rates vary by the minute, so check on line rates. I get at least two calls a week offering 'better rates than anybody else', but by the time you have mucked about it is rarely worth it. The big banks have traders on the live trading floor (even if it is a bunch of computers these days,) they get good rates with no middle man, and top security.
Good luck

 

[Ripster]

Have used HIFX for many years in business. You need to have an account which requires setting up - proof of ID etc., but once done the dealers are very easy to deal with by phone or you can email or on do it on line. No association, just a customer of many years.

 

[RAI]

I have used Currency Fair. It has it's own little market between users for even better rates.

 

[colhel]

I always use the post office. Could I do better? Only talking holiday amounts.

 

[James L]

If you're looking for cash in hand, then I've found BestForeignExchange.com to be very competitive.
Only London based, but if you book online and collect in store you get better rates.

 

[DavidJ]

Fairfx do a money transfer abroad scheme which is worth a phone call. I have been using their credit card service for a couple of years now and it works perfectly for Spanish marina fees and servicing (except for motorway tolls) I have a lot of confidence in them. Please report back on your final decision and the rate offered. Great time to exchange pounds!

 

[gjgm]

I have not used them and don't much fancy being an unsecured creditor of a hard-to-get-to bottom-of middleman

In terms of getting the minimum spread, for a chunky amount, the pecking order is (3) walk in rate at local bank or whatever (2) these moneycorp/UKforex FX specialists (1) the FX desk of a good private bank/premier banking account

I always use (1). I've checked many times with a phone receiver on each ear and they always beat (2) for a 6-digit transfer, and for good measure you don't have the same credit exposure. Admittedly the amount by which 1 beats 2 is much smaller than the amount by which 2 beats 3

Unfortunately, (1) these days,the AML procedures are such that the GRP hull will have delaminated before you get cleared if you are not already a customer

 

[jfm]

Unfortunately, (1) these days,the AML procedures are such that the GRP hull will have delaminated before you get cleared if you are not already a customer

Yes indeed, you are right. I meant and should have said a good private bank/premier banking account that you already have!

 

[Anders_P42]

I used TorFX to buy circa £150K euros for upcoming boat purchase, while the rate hit a high over the past week. It was my company that bought the euros from them, so I can't say if they will operate differently for personal transactions, but they seem an efficient outfit. I checked their financials on company check first, then ran a credit check and they scored fine. Seem fairly cash rich.

http://companycheck.co.uk/company/05193147/TOR-CURRENCY-EXCHANGE-LIMITED

http://www.torfx.com

They offered a slightly better rate than my banks commercial rate and they don't charge for the onward transfer, although there initial rate was worse so DO barter. I dealt with a chap called Tim Cornbill.

Anders