Money/currency movements and FX type sites

[Steve Clayton]

For about 5 years now I've been using an online Financial Exchange (FX) service to transfer money to Spain re our place; fees, SUMA, bank deposits, paying for our Spanish Aloe products etc and so I was getting a better deal over using bank services to move the money.

Found another one recently; used it 3 times so far, and money is definitely moved faster and the deal is pretty good; eg just moved 800€'s to Spain and saved £35 over the total price to the FX company.

Company is called TransferWise; use the link below

http://transferwise.com/r/d4e86

and:

Your "friend" will send the first payment for free. As they complete their first payment you will also get a free payment

(They do monitor your IP and if it appears unusual then they will require authentication that it is you)

 

[Tony Cross]

Thanks for the info, I've had a look around and compared their rates with what we pay now using the CaxtonFX card to move £ into € and it is considerably cheaper. I'm a tad concerned about the Estonia link but if you only move smaller amounts your exposure is small. The (albeit small) time delay is a nuisance as well, with CaxtonFX I can move money onto the card and then walk up to the bank straight away and draw it out. SWMBO has a Greek bank account so we might give it a couple of goes to see how well it works for us.

Thanks again.

 

[multihullsailor6]

They currently have a very limited choice of currencies to transfer from / into. Will have to see what their future holds.

 

[JamesFrance]

This seems to work on a peer to peer basis like Currencyfair which I have been using for about a year now. Very fast transfers and very low charges.

 

[EugeneR]

I found that XE.com gives the closest to the actual buy/sell rates in the market, with no commissions, and I have successfully used them for a number of purchases in the US and Europe.

 

[s1j1m10]

HiFx does a good job as long as the sums are reasonable but like everything else it seems to pay to shop around and look for spot prices.

 

[AndrewB]

I get the impression a lot of people are trying to shuffle money out of the UK. How do you invest once you've bought euros, dollars, whatever?