Paying for a boat in euros.

[Birvidik_Bob]

Looks like we're nearly there on buying our inland waterways boat. We will now have to transfer an inordinate amount of money from our UK account to the broker's Dutch account.

I raised this briefly a few weeks ago and got many helpful replies. Having researched the issue it looks like HiFX offer a good deal. Has anyone had any experience of them?

Being a nervous technophobe I don't want to end up giving the contents of my account to some flybynight outfit on the internet. Just how safe is it to set up these accounts online? And how does one actually go about transferring the money into the HiFX account. They seem to expect you to sign up before you get any real detail.

Cheers

Bob

 

[haydude]

I know of HiFX, I believe it was a Kiwi startup which has now been purchased by Euronet. I do not have information on Euronet. I do not use HiFX.

There is also the post office, but I cannot comment on which is the best deal. If you expect to transfer large amount of money they will expect lots of information from you to comply with anti money laundering legislation as well as direct debit or alternatively a chaps payment before funds are released. If you transfer large amounts rest assured they will run a full profile on you.

The alternative is a SWIFT through your bank, but in that case your bank will exchange at the worst rate of the day that goes to your disavantage. Your bank will not require further information on you as they have it already.

If you use a company other than your bank I can only recommend to do due diligence on them as they will on you, that means that you should ask all the questions to check they will not default and take your money with them. Also bear in mind that international financial transactions are final and cannot be reversed like credit card transactions.

 

[Oldfellah]

I used Tor FX when I purchased my French property and found them very good indeed. Better rates that either bank or post office as well.

 

[colind3782]

www.transferwise.com. I use them all the time.

 

[dunedin]

Surely this is just going to repeat around the same data from your previous thread ?

There is some risk using any FX broker (but offset against the near certainty of losing some money on wore rates with other routes).
At a minimum check their regulatory status on their website - and double check this on the regulator's site

PS. On the other point, generally for substantial sum you will need to send the Sterling to them by CHAPS bank transfer within typically a day of agreeing the deal. Smaller sums can be done by debit card

 

[duncan99210]

HiFX are registered with the FCA so there's a measure of protection there. They're also accredited to HMRC so conform to their standards on anti money laundering measures and controls.

I don't use them myself (I use CaxtonFX) but they all seem to operate on a similar basis. You open an account: no money involved, no fees to be paid,no link made to a bank account. You can stop at that point and never go near them again, the only thing they'll have is your email address. When you want to make the payment, you log on to your account, complete the details of where you want the money to go and then you'll come to a screen which asks how you want to fund the payment. Usually two choices: debit card or bank transfer. I've used both: for making a bank transfer, below your banks daily limit, you simply go one line and make a payment to you HiFX account using the details they'll provide.

However, if you're talking about a significant sum (over £10,000) I think you'll have to talk to your bank first as it will exceed the money laundering limits.

Hope that helps.

 

[Norman_E]

I have used HiFX a few times to send money to the USA for my wife. The last time the money arrived in her account with Bank of America a day before HiFX put through the debit to my account! As said above any amount over £10,000 needs to be cleared with the money laundering regulations. It all appears a bit of a pointless box ticking job though.

 

[Jaguar 25]

I have used HiFX but now prefer currenciesdirect who generally give a better rate.

For both you can get an estimate before committing to the transfer.

 

[davidwf]

Used HiFx for the stage payments over the past year on my boat being built in Holland, found them to be highly professional and efficient. Really have nothing bad to say about them, you agree the deal either online or on the phone transfer money to them and get a text back fairly rapidly saying they have received the money. I am just making final payment this week.

When they make the payment they email the receiving party to say that they have done it.

Website is simple to use although if you are transferring large sums you get a named agent who you ring up.

I noticed that Barclays already had all the HiFx details in their systems not sure if that means much but gave me a warm feeling.

May take a day or so to set up the account as they have to check you out to make sure you are not a money launderer, I had the same name as a person of political interest so they went through a few other checks on me.

 

[Solwaycruiser]

Used HiFX recently to purchase boat from Netherlands and pay surveyor as well. Found them very efficient and it was easy to set up and use the account. Yes they have my email and now give me the odd email telling me they miss me! Have had no other reason to send money abroad so don't have any experience of others. Do know it was cheaper than using my own bank though.

 

[charles_reed]

www.transferwise.com. I use them all the time.

I'd agree - nothing to terrify any technophobe and the last 3 transactions thy'e returned money to me (because of €/£) movements - costs about 10% of the banks (including SWFT) and completes in 48 working hours. Pay by debit card - no nonsense about money laundering.

 

[Sybarite]

Looks like we're nearly there on buying our inland waterways boat. We will now have to transfer an inordinate amount of money from our UK account to the broker's Dutch account.

I raised this briefly a few weeks ago and got many helpful replies. Having researched the issue it looks like HiFX offer a good deal. Has anyone had any experience of them?

Being a nervous technophobe I don't want to end up giving the contents of my account to some flybynight outfit on the internet. Just how safe is it to set up these accounts online? And how does one actually go about transferring the money into the HiFX account. They seem to expect you to sign up before you get any real detail.

Cheers

Bob

Get quotes from some organizations to see what are the likely differences you are talking about. They will probably not be all that material in relation to the value of the boat and if this proves correct, choose the intermediary that lets you sleep best at night. My inclination would be to choose to use a group or correspondant intermediary of your own bank. Explain what you want to do to your own bank, what your concerns are and let them suggest the best means.

 

[Thedreamoneday]

I recently used Moneycorp to transfer my £'s to €'s and into the Greek brokers account, very straight forward.

I used xe.com app on my phone to watch what was happening to the exchange rate, then when I was happy I secured the exchange (over the phone) very easy and a much better rate that what banks offer.

 

[Jim@sea]

Before I bought my house in France I went to a French Property Exhibition in the UK and was talking to the Barclays Bank manager of their branch in Bordeaux, he said that if you send over £20,000 overseas you get Commercial Exchange Rates and it was not necessary to use one of these Currency Exchange firms as all of them HAD to use one of the big 5 banks anyway. And when Crown Currency Exchange went bankrupt (owing £12 million) I think Barclays pulled the plug on them.
Personally if i gave even £5,000 to a currency firm I would not be able to sleep at night.