Foreign Exchange

[Dr Interceptor]

Afternoon folks...

I've just signed ourselves up as a distributor for a product which I'm buying from Germany - the product has to be paid for in advance, and in Euros to the suppliers account. Ordinarily, I'd just do a bank transfer, but noticed that I'm being slightly shafted on the rate. The lowest rate on the day I made the transfer was 1.197, the bank have given me 1.171, plus charged me a £24 transaction fee.

Is it worth signing up to a foreign exchange service? I get them on the phone occasionally saying they can save money on foreign exchange purchases.

Transaction value will be approx £15k per month.

Any advice appreciated.

Best regards,

Jon

[anonymous-user]

definitely

and tell your bank that you are doing so because you don't like having your leg lifted

I have used a few and keep coming back to Amex

start here

https://fxpayments.americanexpress.com/fxipfo/Requ...

[jammy_basturd]

I use HiFX for Forex, pleased with the service. Also look at TransferWise.com.

[DHB07]

We/I use Global Reach on a daily basis.

Www.globalreach-partners.com

I took a spot rate yesterday from them for only USD20k and got 1.645 while the market was sat at 1.647 - a very tight spread and little margin for them on a small trade.

We've also locked in to some competitive forwards with them too, 0% deposit.

Definitely worth a look. Saul Wise is my broker there.

[smifffymoto]

I use Halo,no probs so far.

[rapidman]

Definitely look into a fx provider. Currencytransfer.com provides a comparison service which is worth plugging some numbers into, Transferwise and Kantox likewise.

[Dr Interceptor]

Thanks folks for the referrals - I have opened up an account with HiFx