Sending Money Abroad

[LP670]

OK, so im about to purchase a car from Japan and need to transfer the money to their account. Problem is the extortionate exchange rate fee my bank are proposing to charge me (actual exchange rate is 182 Yen to the pound however bank are only offering 175). A quick google search on sending money abroad leads me to a company called FC Exchange who say they can undercut the bank significantly. Has anyone used this companies services before and was the saving worth the hassle/risk?

Thanks
Rob

[essayer]

I've never heard of that company; we use hifx quite frequently and they are quoting 180.6 JPY to the GBP, based on £10k, no fees.

If the other provider are significantly different tread carefully! Check they are registered with the Financial Conduct Authority

Edited by essayer on Monday 7th September 21:18

[LP670]

essayer said:

I've never heard of that company; we use hifx quite frequently and they are quoting 180.6 JPY to the GBP, based on £10k, no fees.

If the other provider are significantly different tread carefully! Check they are registered with the Financial Conduct Authority

Edited by essayer on Monday 7th September 21:18

Thanks, ive just set up an online account with hifx. For someone who doesnt have a clue how this all works, how do i get the money from my current account (HSBC) into the hifx account so it can then be forwarded to the japanese account of the seller?

[22s]

TransferWise transfers at the interbank rate plus a tiny fee. Contact them and see what they say. https://transferwise.com/support/customer/portal/a...

I use it all the time - run by some of the founders of Skype.

[bearman68]

Funnily enough Paypal are usually pretty good to send (not so good to receive). We tend to use FX direct. They are pretty good, though you need to keep an eye on their rates.

[jinkster]

Chris at Argentex http://www.ag-fx.com

[Noblebenn]

Definitely speak to Chris at Argentex. Pistonhead member and helps a lot of people on here, I think even with car purchases etc.

[wilwak]

I've used HIFX for many years. Excellent.

[Noblebenn]

Definitely speak to Chris at Argentex. Pistonhead member and helps a lot of people on here, I think even with car purchases etc.

[Avidfanofstuff]

22s said:

TransferWise transfers at the interbank rate plus a tiny fee. Contact them and see what they say. https://transferwise.com/support/customer/portal/a...

I use it all the time - run by some of the founders of Skype.

Another vote for these people. Very good service IMO.

[ChrisCanning_Argentex]

Hi LP60,

As people have mentioned on here, using a specialist FX organisation will definitely save you money compared to the bank.

From the rates you have quoted there, it seems you bank are "charging" around 3.5% for using their service. I would also imagine that you will be charged an international transfer fee. All in all, this is an expensive way of doing it.

There are a lot of specialist companies out there who will be able to provide much tighter pricing. It seems from your rates that hifx are "charging" around 1% - I would suggest negotiating with them as you will certainly be able to reduce this.

The process with most FX companies is straightforward - you will transfer your GBP into the GBP client account. They will then send JPY from their JPY client account direct to the beneficiary. You will find this process is a lot quicker than using the bank too.

Do let me know I can help with any more information.

Chris Canning.

[crmcatee]

I've used http://www.ukforex.co.uk previously and got good rates from them.

[LP670]

ChrisCanning_Argentex said:

Hi LP60,

As people have mentioned on here, using a specialist FX organisation will definitely save you money compared to the bank.

From the rates you have quoted there, it seems you bank are "charging" around 3.5% for using their service. I would also imagine that you will be charged an international transfer fee. All in all, this is an expensive way of doing it.

There are a lot of specialist companies out there who will be able to provide much tighter pricing. It seems from your rates that hifx are "charging" around 1% - I would suggest negotiating with them as you will certainly be able to reduce this.

The process with most FX companies is straightforward - you will transfer your GBP into the GBP client account. They will then send JPY from their JPY client account direct to the beneficiary. You will find this process is a lot quicker than using the bank too.

Do let me know I can help with any more information.

Chris Canning.

Hi Chris,

I've just applied online for an Argentex account. Hopefully I win the auction on Thursday and will be in touch

Thanks
Rob

[Mr Overheads]

Transferwise gets my vote too