Exchanging € to $ - Recommended FX Service

Exchanging € to $ - Recommended FX Service

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Discussion

BertieWooster

Original Poster:

3,228 posts

163 months

Wednesday 14th June 2017
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In the next few months I will need to exchange around €160K into USD and am looking for the best way to do this. In the past, and for smaller amounts, I've used Transferwise. If I use them for this transaction then it will cost me 0.5% (around €800) in fees. I'm therefore wondering whether it would be better value to use a dedicated FX service. I seem to recall Argentex being mentioned on a previous thread but want to know if there are other recommended options.

Grateful for any advice.

Edited by BertieWooster on Wednesday 14th June 18:40

Noblebenn

297 posts

185 months

Wednesday 14th June 2017
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I'm one of the members that uses Argentex a lot and they have been around a lot longer then the newer companies like Transferwise.

Chris Canning is the manager I always deal with direct and service is personal and rates cheapest I can find.

BertieWooster

Original Poster:

3,228 posts

163 months

Wednesday 14th June 2017
quotequote all
Noblebenn said:
I'm one of the members that uses Argentex a lot and they have been around a lot longer then the newer companies like Transferwise.

Chris Canning is the manager I always deal with direct and service is personal and rates cheapest I can find.
Thanks for that. I'll give Chris a call and see what he says.

Supersam83

597 posts

144 months

Thursday 15th June 2017
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Sign up to Revolut Business maybe?

Interbank TX rates on 25 currencies.

Revolut Business

BertieWooster

Original Poster:

3,228 posts

163 months

Thursday 20th July 2017
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Just to update this thread. I went with Argentex after doing some more research. Very impressed with the service so far and I would certainly recommend them.

megaphone

10,692 posts

250 months

Thursday 20th July 2017
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Out of interest, what sort of security do these companies offer? Are they backed up by the FSA or similar? What happens if everything goes pear shaped while they have your money? Or someone just nicks it?


EddieSteadyGo

11,717 posts

202 months

Thursday 20th July 2017
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I recently switched over from AFEX (who were excellent) to Amex for our foreign current payments.

Rates were (very slightly) better and they also offered avois points to be accrued. Not at a £1 per point unfortunately but I think the deal is 1 point in £20 spent.

So not life changing but worth a bit over the year.

EddieSteadyGo

11,717 posts

202 months

Thursday 20th July 2017
quotequote all
megaphone said:
Out of interest, what sort of security do these companies offer? Are they backed up by the FSA or similar? What happens if everything goes pear shaped while they have your money? Or someone just nicks it?
They are supposed to hold their clients money separate from their own money so in theory it shouldn't be a risk. However, IIRC there was a case a few years ago when this wasn't done and when the company came under financial pressure, they dipped into client funds which caused some people to lose money.

This was a partial reason why I switched to using Amex for my business foreign currency payments as the chance of them going under is small enough not to have to worry too much.


arguti

1,772 posts

185 months

Friday 21st July 2017
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Noblebenn said:
I'm one of the members that uses Argentex a lot and they have been around a lot longer then the newer companies like Transferwise.

Chris Canning is the manager I always deal with direct and service is personal and rates cheapest I can find.
use them quite a bit and highly recommended