International Currency Transfer

[Stu R]

Chaps (no pun intended),

I'm looking to improve on our system for transferring money internationally to pay suppliers etc. Normally we just do wire transfers which take forever and a day, and I need them quicker as I think we're missing out on orders by not being able to take them up to the day before port cut off date for vessel loading.

I got a call out of the blue from some folks called my currency partners who reckon it should be do-able same day if I the transaction is done during market hours. Coincidentally I got an e-mail from a PHer about the same thing more recently which I've yet to reply to - I figured I'd ask the boffins here for their opinion. Presumably these chaps just make their money from the small transaction %ages some charge, and the rest from the forex markets?

I know there's a few operations doing the same sort of thing, and they're all FSA regulated etc, I'm just looking to put my mind at ease that it's the best way of doing currency transfers quickly without getting reamed for rates. Transactions are normally anywhere between $2k and $50k, average around $20k and is on a fairly regular basis. I'd also like to be able to do the same the other way, take a bunch of dollar payments, and pay my UK company in sterling.

So, what's the best way to do international currency transfers without getting reamed for rates, or it taking a week to process. Any recommendations?

Cheers

[Stu R]

Should probably add, I've got a few transactions coming through, so I'd like something that isn't going to take more than a few days to get setup and running with.

[D1ckie]

We use Natwest Bankline and RBS Markets

RBS Markets allows you to buy (and sell currency) to/from your Natwest currency accounts and Natwest Bankline allows foreign transfers as either 24 hour and standard (2-3 day) for about £12.00 per transaction

Hope this helps

[mark387mw]

These any good for business? I found them excellent for standard personal use.
http://www.worldfirst.com/for-business/

[burwoodman]

I use these guys. Very efficient, great rates, great service. Beats a high street bank hands down-many PH members use them and i'm very happy i had the thumbs up from many posters before opening the facility. AFEX

The transfers in multy ccy are FREE. The spreads on buy/sells are very tight.

Paul Szymanski
Senior Field Sales Manager
Direct Phone [phone]
Dealer Number - 0207 811 6564
E mail - [e-mail]



[OdramaSwimLaden]

Google HIFX. We've used them for 12 years and they are quick and always beat the banks FOREX rates.

[anonymous-user]

OdramaSwimLaden said:

Google HIFX. We've used them for 12 years and they are quick and always beat the banks FOREX rates.

Are they that quick though, rates were excellent but it took 4 days to show up in an Australian account when I did it.

[D1ckie]

I'm very surspised. Every time we get a trading company quote for our business they always offer better rates than I get online with RBS....... I just call RBS and tell them and they move their commission rate to the next level up

We're now on £100M + per year and do knowehere near that

Also with the bank its all inter account transfers - and multi account overdrafts if you need them.... so you can if you have a 1K OD, you can be £10K OD in your current account as long as you have the equivalent of £99K in your currency accounts

Also, forward purchases are simple, all online

[Stu R]

Thanks for the feedback guys, a few to explore there.

Speed is of the essence when it comes to the transfers, I was hoping 3 days max, preferably much less, with as little fuss as possible in setting up - though I guess most are the same.

[burwoodman]

Stu, the company i suggested process 24 hrs or less