Need Currency Advice for a single large transaction
Discussion
Hi All,
Friends of our family are repatriating a significant 7 figure USD sum from the states.
They've had really good tax advice, but for what i can see, no FX advice, and they have asked me for some advice (15 years ago i worked in FX markets)
They transaction won't happen until Nov or Dec (when they sell their house in the states) and they want to bring the cash back at $1.30/£ or better.
Their (major) uk bank ist just suggesting that they taken an on the day spot rate
I am suggesting a forward contract is worth exploring, but its been years since i've worked in the currency markets (pre crash) so can't recommend anyone - loads of people on google obviously, but probably not the right people .
So can anyone recommend anybody?
Friends of our family are repatriating a significant 7 figure USD sum from the states.
They've had really good tax advice, but for what i can see, no FX advice, and they have asked me for some advice (15 years ago i worked in FX markets)
They transaction won't happen until Nov or Dec (when they sell their house in the states) and they want to bring the cash back at $1.30/£ or better.
Their (major) uk bank ist just suggesting that they taken an on the day spot rate
I am suggesting a forward contract is worth exploring, but its been years since i've worked in the currency markets (pre crash) so can't recommend anyone - loads of people on google obviously, but probably not the right people .
So can anyone recommend anybody?
Given the amount the high end part of their own bank, Private/Wealth etc, should be able to do this at a competitive rate. They just need to get in front of the right person, not the guys in the branch.
I’m surprised no one would have mentioned this to them frankly.
Other than that a high end decent IFA/wealth manager should be able to dig out a name, at a cost!
I’m surprised no one would have mentioned this to them frankly.
Other than that a high end decent IFA/wealth manager should be able to dig out a name, at a cost!
I’ve just posted this on another thread:
‘And when you do finally switch, please take note that the physical FX market is a vile and hideous pit of dishonesty and theft from the smallest spark shop up to the largest and most prestigious of operators. Every single trick in the book will be pulled to try and fleece you of comms. Always get a two way quote, never reveal which way you are dealing, always check that quote against the real market mid, have 2-3 brokers ready to give you a firm quote simultaneously, break the order down into smaller lumps to space out over a period of time and never believe anything any of them say to you. Dealing costs should be well under 50 pips for that sort of transaction but always remember that 20 pips when the quote is scewed 100 pips against you is a 120 pip cost. ’
What will happen when your acquaintances begins the process of the fx seitchbis that a series of chiselling lots s
ts will move them around taking a fee/backhander at every turn until their money eventually ends up at the point of execution whereupon they will be given a heavily skewed quote and get nailed good and proper. Throughout all of this every one of these chiselling sts will espouse how there is no commission charge and that they offer competitive spreads while screwing everything then can out of the pot.
To be honest, the agents handling the move probably intend to pass the physical FX aspect through themselves and have kept quiet to this point as there will be a big slice in it for them.
Eyes wide open is the mantra with physical fx. It’s lack of regulation is exactly why so many individuals who have been banned by the regulators end up running these shops and also why it’s so easy to screw the customer out of enormous sums for everyone’s back pocket.
‘And when you do finally switch, please take note that the physical FX market is a vile and hideous pit of dishonesty and theft from the smallest spark shop up to the largest and most prestigious of operators. Every single trick in the book will be pulled to try and fleece you of comms. Always get a two way quote, never reveal which way you are dealing, always check that quote against the real market mid, have 2-3 brokers ready to give you a firm quote simultaneously, break the order down into smaller lumps to space out over a period of time and never believe anything any of them say to you. Dealing costs should be well under 50 pips for that sort of transaction but always remember that 20 pips when the quote is scewed 100 pips against you is a 120 pip cost. ’
What will happen when your acquaintances begins the process of the fx seitchbis that a series of chiselling lots s
ts will move them around taking a fee/backhander at every turn until their money eventually ends up at the point of execution whereupon they will be given a heavily skewed quote and get nailed good and proper. Throughout all of this every one of these chiselling sts will espouse how there is no commission charge and that they offer competitive spreads while screwing everything then can out of the pot. To be honest, the agents handling the move probably intend to pass the physical FX aspect through themselves and have kept quiet to this point as there will be a big slice in it for them.
Eyes wide open is the mantra with physical fx. It’s lack of regulation is exactly why so many individuals who have been banned by the regulators end up running these shops and also why it’s so easy to screw the customer out of enormous sums for everyone’s back pocket.
I’ve just posted this on another thread:
‘And when you do finally switch, please take note that the physical FX market is a vile and hideous pit of dishonesty and theft from the smallest spark shop up to the largest and most prestigious of operators. Every single trick in the book will be pulled to try and fleece you of comms. Always get a two way quote, never reveal which way you are dealing, always check that quote against the real market mid, have 2-3 brokers ready to give you a firm quote simultaneously, break the order down into smaller lumps to space out over a period of time and never believe anything any of them say to you. Dealing costs should be well under 50 pips for that sort of transaction but always remember that 20 pips when the quote is scewed 100 pips against you is a 120 pip cost. ’
What will happen when your acquaintances begins the process of the fx seitchbis that a series of chiselling lots sts will move them around taking a fee/backhander at every turn until their money eventually ends up at the point of execution whereupon they will be given a heavily skewed quote and get nailed good and proper. Throughout all of this every one of these chiselling sts will espouse how there is no commission charge and that they offer competitive spreads while screwing everything then can out of the pot.
To be honest, the agents handling the move probably intend to pass the physical FX aspect through themselves and have kept quiet to this point as there will be a big slice in it for them.
Eyes wide open is the mantra with physical fx. It’s lack of regulation is exactly why so many individuals who have been banned by the regulators end up running these shops and also why it’s so easy to screw the customer out of enormous sums for everyone’s back pocket.
‘And when you do finally switch, please take note that the physical FX market is a vile and hideous pit of dishonesty and theft from the smallest spark shop up to the largest and most prestigious of operators. Every single trick in the book will be pulled to try and fleece you of comms. Always get a two way quote, never reveal which way you are dealing, always check that quote against the real market mid, have 2-3 brokers ready to give you a firm quote simultaneously, break the order down into smaller lumps to space out over a period of time and never believe anything any of them say to you. Dealing costs should be well under 50 pips for that sort of transaction but always remember that 20 pips when the quote is scewed 100 pips against you is a 120 pip cost. ’
What will happen when your acquaintances begins the process of the fx seitchbis that a series of chiselling lots s
ts will move them around taking a fee/backhander at every turn until their money eventually ends up at the point of execution whereupon they will be given a heavily skewed quote and get nailed good and proper. Throughout all of this every one of these chiselling sts will espouse how there is no commission charge and that they offer competitive spreads while screwing everything then can out of the pot. To be honest, the agents handling the move probably intend to pass the physical FX aspect through themselves and have kept quiet to this point as there will be a big slice in it for them.
Eyes wide open is the mantra with physical fx. It’s lack of regulation is exactly why so many individuals who have been banned by the regulators end up running these shops and also why it’s so easy to screw the customer out of enormous sums for everyone’s back pocket.
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